US Treasury Secretary Janet Yellen, speaking on September 26, 2024, emphasized that economic ties between the US and China have strengthened despite ongoing tariff hikes and trade tensions. During her remarks, Yellen pointed out the importance of cooperation in ensuring financial stability and engaging in constructive discussions to address differences between the two nations [7fd3952c].
Yellen acknowledged that the Biden administration continues to uphold tariffs established during the Trump presidency while also restricting Chinese access to advanced technology. Despite these challenges, she expressed optimism about the potential for a 'soft landing' for the US economy, even amid inflation concerns, particularly in the housing sector [7fd3952c].
In a previous statement made during the Texas Tribune Festival on September 8, 2024, Yellen had indicated that she is likely to step back from her role when President Biden's term ends in January 2025. She highlighted the necessity of ongoing discussions to manage US-China relations effectively, which she views as crucial for preventing rising tensions [474d6d31].
Looking ahead, Yellen plans to meet with Chinese Vice Premier He Lifeng to further discuss economic ties, signaling the Biden administration's commitment to maintaining a constructive dialogue with China [474d6d31]. Additionally, Undersecretary Jay Shambaugh is expected to lead a delegation to Beijing to address economic issues, reinforcing the administration's focus on fostering cooperation [474d6d31].
Yellen's insights into the evolving economic landscape reflect a broader strategy that the next administration will need to adopt. Her emphasis on collaboration for global stability suggests that international trade and economic relations will remain pivotal in US policy discussions moving forward [7fd3952c][474d6d31].