US Treasury Secretary Janet Yellen clarified that the upgraded partnership between the United States and Vietnam does not require Vietnam to sever ties with Russia or China. Yellen emphasized that Vietnam has a policy of working collaboratively with many different countries and that the partnership with the US does not impose conditions on severing ties with Russia or China. The statement comes as Russian President Vladimir Putin visited Vietnam to sign various agreements. Yellen also highlighted that Vietnam's closer ties with Moscow would not affect an upcoming US Commerce Department decision on whether to upgrade Vietnam to market economy status. Additionally, Yellen mentioned that Vietnam is part of a Just Energy Transition Partnership aimed at reducing global greenhouse gas emissions [d906160b].
US Treasury Secretary Janet Yellen's recent remarks about China's trade policies have drawn criticism, with some arguing that she is the major threat to the US economy, not China. Yellen expressed concern about China's overconcentrated supply chains and their impact on US jobs and investments in the green energy sector. She specifically mentioned the manufacturing of electric vehicles, batteries, and solar energy equipment as areas where Chinese government subsidies have driven rapid production expansion. Yellen emphasized the need for the US to respond to foreign subsidies that threaten domestic firms, particularly in strategic sectors like green energy. However, critics argue that Yellen's focus on China overlooks the potential harm caused by her own policies. They claim that Yellen's emphasis on public and private investments, as well as the Biden administration's legislative initiatives, may have negative consequences for the US economy. Some critics also question Yellen's opposition to decoupling from China, suggesting that it may be necessary to protect US interests. Overall, Yellen's concerns about China's trade policies have sparked a debate about the best approach to maintaining a healthy economic relationship with China while protecting domestic interests [9dc2f0e7].
Chinese experts have refuted Yellen's accusations against China's supply chains and trade policies, calling them groundless clichés aimed at cracking down on China and shifting blame for the US administration's incompetence. They argue that the US is the one violating international trade rules and imposing unjust hegemonic sanctions on other countries, including China. Chinese experts believe that the US moves will not hold China back and will instead backfire on the US itself. China has consistently expanded its opening-up, facilitated trade and investment, and created more business opportunities for foreign companies. The US has imposed major new tariffs on Chinese imports and released a new anti-Russia sanctions package that includes Chinese entities. China's Foreign Ministry has urged the US to stop imposing illegal unilateral sanctions against Chinese entities. Experts view the US sanctions as a vivid example of the US' intensifying hegemonism and protectionism. They argue that free trade and globalization benefit all participants and that the challenges faced by the US in global competitiveness in emerging industries should be directly confronted and addressed by the US government with constructive solutions rather than blaming China. Chinese experts also argue that the rapid advancement of China's EV sector and other competitive industries largely stems from the country's expansive domestic market and fierce market competition, rather than relying on protectionist measures [9dc2f0e7].
China's foreign exchange regulator, Zhu Hexin, announced measures to closely monitor the external environment to prevent excessive fluctuations in the yuan exchange rate and abnormal cross-border capital flows. This comes amidst a growing rift between the US and China. US Treasury Secretary Janet Yellen criticized China's alleged unfair trade practices, including restrictive investment policies and economic coercion, which she believes hinder efforts to build a healthy economic relationship between the two countries. Yellen also highlighted China's enduring macroeconomic imbalances and high savings rate, which contribute to overcapacity in certain industries and pose risks to global economies. She emphasized the need for transparency in China's subsidies and industrial policies and expressed concerns about the concentration of US supply chains. The Chinese measures to stabilize the yuan reflect their commitment to monitor the external environment and prevent excessive fluctuations in the currency's exchange rate and cross-border capital flows. These measures are aimed at maintaining stability amidst the growing tensions with the US and ensuring a healthy economic relationship between the two countries. The debate over US-China trade policies continues to intensify, with both sides presenting their perspectives on the issue. Yellen's concerns about China's trade practices have sparked a broader discussion about the best approach to maintaining a healthy economic relationship with China while protecting domestic interests. Critics argue that Yellen's focus on China overlooks the potential harm caused by her own policies, and they question her opposition to decoupling from China. On the other hand, Chinese experts refute Yellen's accusations and argue that the US is the one violating international trade rules and imposing unjust sanctions. They believe that the US moves will backfire on the US itself and emphasize the benefits of free trade and globalization. The debate highlights the complexities of the US-China economic relationship and the need for constructive dialogue and cooperation to address trade issues.