Janet Yellen in China: how far did trip move the ball for US-China relations as presidential election looms?
- US Treasury Secretary Janet Yellen said the US had been able to ‘move the ball’ on key issues during her week-long trip to China
- Analysts said the trip focused on ‘practical short-term’ matters, including overcapacity concerns, money laundering and the mistreatment of US companies in China
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US Treasury chief Janet Yellen leaves China after ‘difficult conversations’, overcapacity gripes
The week-long trip to China by US Treasury Secretary Janet Yellen sidestepped core economic disputes, and without headway, analysts said the pressure of November’s presidential election could force the Biden administration “to be more aggressive” on the trade front.
“The November election pressure may force Biden to be more aggressive on the US-China trade front, as this is one issue that American politicians can win easy points,” said Chen Zhiwu, the chair professor of finance at the University of Hong Kong, after Yellen and her Chinese counterparts failed to address some major issues.
“But, the Biden team has in general taken a mild approach towards China, and I don’t think they want to start a real trade war in 2024.”
He said that Yellen had focused on addressing practical short-term issues, such as the prevention of possible dumping of electric vehicles and other manufacturing products, money laundering and the mistreatment of US companies in China, during her trip.