Treasury Secretary Janet Yellen says Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she ended a visit to Beijing aimed at reviving strained relations.
Treasury Secretary Janet Yellen arrives for a news conference at the U.S. Embassy in Beijing, Sunday, July 9, 2023. – Treasury Secretary Janet Yellen on Sunday said she agreed Washington will listen to Chinese complaints about security-related curbs on U.S. technology exports and might “respond to unintended consequences” as she ended a visit to Beijing aimed at reviving strained relations.
“We will open up channels so that they can express concerns about our actions, and we can explain and possibly in some situations respond to unintended consequences of our actions,” Yellen said at a news conference. On Sunday, Yellen announced no agreements on major disputes or plans for future activity but said her department and Chinese officials would have “more frequent and regular” communication.
The Biden administration is pressing semiconductor makers to move production to the United States to reduce reliance on Taiwan and other Asian suppliers, which is seen as a security risk. Washington wants to develop alternatives to Chinese supplies of rare earth elements, metals used in smartphones, wind turbines and other products.
Throughout her visit, Yellen appealed for “healthy economic competition,” a reference to complaints Beijing violates its free-trade commitments by subsidizing and shielding politically favored industries from private and foreign competition.
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