Janet Yellen’s China visit comes with risks for India and the world
During her visit to China, US Treasury Secretary Janet Yellen called on her hosts to implement market reforms while criticising their actions against American companies and export controls on strategic minerals. In May, G7 leaders vowed to counter long-standing Chinese economic coercion of their corporate entities. Beijing, meanwhile, considers the US to be acting unfairly by imposing restrictions on Chinese imports of advanced semiconductors and other high technology goods, and for security reviews that discourage Chinese investment in the US.
The US is increasingly concerned about the military applications of its exports to China. The Chinese have responded by imposing their own restrictions on American products. The Chinese commerce minister’s visit to the US in late May saw both sides make accusations on questions of trade, investment and export policies.
US-China relations are already on edge in the diplomatic and military realms. US Secretary of State Antony Blinken’s visit to China in June came after a postponement earlier in the year due to the US shooting down a Chinese spy balloon and months of acrimony. The Chinese defence ministry continues to refuse any request for talks with their American counterparts.
However, both the Chinese and the Americans hope the Yellen visit will bear fruit and offer an opportunity to start repairing frayed ties. Even the G7 meeting was not a simple case of unanimity against the Chinese. The Europeans and Japanese were keen not to get too deeply enmeshed in the conflict or to push China too hard, given their own economic interests.
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