Janet Yellen warns that decoupling from China would be 'economically disastrous'
foxbusiness.comFormer Deputy Assistant Treasury Secretary Christine McDaniel discusses Janet Yellen's trip to China, the Biden administration's 'Bidenomics' tour and the UPS, Teamster labor talks.
Treasury Secretary Janet Yellen said on Thursday during a pivotal meeting with her Chinese counterpart that a full separation of the world's two largest economies would be «disastrous» for both countries.
«The United States has no desire to decouple from China,» Yellen said in remarks prepared for delivery in San Francisco. «A full separation of our economies would be economically disastrous for both our countries, and for the world.»
Yellen also touted the «significant progress» made between the U.S. and China in their communication lines, despite recent tension between the powers amid Beijing's refusal to condemn the Russian war in Ukraine, the rising threat of a crisis in the Taiwan Strait and ongoing economic competitiveness.
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U.S. Treasury Secretary Janet Yellen, left, shakes hands with Chinese Vice Premier He Lifeng during a meeting at the Diaoyutai State Guesthouse in Beijing, China, Saturday, July 8, 2023. (Mark Schiefelbein/Pool via REUTERS / Reuters Photos)
«When we have concerns about specific economic practices, such as those that prevent American firms and workers from competing on a level playing field, we will communicate them directly,» she said.
Yellen said that both China and the U.S. have an «obligation» to lead on issues facing the global economy, including climate change, debt distress in low-income nations and emerging markets. The U.S., she said, will continue to use its status as an economic powerhouse for national security purposes,
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