Business & Economy

China vice-premier, US treasury secretary hold ‘constructive’ talks

Beijing, Jul 5 (EFE).- China’s top trade negotiator and vice premier Liu He and United States Treasury Secretary Janet Yellen have held “constructive” talks on economic issues, Chinese state media reported Tuesday.

The virtual meeting, held at Yellen’s request on Tuesday morning, focused on the macroeconomic situation and the stability of global industrial and supply chains and was “pragmatic and candid,” Xinhua news agency reported.

Both sides agreed that it was “of great significance to strengthen macro-policy communication and coordination” as the world’s economy faces “severe challenges,” the agency said.

They also agreed that jointly maintaining the stability of global industrial and supply chains “is in the interests of both countries and the whole world,” it added.

The vice-premier touched upon the lifting of sanctions and tariffs on Chinese imports to the US and the “fair treatment” of Chinese enterprises.

US officials recently mentioned the possibility of the suspension of tariffs on some Chinese products amid rising inflation.

Liu and Yellen, who also held “constructive” talks in October, agreed to continue more in the future.

Meanwhile, the White House described Tuesday’s talks as part of the US government’s “ongoing efforts to maintain open lines of communication.”

“During the candid and substantive conversation, they discussed macroeconomic and financial developments in the United States and China, the global economic outlook amid rising commodity prices and food security challenges,” the White House said in a readout of the exchange.

Yellen “frankly raised issues of concern including the impact of Russia’s war against Ukraine on the global economy and unfair, non-market PRC economic practices,” it added.

Relations between Beijing and Washington began to deteriorate in 2018 when then-US president Donald Trump started a trade war with China that was later extended to fields such as technology and diplomacy.

After the election of Joe Biden in 2021, both countries have tried to redirect relations, although Washington has, for the moment, continued the sanctions and bans of Chinese companies initiated by Trump. EFE


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