THE NEW YORK TIMES: Treasury Secretary Janet Yellen’s concerns reflected continuing tensions between the two countries.
Of all the economic rifts between the United States and China, one felt personally by American executives is what they describe as the difficult, even hostile, conditions they face doing business in China.
Treasury Secretary Janet L. Yellen laid bare those concerns on Friday by leveling a forceful objection in Beijing to punitive measures the Chinese government has taken against foreign firms, as tension between the two nations has escalated.
Surrounded by executives from some of the most powerful American companies, Ms. Yellen criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals. She suggested that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China.
Ms. Yellen’s comments, made to a group of executives from American businesses operating in China, underscored the challenges that the world’s two largest economies face as they struggle to reconcile their deep differences. » | Alan Rappeport, Alan Rappeport, who covers the Treasury Department, reported this article from Beijing. | Friday, July 7, 2023
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