Treasury Secretary Janet Yellen wrapped up four-day trip to Beijing without much to show for it, acknowledging an unsure future for relations between the U.S. and China.
After a series of economic meetings, it was at least agreed that more communication would take place.
“There is much more work to do,” Ms. Yellen said at a Monday news conference. “And it remains unclear what this relationship will endure in the months and years ahead.”
Yellen told reporters that the U.S. will not allow China to disrupt new industries with imports, citing the early 2000s when close to 2 million American jobs were lost, Reuters reported. At the same time, she did not issue any threats or warnings about possible tariffs as a response to China’s push in the green energy sector.
“We’ve seen this story before,” Yellen said, according to Reuters. “Over a decade ago, massive PRC government support led to below-cost Chinese steel that flooded the global market and decimated industries across the world and in the United States.”
During her trip, Yellen met with Chinese Premier Li Qiang, the number two official in the Chinese Communist Party (CCP) behind General Secretary Xi Jinping, for 80 minutes on Sunday, and Li said the U.S. and China should be partners rather than adversaries and touted the “constructive progress” made during her trip. Yellen’s trip to China is her second in the last nine months.
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