Janet Yellen In Beijing: US Treasury Secretary Expresses 'Concern' Over China's Semiconductor Mineral Export Controls

US Treasury Secretary Janet L Yellen on Friday expressed concern over Chinese government's harsh treatment towards companies with foreign ties.

US Treasury Secretary Janet Yellen

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US Treasury Secretary Janet L Yellen on Friday expressed concern over harsh treatment by Chinese government towards companies with foreign ties and its recent decision to impose export controls on certain critical minerals. Criticising Chinese government's treatment, Yellen justified the Biden administration’s efforts to make U.S. manufacturers less reliant on China, as per a New York Times report. On her first day of meetings in Beijing, Yellen delivered a forceful defence of American industry during a high-stakes trip to ease tension between the United States and China.

Addressing a group of executives from American businesses operating in China, her comments underscored challenges that the world’s two largest economies face as they look to move beyond their deep differences.

“During meetings with my counterparts, I am communicating the concerns that I’ve heard from the U.S. business community — including China’s use of nonmarket tools like expanded subsidies for its state-owned enterprises and domestic firms, as well as barriers to market access for foreign firms,” Yellen told the members of the American Chamber of Commerce in China at a round-table event. 

“I’ve been particularly troubled by punitive actions that have been taken against U.S. firms in recent months.” Representatives of Boeing, Bank of America and the agriculture giant Cargill were among those in attendance.