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US Treasury Secretary Janet L Yellen on Friday expressed concern over harsh treatment by the Chinese government toward companies with foreign ties and its recent decision to impose export controls on certain critical minerals. Criticizing the Chinese government’s treatment, Yellen justified the Biden administration’s efforts to make US manufacturers less reliant on China, as per a New York Times report. On her first day of meetings in Beijing, Yellen delivered a forceful defense 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 the 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 US 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 US firms in recent months.” Representatives of Boeing, Bank of America and the agriculture giant Cargill were among those in attendance.
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