Speaking at Johns Hopkins University, Yellen laid out the Biden administration’s principal objectives for what she called an “essential” economic relationship between the world’s two largest economies, as China strikes a more confrontational posture toward the US and its allies. “Our relationship is clearly at a tense moment,” Yellen said. “My goal is to be clear and honest, to cut through the noise and speak to this essential relationship, based on sober realities. ” She said she intended to travel to Beijing “at the appropriate time”.
Yellen made her remarks amid heightened tensions and pessimism in the US-China relationship over national security issues, including Taiwan, Russia’s war in Ukraine, growing US export bans on advanced tech and China’s industrial policies. “It is essential that China and other countries do not provide Russia with material support with sanctions evasion,” she said, warning consequences of violations would be “severe”.
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