US President Joe Biden is in the process of making up his mind on easing US tariffs on China, in part to ease inflation which he has said is a top priority.
There has been a divergence on easing the tariffs within the Biden administration, and Yellen had said some tariffs on China inherited from the administration of former president Donald Trump made “no strategic sense.”
“The Chinese side expressed its concern over issues such as the lifting of additional tariffs and sanctions imposed by the United States on China, and fair treatment of Chinese companies,” the Chinese ministry said.Asian shares edged higher on Tuesday morning as signs of easing Sino-US tensions offered some respite to the market’s recent sell-off. Areport saying Biden will possibly ease tariffs this week in efforts to slow inflation also buoyed sentiment.
In its statement, the Treasury Department said Yellen “frankly” raised issues of concern including the impact ofon the global economy and unfair and non-market Chinese economic practices. There was no mention of the war in Ukraine in the Chinese statement, but it said Liu and Yellen believed the currentThe invitation for the video call came from the US treasury secretary, according to the ministry.
US national security adviser Jake Sullivan said on June 27 at the G7 summit in southern Germany that Biden and Chinese President Xi Jinping are expected to speak in the next few weeks.
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