U.S. Treasury Secretary Janet Yellen said that she and Chinese Vice Premier He Lifeng agreed to launch exchanges on 'balanced' economic growth.
US Treasury Secretary Janet Yellen shakes hands with China 's Vice Premier He Lifeng in the southern Chinese city of Guangzhou, on April 5, 2024.U.S. Treasury Secretary Janet Yellen said on Saturday that she and Chinese Vice Premier He Lifeng agreed to launch exchanges on "balanced" economic growth, an effort to address U.S. concerns about China 's excess manufacturing capacity.
The Biden administration is facing growing calls from U.S. lawmakers to increase tariffs on Chinese EVs to protect U.S. producers. She said the forum would provide a "structured" way to discuss a complicated issue but that it would take some time to resolve. China's Xinhua news agency said in a statement that the discussions between He and Yellen were "candid, pragmatic and constructive", confirming both parties had agreed to further discuss balanced growth and financial stability.
Wendy Cutler, a former U.S. trade negotiator, said the forum focused on overcapacity was a positive development, but there was a danger that it could "turn into a stalling tactic" by Beijing to avoid needed actions to bring supply and demand back into balance.
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