U.S. Treasury Secretary Janet Yellen expressed her concerns about China’s recently announced export controls. These controls, set to take effect on August 1st, require companies in China to apply for licenses if they want to export two metals used in semiconductor manufacturing.
“I am also concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors,” Yellen stated during a meeting with U.S. businesses in Beijing. She emphasized the importance of resilient and diversified supply chains in light of these actions.
The Biden administration has implemented measures aimed at strengthening American tech capabilities and limiting China’s access to advanced technology. These measures include export controls that restrict the sale of certain advanced computing semiconductors and related manufacturing equipment to China.
Yellen clarified that the actions taken by the U.S. government are narrowly targeted to protect national security and not intended to gain economic advantages over China. She assured that in her meetings with the Chinese government, she emphasized this point.
China, on the other hand, has taken limited actions in response. In May, China announced that U.S. chipmaker Micron had failed a security review and banned critical infrastructure operators from purchasing their products. Recently, China’s Commerce Ministry announced an upcoming export ban on the metals gallium and germanium, stating that it is not targeting any specific country.
While China has been doubling down on efforts to attract foreign investment and engage with businesses, Yellen raised concerns about punitive actions taken against U.S. firms in recent months.
Yellen’s visit to China, her first under the Biden administration, follows U.S. Secretary of State Antony Blinken’s trip to Beijing last month. Both Yellen and Blinken have met with U.S. businesses in China during their visits.
Yellen emphasized the economic importance of the U.S.-China relationship and stated that the U.S. does not seek to separate its economy from China’s. She believes that healthy economic competition benefits both sides and encourages regular exchanges with Chinese counterparts to monitor economic and financial risks and foster a healthy economic relationship between the two countries.
Overall, Yellen’s concerns about China’s export controls highlight the ongoing tensions between the U.S. and China in the technology sector, while emphasizing the importance of maintaining strong economic ties.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
