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The US Treasury Secretary began a four-day visit to China on Thursday, July 6, with which she seeks to ease tensions between the world’s two largest economies, despite Beijing’s latest counterattack in its trade fight.
At the airport in sweltering Beijing, Janet Yellen received a discreet welcome from a Chinese Finance Ministry official and the US envoy to China, Nicholas Burns.
Shortly after, the head of US economic policies expressed confidence in deepening communication and seeking healthy competition between the two world powers, during the first statements of his four-day official visit to the Asian giant.
However, this diplomatic visit has an uncomfortable background: a brewing technological war, which intensified this week with the restrictions that the Xi Jinping government plans to impose on exports of gallium and germanium, two key elements for the manufacture of semiconductors. and electric vehicles.
Although no major breakthroughs are expected in bilateral relations, US officials have said Yellen will push for new lines of communication and coordination on economic matters.
On Friday, he will meet with Chinese Premier Li Qiang and former economic czar Liu He, who is considered a close confidant of President Xi Jinping. But a meeting with the president is not scheduled.
“It’s worrying.” USA on restrictions on mineral exports
China’s export control of metals used in computer chips from August is set to top the US Treasury secretary’s agenda with her Chinese colleagues.
This decision is widely seen as retaliation for US restrictions on sales of technologies to China and raised concerns that Beijing’s next move is to limit exports of other materials, particularly rare earths, the production of which is under Chinese domain. Chinese.
Rare earths are a group of 17 elements that are used in products ranging from lasers and military equipment to magnets found in electric vehicles, wind turbines, and consumer electronics like iPhones.
China accounted for 70% of global rare earth mining output in 2022, followed by the United States, Australia, Myanmar and Thailand, data from the United States Geological Survey (USGS) show.
With AP and Reuters
