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Changpeng Zhao, former chief executive officer of Binance, arrives at federal court in Seattle, Washington, US, on Tuesday, April 30, 2024. Binance's billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange. The sentence in Seattle federal court was significantly less than the three years that federal prosecutors were seeking for Zhao. In November, Zhao struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world's largest cryptocurrency exchange. The action against Binance and its founder was a joint effort by the Department of Justice, the CFTC and the Treasury Department, though the SEC was notably absent.

Persons: Changpeng Zhao, Binance, Zhao Organizations: U.S, Bank, U.S . Securities, Exchange Commission, Commodity Futures Trading Commission, Binance, Department of Justice, CFTC, Treasury Department, SEC Locations: Seattle , Washington, US, Seattle, Binance, U.S

☆ 'It's a good time to lock in,' expert says. What to know to get the best rates on your cash now
▼ + stars: | 2024-04-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Higher interest rates may be here to stay for a while longer, thanks to persistent inflation. That's good news for cash savers, who have the best opportunity to earn returns on their money in 15 years. To secure today's high rates, individuals may turn to CDs, Treasury bills and Treasury Inflation-Protected Securities, or TIPs. Series I bonds — a U.S. government savings bond aimed at providing inflation protection — will pay 4.28% for the next six months, the Treasury Department announced Tuesday. Yet 67% of Americans are earning interest rates below that threshold, according to a recent Bankrate survey.

Persons: What's, Greg McBride, McBride Organizations: Securities, Treasury Department, Finance Locations: U.S

Changpeng Zhao, the founder and former CEO of crypto exchange Binance, heads to a Seattle courtroom on Tuesday to learn whether the crimes he admitted to committing will land him in prison for an extended sentence. As part of his plea deal with the Department of Justice, Zhao agreed to step down as CEO. Once a titan of the crypto sector, Zhao grew Binance into the world's largest centralized crypto exchange globally. Unlike rival exchange FTX, which collapsed into bankruptcy when founder Sam Bankman-Fried was criminally charged, Binance has continued to operate. Binance processed a whopping $18.1 trillion worth of trading volume in 2023, according to data from CCData, a crypto market data firm.

Persons: Changpeng Zhao, Zhao, Richard Jones, Binance, Sam Bankman, Fried, Nansen, he's Organizations: Department of Justice, District, Prosecutors, Bank, U.S, Justice Department, Futures Trading Commission, Treasury Department, SEC Locations: Seattle, U.S, CCData, Iran

☆ Treasury Department announces new Series I bond rate of 4.28% for the next six months
▼ + stars: | 2024-04-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jitalia17 | E+ | Getty ImagesHow I bond rates workThere are two parts to I bond rates — a variable- and fixed-rate portion — which the Treasury adjusts every May and November. Based on inflation, the variable rate stays the same for six months after purchase, regardless of when the Treasury announces new rates. There are no state or local levies on interest and you can defer federal taxes until redemption. What's the interest rate from May 1 to Oct. 31, 2024? $10,000 per person every calendar year, plus an extra $5,000 in paper I bonds via your federal tax refund.

Persons: Jeremy Keil, Keil, there's, Will Organizations: Treasury, Keil Financial Partners Locations: Milwaukee

☆ It's going to be a massive week for the stock market
▼ + stars: | 2024-04-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

It's a big week for the stock market with a deluge of economic data set to be released. AdvertisementIt's going to be a massive week for the stock market as investors prepare for a deluge of economic data and corporate earnings results. Raymond James' chief investment officer Larry Adam highlighted the top five things to watch this week that could have a big impact on stock market prices. Finally, the April jobs report set to be released on Friday will be closely watched by investors. The jobs report will provide an update on the strength of the labor market," Adam said.

Persons: Raymond James, —, Larry Adam, Adam, Jerome Powell, Powell, Treasurys Organizations: Fed, Service, Treasury Department, Treasury, Apple, Investors, ISM Manufacturing, Manufacturing

☆ Trump advisors are considering plans to dramatically revamp the Fed, WSJ report says
▼ + stars: | 2024-04-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Former US President Donald Trump speaks to members of the media at Manhattan criminal court in New York, US, on Thursday, April 25, 2024. The plans, which the Journal report described as highly secretive, are part of a 10-page document that suggests Trump — if elected — would be consulted on interest rate decisions. Along with those proposals, the draft contends that Trump could remove current Fed Chair Jerome Powell from office and require that Fed policy be aligned with the administration's goals. While in office, Trump harshly criticized Powell and his fellow central bankers as they were raising interest rates and reportedly considered ousting him. Trump campaign officials told the Journal that the draft proposals shouldn't be considered "official."

Persons: Donald Trump, Donald Trump's, Trump, Jerome Powell, Powell Organizations: Federal, Wall, Treasury Department Locations: Manhattan, New York

☆ 4 Iranians charged in scheme to hack US agencies and defense contractors
▼ + stars: | 2024-04-23 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +2 min

CNN —US prosecutors on Tuesday announced charges against four Iranian men for a sprawling hacking campaign that targeted US federal agencies and sensitive data held by American defense contractors. It was not immediately clear whether the departments of State or Treasury networks were successfully hacked in the campaign. In the indictment unsealed Tuesday, Hossein Harooni, Reza Kazemifar, Alireza Shafie Nasab and Komeil Baradaran Salmani were charged with wire and computer fraud, among other charges. Nasab had been charged in a previous indictment unsealed in the Southern District of New York in February. Prosecutors accused three of the men of working for a front company in Iran that purported to offer cybersecurity services.

Persons: ” Damian Williams, Hacking, Christopher Wray, Hossein Harooni, Reza Kazemifar, Shafie, Baradaran Salmani, Nasab, General Merrick Garland Organizations: CNN, US State, Treasury, Pentagon, of, Southern, State, Boston Children’s Hospital, Justice Department, Prosecutors, Treasury Department, Islamic Revolutionary Guard Corps, State Department, Iranian, United Nations Locations: Southern, of New York, US, Iran, Boston, Tehran

☆ Sketches from US animation studios found on North Korean computer server
▼ + stars: | 2024-04-22 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +11 min

The revelation comes from a trove of documents recently discovered by US researchers inside a computer server housed in North Korea. Logs from the North Korean computer server showed multiple visits from internet connections in northeast China, the US cybersecurity firm Mandiant told CNN. North Korean leader Kim Jong Un inspects an artillery firing drill of the Korean People's Army on March 7, 2024. Barnhart, the Mandiant researcher, said any company that hires a North Korean IT worker runs the risk of being targeted by North Korean hackers because of the close relationship between the two. Heinz Insu Fenkl, an expert in North Korean comics, said that animation and comics have been prominent in North Korean society since the country’s founding in 1948.

Persons: “, Nick Roy, Roy, Mandiant, Michael Barnhart, ”, Max ., Hannah Cosgrove, ” Cosgrove, Max, Lion Forge, Martyn Williams, Williams, ” Williams, Kim Jong Un, KCNA, Barnhart, ” Barnhart, CNN wouldn’t, Heinz Insu Fenkl, ” Fenkl, CNN’s Alex Marquardt, Mike Conte Organizations: CNN, North, US, Amazon Prime, Max, Warner Bros ., Korean, Stimson, FBI, Treasury, North Korean, Entertainment, Amazon, ”, Skybound, YouNeek Studios, Forge Entertainment, Lion Forge Entertainment, South Korean, South, US Treasury Department, Treasury Department, Korean People's Army, State, United Nations, North Korean Embassy Locations: North Korea, Korean, Boston, Washington, State, North Korean, China, CNN , California, Maryland, South Korea, Koreans, Pyongyang, Korea, California, New York, London, cybercrime

☆ Opinion | Should Alcohol Labels Warn of Cancer Risks?
▼ + stars: | 2024-04-21 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “A Debate Over Cancer Warning Labels on Alcohol” (Science Times, April 9):This article does an admirable job of spotlighting efforts around the world to require cancer warnings on alcohol. In fact, similar efforts to improve alcohol labeling are gaining traction in the U.S.Just last month, U.S. regulators held listening sessions about including ingredients, nutritional information and allergen labeling on alcoholic beverages. And in 2020, a coalition of seven health advocacy groups petitioned the U.S. government to adopt a cancer warning label. U.S. law directs regulators to consult with the surgeon general and “promptly” report to Congress when the need for an amendment to alcohol warnings arises. But more than seven years have passed since the surgeon general proclaimed a link between alcohol and cancer with no action from the Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau, which regulates most alcohol products.

Persons: “ Organizations: Science Times, Treasury, Alcohol, Tobacco Tax, Trade Bureau Locations: U.S, Ireland, Thailand, Canada

☆ Treasury Department to reimpose oil sanctions on Venezuela
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTreasury Department to reimpose oil sanctions on VenezuelaCNBC's Megan Casella joins 'Closing Bell' to report on the Biden Administration's plan to reimpose oil sanctions on Venezuela.

Persons: Megan Casella, Biden Organizations: Email Treasury Department Locations: Venezuela

☆ Series I bonds are ‘still a good deal’ despite an expected falling rate in May, experts say
▼ + stars: | 2024-04-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jetcityimage | Istock | Getty ImagesHow the I bond rate worksThe U.S. Department of the Treasury adjusts I bond rates every May and November. The variable rate portion resets every six months starting on the investor's I bond purchase date, not when the Treasury Department announces rate adjustments. The 1.3% fixed rate "makes it very attractive" for investors who want to preserve purchasing power long term, according to Tumin. How the fixed rate could changeSince the variable rate for I bonds is based on six months of inflation data, experts agree it will fall from 3.94% to 2.96% in May. Enna looks at a half-year average of real yields for 5- and 10-year TIPS to predict fixed rate changes.

Persons: David Enna Organizations: Istock, U.S . Department of, Treasury, Treasury Department Locations: Enna

☆ America’s debt problem could spell higher interest rates in the rest of the world
▼ + stars: | 2024-04-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The IMF said Wednesday that increased government spending, growing public debt and elevated interest rates in the United States had contributed to high and volatile yields — or interest rates — on Treasuries, raising the risk of higher rates elsewhere. “Loose fiscal policy in the United States exerts upward pressure on global interest rates and the dollar,” Vitor Gaspar, director of the IMF’s fiscal affairs department, told reporters. Higher interest rates make it more costly for households and businesses to service their loans, which can lead to defaults that cause losses at banks and other lenders, increasing financial instability. That means that even if the Fed cuts interest rates later this year — the IMF’s central scenario — US government funding costs may not fall by the same margin, he added. The IMF expects US public debt to continue rising, helping drive government debt worldwide to close to 100% of global gross domestic product by 2029, from 93% last year.

Persons: ” Vitor Gaspar, ”, Jerome Powell, ” Tobias Adrian, Gaspar, Pierre, Olivier Gourinchas, That’s Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Treasury Department, Treasury, US, Federal Locations: United States, Washington

☆ Treasury Department plans to impose Iran sanctions correction
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

This article has been updated to correct that Yellen's comments were from remarks ahead of the International Monetary Fund and World Bank's Spring Meetings this week.

Organizations: International Monetary Fund

☆ Treasury Department plans to impose new sanctions on Iran after Israel attack
▼ + stars: | 2024-04-16 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

US Treasury Secretary Janet Yellen attends a press conference at US Ambassador's residence in Beijing on April 8, 2024. U.S. Treasury Secretary Janet Yellen is preparing new sanctions on Iran after the country launched hundreds of drones and missiles at Israel over the weekend. "The attack by Iran and its proxies underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity." Israel said it intercepted 99% of the more than 300 projectiles from Iran. The U.S. has imposed hundreds of sanctions on Iran and its proxies in recent years for their connections to terrorism and for the country's missile program.

Persons: Janet Yellen, Yellen Organizations: US, Treasury, International Monetary Fund, country's Locations: Beijing, Iran, Israel, Iranian, Syria, The U.S, Red

☆ Biden administration agrees to provide $6.4 billion to Samsung for making computer chips in Texas
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

The Biden administration has reached an agreement to provide up to $6.4 billion in direct funding for Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. The government support comes from the CHIPS and Science Act, which President Joe Biden signed into law in 2022 with the goal of reviving the production of advanced computer chips domestically. Samsung's cluster in Taylor, Texas, would include two factories that would make four- and two-nanometer chips. In addition to the $6.4 billion, Samsung has indicated it also will claim an investment tax credit from the U.S. Treasury Department. The government has previously announced terms to support other chipmakers including Intel and Taiwan Semiconductor Manufacturing Co. in projects spread across the country.

Persons: Biden, Joe Biden, Gina Raimondo, Raimondo, Lael Brainard Organizations: Samsung Electronics, Commerce Department, Texas, Samsung, White, National Economic Council, Defense Department, U.S, U.S . Treasury Department, Intel, Taiwan Semiconductor Manufacturing Locations: Texas, United States, Taylor , Texas, Austin , Texas, Austin, China

☆ Opinion: What does Iran really want?
▼ + stars: | 2024-04-14 | by ( Peter Bergen | ) edition.cnn.com time to read: +10 min

“A modern, strong, peaceful Iran could become a pillar of stability and progress in the region,” former US Secretary of State Henry Kissinger wrote in 2006. Iran introduced into the Iraqi war zone highly effective roadside bombs known as EFPs – Explosively Formed Penetrators – that wounded and killed hundreds of American soldiers. The official US Army history of the Iraq War concluded that Iran was the only winner of that war. Iran’s ‘cookie-cutter approach’Norman Roule was the top US intelligence official on Iran from 2008 to 2017. The withdrawal of the US troops from neighboring Iraq is a key goal of Iran, which exerts considerable influence over some Iraqi politicians.

Persons: Peter Bergen, Osama bin Laden, Shah, Henry Kissinger, Iran’s ayatollahs, Karim Sadjadpour, Sadjadpour, Reagan, bin Laden, bin, al, Saddam Hussein, –, Noam Chomsky, Iran’s, Norman Roule, Roule, propping, Bashar al, Assad, Christine Abizaid, ”, Trump, Obama, Donald Trump, ‘, Benjamin Netanyahu, hasn’t, Joe Biden, Netanyahu, hadn’t, Biden, Abizaid, Mohammed Shia Organizations: New, Arizona State University, Apple, Spotify, CNN, Saturday, East, CIA, US Army, Israel, US National Counterterrorism Center, US Treasury Department, ‘ Deemed, United Nations, Israel’s, Hamas, Iran, White, ISIS Locations: New America, Israel, Iranian, Damascus, Iran, United States, Palestine, ”, Lebanon, Beirut, Saudi, al Qaeda, Iraqi, Saddam, Iraq, Syria, Yemen, Red, Suez, Gaza, New York, Damascus ”, Jordan

☆ 90% of qualifying electric vehicle buyers opt for $7,500 'new clean vehicle' tax credit as upfront payment, Treasury says
▼ + stars: | 2024-04-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The bulk of Americans buying qualifying new electric vehicles are opting to receive an associated tax credit upfront from the car dealer instead of waiting until tax season, according to new Treasury Department data. About 90% of consumers who qualify for a "new clean vehicle" tax credit — worth up to $7,500 — have requested their tax break be issued as an advance payment, according to a Treasury Department official speaking on background. They allow dealers to give an upfront discount to qualifying buyers, delivered as a partial EV payment, down payment or cash payment to consumers. Not everyone will necessarily qualify for the full $7,500, depending on factors like the type of car that's purchased. Previously, all EV buyers had to wait until tax season the year following their purchase to claim tax credits related to that purchase, meaning they may wait several months or longer for their tax break.

Persons: Ingrid Malmgren, Biden, that's Organizations: Treasury Department, EV, IRS

☆ Regulators want to know more about how Morgan Stanley vets wealthy clients, like a sanctioned billionaire: WSJ
▼ + stars: | 2024-04-12 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

More federal regulators are probing Morgan Stanley to find out how it vets wealthy clients, per The Wall Street Journal. One client includes a Russian-linked billionaire who was sanctioned by the UK, the Journal reported. AdvertisementMore federal regulators, including the Securities and Exchange Commission, are looking into how Morgan Stanley vets its wealthy clients and their sources of money, The Wall Street Journal reported on Thursday. One such client includes a Russian-linked billionaire who has been sanctioned by the UK, the Journal reported. A spokesperson for Morgan Stanley did not immediately respond to a request for comment.

Persons: Morgan Stanley, —, James Gorman, Morgan, Morgan Stanley's Organizations: Street, SEC, Service, Securities and Exchange Commission, Caribbean ., Treasury Department, Federal Reserve, Bloomberg, Regulators, Foreign, Journal, Deutsche Bank, Reuters Locations: Caribbean

☆ The Biden Administration Raised the Rent to Drill on Public Lands. Here’s What to Know.
▼ + stars: | 2024-04-12 | by ( Coral Davenport | ) www.nytimes.com time to read: +2 min

The Biden administration raised the royalty rates that fossil fuel companies pay the government in order to drill and mine on public lands, the first time since 1920 that those fees have increased. One way to think about it is this: the nation’s largest property owner, the federal government, effectively charges rent to oil and gas companies that exploit public land for private profit. Here’s what to know about the changes announced Friday:Does the new rule prohibit oil and gas companies from drilling on public lands? Despite a pledge he made as a candidate (“No more drilling on public lands, period”), Mr. Biden has not stopped oil and gas drilling on federal land or in federal waters. The administration said the proceeds would help to clean up the environmental damage from approximately 3.5 million oil and gas wells on federal property that have been abandoned.

Persons: Biden Organizations: Treasury Department and Interior

☆ Sen. Bob Menendez grills Treasury official on curbing illicit finance a month before bribery trial
▼ + stars: | 2024-04-09 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +3 min

U.S. Sen. Bob Menendez, D-N.J., at center right, and his wife, Nadine Menendez, center rear, leave Manhattan Federal Court in New York City following his arraignment, March 11, 2024. Sen. Bob Menendez questioned a Treasury Department official Tuesday on curbing illegal finance as he prepares to stand trial in a month with his wife and two other men on federal bribery charges. Menendez also slammed the Biden administration for not stopping Iran under current sanctions from selling its oil to entities in countries including China. "None of that money has gone to Iran, and that money is not going to go directly to Iran," Adeyemo said. His wife, Nadine Menendez, and two of the businessmen, Wael Hana and Fred Daibes, will be tried with him.

Persons: Sen, Bob Menendez, Nadine Menendez, Wally Adeyemo, Menendez, Vladimir Putin, Biden, Adeyemo, John Kennedy, Wael Hana, Fred Daibes, Jose Uribe Organizations: Manhattan Federal, Treasury Department, New, New Jersey Democrat, Bloomberg, U.S . Department of Agriculture, Senate Foreign Relations Locations: Manhattan, New York City, New Jersey, New York, Ukraine, Iran, China, Venezuela, Israel, Egypt

☆ Sanctions are squeezing Russia, turning up its dependence on China and 'rogue' states, think tank says
▼ + stars: | 2024-04-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewWestern sanctions are straining Russia's ability to fight in Ukraine, even if its war economy appears resilient and its output seems largely unfazed, a think tank expert said. Related storiesAlready, this order has put off lenders in India, China, Turkey, and the United Arab Emirates from working with Russia, Blank said. Individual sanctions have also targeted vessels carrying Russian crude above the Western $60-barrel price cap, reducing the Kremlin's ability to trade. With fewer available tankers, freight costs have climbed, and the discount Russia has offered on its oil has eroded. That's caused India to increasingly look elsewhere for crude, despite being the biggest buyer of seaborne Russian oil in 2023.

Persons: —, Stephen Blank, it's, Blank Organizations: Service, Center for, Business, Foreign Policy Research Institute, Treasury Department, CEPA, United, United Arab Emirates, West Locations: Ukraine, North Korea, Iran, India, China, Turkey, United Arab, Russia, Austrian, Moscow, Beijing

☆ We ought to have a fiscally responsible tax package, says National Review's Ramesh Ponnuru
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe ought to have a fiscally responsible tax package, says National Review's Ramesh PonnuruRamesh Ponnuru, National Review editor and Washington Post columnist, and Natasha Sarin, Yale School of Management professor and former Treasury Department official, join 'Squawk Box' to discuss the upcoming expiration of former President Trump's Tax Cuts and Jobs Act at the end of 2025, what should be included in the tax package, and more.

Persons: Ramesh Ponnuru Ramesh Ponnuru, Natasha Sarin, Trump's Organizations: Washington Post, Yale School of Management, Treasury Department

☆ U.S. ready to sanction Chinese banks if they aid Russia's war machine, Yellen says
▼ + stars: | 2024-04-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

The United States is prepared to sanction Chinese banks and companies, as well as Beijing's leadership, if they assist Russia's armed forces with the invasion of Ukraine, U.S. Treasury Secretary Janet Yellen said Monday. "We stand ready to act if we see significant violations, especially by financial institutions," Yellen said in an interview with CNBC's Sara Eisen in Beijing. "Anything that involves aiding Russia's military in their brutal war against Ukraine is unacceptable to us and we have the ability to sanction it." President Joe Biden issued a new executive order in December that vested the Treasury secretary with the authority to sanction financial institutions that aided Russia's military-industrial complex. But the provision of military aid from Beijing to Moscow could trigger sanctions.

Persons: Janet Yellen, Yellen, CNBC's Sara Eisen, Joe Biden Organizations: Treasury, Treasury Department, U.S Locations: States, Ukraine, U.S, Beijing, China, Russia, Moscow

☆ Everything you want to know about Janet Yellen’s China visit; Russia, chopsticks, oversupply
▼ + stars: | 2024-04-08 | by ( Nectar Gan | ) edition.cnn.com time to read: +11 min

“China is now simply too large for the rest of the world to absorb this enormous capacity,” Yellen told reporters Monday. US intelligence has warned that China is providing technology and equipment to Russia that is important to Moscow’s war in Ukraine. During her last visit to Beijing, Yellen dramatically boosted business for a Yunnan restaurant chain and its mushroom dish after her delegation was spotted dining there. “As a US official, Yellen needs to know more about China than just its food. Only by understanding China better, can she correct the US worldview and its views of China and China-US relations.”

Persons: Janet Yellen, Yellen, Joe Biden, Xi Jinping, ”, China Nicholas Burns, Pedro Pardo, Li Qiang, ” Yellen, Li, Biden, “, Mao Ning, Xi, CNN’s Marc Stewart, we’ve, Andy Wong, “ Yellen, Tao Tao Organizations: Hong Kong CNN, Russia, China's, Getty, Vice, Foreign Ministry, Treasury Department ., Ukraine, China’s, Ministry, “ Locations: China, Hong Kong, Guangzhou, Beijing, United States, AFP, Washington, Xinhua, Russia, Ukraine, Treasury Department . China, San Fransisco, “, Yunnan, Weibo

☆ U.S. Warns China About Its Exports and Support for Russia
▼ + stars: | 2024-04-06 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen confronted her Chinese counterpart about China’s surging exports of inexpensive electric vehicles and other green energy goods, saying that they were a threat to American jobs and urging Beijing to scale back its industrial strategy, the U.S. government has said. Ms. Yellen also warned her counterpart, Vice Premier He Lifeng, that Chinese companies could face “significant consequences” if they provided material support for Russia’s war on Ukraine, according to a Treasury Department summary released on Saturday of two days of talks in the southern city of Guangzhou. The meetings on Friday and Saturday were an effort by the world’s two largest economies to address trade and geopolitical disputes as the countries try to steady a relationship that hit a low last year. The U.S. and China agreed to hold additional talks in the future about curbing international money laundering and fostering “balanced growth.” The latter is aimed partly at addressing concerns that China’s focus on factory production to bolster its sputtering economy has resulted in a glut of exports that is distorting global markets.

Persons: Janet L, Yellen Organizations: Department Locations: Beijing, U.S, Ukraine, Guangzhou, China

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