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CNN —US Treasury Secretary Janet Yellen arrived in Beijing Thursday ahead of high-stakes meetings with senior Chinese officials. The treasury secretary intends “to talk about the bilateral economic relationship, raise issues of concern, and discuss ways we can work together on global challenges” during her meeting with Li, a senior Treasury official told reporters traveling with Yellen. On Friday, Yellen will also meet with her former counterpart, Liu He, in what the Treasury official said could be “seen as a meeting of old friends.”“They were former counterparts. I will say that definitively,” the official told reporters. Yellen will be in China until July 9, according to the Department of the Treasury.

Persons: Janet Yellen, Yellen, China’s Premier Li Qiang, Xi Jinping, “, ”, Li, Liu He, They’ve, Zhou Xiaochuan, Joe Biden’s “, Xi Organizations: CNN, China’s Premier, Treasury, Yellen, People’s Bank of China, Treasury Department, Department of, Biden Locations: Beijing, China, PRC

☆ Yellen set to travel to Beijing as part of ongoing efforts to stabilize relationship with China
▼ + stars: | 2023-07-02 | by ( Sam Fossum | ) edition.cnn.com time to read: +2 min

Yellen will be the second Cabinet-level member to travel to China in the last month. And although the visit will mark another high-level engagement between the two superpowers, no “significant breakthroughs” are expected, with the conversations over her three-day trip expected to be “constructive” and “frank,” according to a senior Treasury official. Yellen is not expected to meet with Chinese President Xi Jinping, according to the official. Yellen is expected to meet with senior Chinese officials as well as leading US firms. As US officials increase the frequency of their contacts with Chinese counterparts, Biden has said he hopes to meet with Xi soon.

Persons: Janet Yellen, Biden, Xi Jinping, Joe Biden, ”, Antony Blinken, Yellen, Xi, “ I’m, I’ll, ” Biden Organizations: CNN, Treasury Department, Treasury, Biden Locations: Beijing, China, Washington, Yellen

The Chinese government called in Burns for the meeting this week in Beijing to protest Biden’s remarks, according to two US officials familiar with the matter. The move by Beijing comes as officials are still assessing the potential effect of Biden’s comments on US efforts to repair the fractured relationship between the two countries. I mean, my goodness, I mean, my goodness, Jeremy, a démarche is a démarche that happens all the time. But US officials privately expressed frustration over Biden’s remarks. The White House and the State Department did not attempt roll back Biden’s remarks.

Persons: China Nicholas Burns, Joe Biden’s, Jinping, Burns, Biden’s, John Kirby, Jeremy, I’m, ” Kirby, CNN’s Jeremy Diamond, Antony Blinken, Biden, it’s, ” Biden, “, Vedant Patel, Blinken, Blinken’s Organizations: CNN, White, Security, Chinese Foreign Ministry, Kirby, White House, . State Department, Department of Justice, State Department, Wall Street Journal Locations: China, California, Beijing, Washington

That’s what’s a great embarrassment for dictators, when they didn’t know what happened,” Biden told attendees at the fundraiser in the Bay Area, referring to the Chinese spy balloon that the US shot down earlier this year. “He called me and told me not to do that because it was putting him in a bind,” Biden said, referring to the Chinese president. The region has taken on a greater importance for Washington as China has become increasingly assertive over its territorial claims in the area, expands its naval capabilities and militarizes islands in the South China Sea. “Now we have India, Australia, Japan and the United States working hand in glove in the South China Sea, in the Indian Ocean. We have a situation where I’ve met with all 50 of the major maritime states in East Asia,” Biden said in California.

Persons: Joe Biden, Xi Jinping, ”, Antony Blinken, what’s, ” Biden, Biden, Blinken’s, “, John Kerry, Blinken –, Xi, “ We’re, ” Blinken, I’ve Organizations: San Francisco , CA CNN, CNN, House, Japan –, South Pacific Locations: San Francisco , CA, California, Washington, Beijing, Bay, China, United States, India, Australia, Japan, South, South China, East Asia

☆ Biden says the gun safety movement has reached a ‘tipping point’ as he marks one year since passage of major legislation
▼ + stars: | 2023-06-16 | by ( Priscilla Alvarez Sam Fossum Donald Judd | Priscilla Alvarez | Sam Fossum | ) edition.cnn.com time to read: +9 min

The administration has also implemented two dozen executive actions to try to reduce gun violence. But in the absence of congressional action, the White House has turned its focus to state action to try to reduce gun violence. Ten years later, gun violence remains a challenging issue for the White House. But since the law was signed last year, further action on gun violence has stalled in Congress. But gun violence rates more broadly in our cities are going down this year for the first time in a long time,” Murphy told CNN.

Persons: Joe Biden, ” Biden, Biden, –, Barack Obama, “ You’ve, we’ve, he’s, Democratic Sen, Chris Murphy, “ I’m, Sen, Chuck, Schumer, ”, Murphy, Richard Blumenthal, Mark Barden, Sandy, “, Everytown, Giffords, it’s, ” Murphy, Miguel Cardona, Xavier Becerra Organizations: CNN, National Safer Communities, Safer, White, University of Hartford, Sandy Hook Elementary, Capitol, Democratic, Republicans, Democrats, Elementary, Federal Emergency Management, Department of Health, Human Services, Department, Education, of, Mental Health, HHS Locations: Connecticut, United States, Newton , Connecticut, Nashville, Buffalo , New York, Uvalde , Texas, Friday’s

☆ Why the Fed paused its rate hikes: It’s tired of playing a giant guessing game
▼ + stars: | 2023-06-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Following the policy announcement, Fed Chair Jerome Powell noted that rate hikes typically filter through the economy with “uncertain lags.” In other words, the Fed has been playing an (educated) guessing game, taking action before it understands the results. What’s happening: As much as Federal Reserve officials wish they could, they can’t just wave a wand and lower inflation rates. Here’s how the system works: First, the Fed raises interest rates for overnight loans between financial institutions. Less demand for goods reduces incentives to raise prices and inflation rates will fall. That means they’re able to draw their own conclusions about the trajectory of inflation rates.

Persons: Jerome Powell, ”, Jack McIntyre, McIntyre, ” Powell, Powell, Yung, Yu Ma, Ma, Biden, Joe Biden, Sam Fossum, you’re, ” Biden, Lael Brainard, Greg Wallace, Sen, John Thune of, Republican Sen, Jerry Moran Organizations: New, New York CNN, Federal Reserve, Brandywine Global, BMO Wealth Management, Ticketmaster, “, Economic, Federal Aviation Administration, FAA, Republican Locations: New York, “, John Thune of South Dakota, Kansas

☆ Biden to announce Live Nation and Ticketmaster will allow consumers to see all fees up front
▼ + stars: | 2023-06-15 | by ( Sam Fossum | ) edition.cnn.com time to read: +3 min

“President Biden has been working to lower costs for hardworking families by bringing down inflation, capping insulin prices for seniors, and eliminating hidden junk fees,” said National Economic Council Director Lael Brainard in a written statement. These include Live Nation, SeatGeek, xBk, Airbnb, the Pablo Center at the Confluence, TickPick, DICE, and the Newport Festivals Foundation. Ticketmaster has also promised to add a feature to allow customers to see the full price upfront for all other tickets sold on its platform. Live Nation and Ticketmaster merged to form Live Nation Entertainment in 2010. It is also just a first step towards addressing junk fees in the economy,” a White House fact sheet states.

Persons: Joe Biden, “, Biden, ”, Lael Brainard, ” Biden Organizations: CNN, Ticketmaster, Economic, White, Pablo Center, Newport Festivals Foundation, House, Entertainment, Biden’s Transportation Department, Competition Locations: SeatGeek, Iowa

☆ Biden will ‘at some point’ meet with China’s Xi Jinping, top White House official says
▼ + stars: | 2023-06-04 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

CNN —President Joe Biden will “at some point” meet with Chinese President Xi Jinping, according to White House national security adviser Jake Sullivan, as the two countries work to reset normal relations amid what has been an extremely tumultuous and tense year in the relationship. And then, at some point, we will see President Biden and President Xi come back together again,” Sullivan told CNN’s Fareed Zakaria in an interview on “GPS” that aired Sunday. That is the firm conviction of President Biden,” Sullivan added. The incident marked the second time in two weeks that Chinese military personnel have engaged in aggressive maneuvers in the vicinity of US military personnel near China’s border. Tensions between Washington and Beijing soared in February after a suspected Chinese spy balloon flew over the continental US and was subsequently shot down by the American military.

Persons: Joe Biden, Xi Jinping, Jake Sullivan, “, Biden, Xi, ” Sullivan, CNN’s Fareed Zakaria, Sullivan’s, Antony Blinken, ”, Qin Gang, Sullivan, Wang Yi, it’s, Zakaria, Zelensky Organizations: CNN, White House, GPS, Canadian, State Department, East Asian, United, Ukrainian, US, Russian Locations: United States, Taiwan, China’s, South, Washington, Beijing, China, reengage, Vienna, Bali , Indonesia, Ukraine, Kyiv, Russia, Russian, Berdiansk

☆ Senior Treasury officials reiterate dire warnings if debt ceiling isn’t lifted, pour cold water on invoking the 14th Amendment
▼ + stars: | 2023-05-07 | by ( Sam Fossum | ) edition.cnn.com time to read: +3 min

2, Deputy Treasury Secretary Wally Adeyemo, both painted a stark picture of “economic chaos” if the debt ceiling isn’t lifted and confirmed that the latest Treasury data still indicates the US could default as soon as June 1st. Her comments come as some have speculated about the possibility of President Biden invoking the 14th Amendment, or taking other extreme action, if the debt ceiling is not raised in time. “I haven’t gotten there yet,” President Biden said in an interview Friday night when asked about such a move. “There is no way to protect our financial system and our economy other than Congress doing its job and raising the debt ceiling,” Yellen said. Adeyemo also tamped down the feasibility of using the 14th Amendment when asked about it Sunday, saying the “the only way” to “guarantee” that the US can pay its bills is to raise the debt ceiling.

CNN —President Joe Biden and first lady Jill Biden capped South Korean President Yoon Suk Yeol’s official state visit with a glamorous state dinner at the White House Wednesday night to celebrate the two nations’ 70-year alliance. May we do it together for another 170 years.”But Biden wasn’t the only leader who took the mic. Following a round of musical performances, his South Korean counterpart joined him on stage to give his own – a karaoke rendition of Don McClean’s “American Pie” – which received a standing ovation from the crowd. The elaborate dinner is the result of weeks of careful diplomatic preparations, with each detail meticulously planned by a team of White House chefs, social staff, and protocol experts. U.S. President Joe Biden and first lady Jill Biden pose with South Korea's President Yoon Suk Yeol and first lady Kim Keon Hee in front of the Grand Staircase of the White House before an official State Dinner, in Washington, U.S. April 26, 2023.

Washington CNN —Republican Sen. Lindsey Graham said Sunday that he will follow precedent for replacing Sen. Dianne Feinstein on the Judiciary Committee if she resigns, signaling a willingness to vote to replace the California Democrat if she left the chamber altogether. She has asked to be “temporarily” replaced on the Senate Judiciary Committee while she is recovering but remains committed to returning to Washington. “As to Sen. Feinstein, she is a wonderful person. I hope she comes back,” the top Republican on the Judiciary Committee added. I think the Republican Party will be in good standing to oppose late-term abortion.”Graham’s comments highlight the difficulty that Republicans have had navigating the abortion issue.

☆ China has not provided extensive assistance to Russia as part of its war against Ukraine even as the two countries forge closer ties, senior Treasury officials say
▼ + stars: | 2023-04-07 | by ( Sam Fossum | ) edition.cnn.com time to read: +5 min

One senior Treasury official said that China is, as of now, unwilling to provide material support to Russia at scale and in a significant way, pointing instead to Russian efforts to source material from North Korea and Iran. The US and its allies have also taken more direct action, sanctioning a Chinese satellite company providing intelligence to Russian forces in January and putting some Chinese companies on the US export control list. But in recent months officials have also begun to see some results from their public and private efforts. Turkish officials told the US last month that their government has been taking further action to block the transit of sanctioned goods directly to Russia, according to a source familiar with the discussion. In a speech earlier this year on the anniversary of Russia’s invasion, US Deputy Treasury Secretary Wally Adeyemo publicly warned Russian intelligence services that the US is monitoring their efforts and is cracking down.

☆ Biden nominates former MasterCard exec Ajay Banga to lead World Bank
▼ + stars: | 2023-02-23 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —President Joe Biden has announced that he’s nominating Ajay Banga, a former MasterCard executive, to serve as president of the World Bank. Notably, the White House highlighted Banga’s “extensive experience” in creating partnerships to address climate change and financial inclusion,” something Biden pledged would be an important qualification for the next World Bank President. “We’ve achieved many of the things I wanted to…I think it’s really important that institutions have energy, new energy, and this is a good time for the World Bank to do that,” he said. The World Bank, a group of 187 nations, lends money to developing countries to help reduce poverty. Former US President Donald Trump appointed Malpass as World Bank chief in 2019 for a five-year period.

CNN —President Joe Biden and Ukrainian President Volodymyr Zelensky spoke on Sunday to discuss Russia’s invasion and recent US efforts to strengthen Ukraine’s air defenses. The package announced last week includes weapons and artillery rounds, as well as equipment to help Ukraine boost its air defense. Biden also highlighted the $53 million package announced late last month to support Ukraine’s electrical system as it faces a barrage of attacks from Russia, according to the White House statement. He presented a 10-point peace plan to end Russia’s invasion in a video speech to G20 leaders in Bali last month. Biden welcomed his “stated openness to a just peace based on fundamental principles enshrined in the United Nations Charter,” the White House said Sunday.

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