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☆ How Janet Yellen Became an Unlikely Culinary Diplomat
▼ + stars: | 2024-07-13 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

There was mayonnaise mixed with ants at a gastronomic taqueria in Mexico City. The garlic at a Persian restaurant in Frankfurt was aged 25 years. And, yes, the magic mushrooms in Beijing were hallucinogenic. “It’s not like it’s a scheme to conduct some sort of diplomacy,” Ms. Yellen, 77, said during an interview in June over scrambled eggs with onions and home fries at Sarge’s Delicatessen and Diner in New York City. The intrigue has been a surprising twist in the tenure of Ms. Yellen, an economist and former Federal Reserve chair, who unlike most previous Treasury secretaries prizes mixing in cultural experiences with the grind of government travel.

Persons: Anthony Bourdain, Janet L, It’s, Ms, Yellen Organizations: Federal Reserve Locations: Mexico City, Frankfurt, Beijing, Russian, New York City

☆ The American Inspiration for Britain’s First Female Chancellor
▼ + stars: | 2024-07-06 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

After 14 years in the shadows, Britain’s Labour Party has returned to governing. And the country’s first female chancellor of the Exchequer, Rachel Reeves, is faced with the tough job of restoring Britain’s economic growth prospects and ending a decade and a half of stagnation. For inspiration, she has turned to another glass-ceiling-shattering woman, on the other side of the Atlantic: the U.S. Treasury secretary, Janet L. Yellen. Ms. Reeves was named chancellor on Friday after the Labour Party won a majority in Thursday’s general election. Ms. Yellen’s “modern supply-side economics” aims to bolster economic growth by increasing the number of workers and raising productivity while reducing inequality.

Persons: Rachel Reeves, Janet L, Reeves, Yellen, Yellen’s Organizations: Britain’s Labour Party, U.S, Treasury, Labour Party Locations: United States

☆ Opinion | Janet Yellen: Use Russia’s Assets to Support Ukraine
▼ + stars: | 2024-06-13 | by ( Janet L. Yellen | ) www.nytimes.com time to read: +1 min

We are at a critical time in Russia’s brutal and illegal invasion of Ukraine. Russia’s continued assault on the country requires that we take bold and decisive action. It is time for the United States and our allies to unlock the value of immobilized Russian assets so that Ukraine can get the financial support it urgently needs. The United States and our global coalition including the Group of 7, Europe and countries around the globe are engaged in a battle of wills with Vladimir Putin. We have equipped Ukraine with weapons, equipment and financial support.

Persons: Russia’s, Vladimir Putin, Putin Organizations: Russian Locations: Ukraine, United States, Europe, Russia, Ukrainian

☆ Yellen Warns Israel Against Cutting off Palestinian Banks
▼ + stars: | 2024-05-23 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen warned Israel on Thursday against cutting off ties between Palestinian and Israeli banks, arguing that such a move would further destabilize the economy of the West Bank at a time when Palestinians are already facing dire economic conditions. Ms. Yellen’s comments came in the wake of Israel’s decision on Wednesday to withhold tax revenue from the Palestinian Authority in retaliation for three European countries unilaterally agreeing to recognize a Palestinian state. Ms. Yellen and other top economic officials from the Group of 7 nations are expected to discuss the matter and the humanitarian situation in Gaza during their summit in Stresa, Italy, which begins on Thursday. “I’m particularly concerned by Israel’s threats to take action that would lead to Palestinian banks being cut off from their Israeli correspondent banks,” Ms. Yellen said during remarks ahead of a news conference. Ms. Yellen added that the banking channels were critical for processing transactions that allow $8 billion a year of imports of food, fuel and electricity from Israel and $2 billion of Palestinian exports.

Persons: Janet L, Yellen, Israel, Yellen’s, “ I’m, Ms Organizations: West Bank, Palestinian Authority Locations: Palestinian, Gaza, Stresa, Italy, Israel

☆ U.S. Seeks to Join Forces With Europe to Combat Excess Chinese Goods
▼ + stars: | 2024-05-21 | by ( Alan Rappeport | Liz Alderman | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen said on Tuesday that the United States and Europe needed to work together to push back against China’s excess industrial capacity, warning that a wave of cheap Chinese exports represents a grave threat to the global economy. Ms. Yellen’s remarks, delivered during a speech in Germany, highlighted what is expected to be a central topic of discussion when the Group of 7 finance ministers meet in Italy this week. “China’s industrial policy may seem remote as we sit here in this room, but if we do not respond strategically and in a united way, the viability of businesses in both our countries and around the world could be at risk,” Ms. Yellen said at the Frankfurt School of Finance and Management, where she received an honorary doctoral degree. China’s excessive production of green energy technology has become a pressing trans-Atlantic concern in recent months. Officials in President Biden’s administration have grown increasingly worried that his efforts to finance domestic manufacturing of clean energy and other next-generation technologies will be undercut by China, which is churning out steel, electric cars and solar panels at a rapid clip.

Persons: Janet L, Yellen, Yellen’s, Ms, Biden’s Organizations: Frankfurt School of Finance, Management Locations: United States, Europe, Germany, Italy, China

☆ U.S. and Europe Move Closer to Using Russian Assets to Help Ukraine
▼ + stars: | 2024-05-19 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States and Europe are coalescing around a plan to use interest earned on frozen Russian central bank assets to provide Ukraine with a loan to be used for military and economic assistance, potentially providing the country with a multibillion-dollar lifeline as Russia’s war effort intensifies. Treasury Secretary Janet L. Yellen said in an interview on Sunday that several options for using $300 billion in immobilized Russian assets remained on the table. But she said the most promising idea was for Group of 7 nations to issue a loan to Ukraine that would be backed by profits and interest income that is being earned on Russian assets held in Europe. The urgency to find a way to deliver more financial support to Ukraine has been mounting as the country’s efforts to fend off Russia have shown signs of faltering. “It would generate a significant up-front amount that would help meet needs we anticipate Ukraine is going to have both militarily and through reconstruction.”

Persons: Janet L, Yellen, “, Ms, ” Organizations: Finance Locations: States, Europe, Ukraine, Italy, Russia, Germany

☆ U.S. Imposes Sanctions on Chinese Companies for Aiding Russia’s War Effort
▼ + stars: | 2024-05-01 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The sanctions represent a broadening of U.S. efforts to disrupt Russia’s military industrial complex supply chain. The Biden administration has expressed growing alarm about the weapons technology alliance between China and Russia. The sanctions follow Ms. Yellen’s trip last month to China, where she confronted Chinese officials over support for Russia. She warned them that Chinese companies and financial institutions that facilitate support for the Kremlin’s war effort would face penalties. The Treasury secretary said her counterparts told her that China had a policy of not providing Russia with military aid.

Persons: Biden, “, Janet L, Yellen, Yellen’s Organizations: Wednesday, Top U.S, Russia Locations: Russia, Ukraine, China, United States

☆ Biden Tax Increases Won’t Hit Middle Class, Yellen Says
▼ + stars: | 2024-04-30 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The battle lines of the next big tax fight were laid out on Tuesday as Treasury Secretary Janet L. Yellen sparred with Republicans over the Biden administration’s plans to raise taxes on businesses and wealthy Americans. In recent weeks, Republicans have been amplifying their attacks on President Biden’s tax proposals, which have become central to the president’s re-election message. Many provisions in the $1.7 trillion tax cut that Republican lawmakers and former President Donald J. Trump enacted in 2017 are set to expire in 2025, including lower tax rates for individuals as well as many tax breaks for corporations. Renewing all of the tax measures for another decade would cost about $3 trillion, according to the Joint Committee on Taxation. Republicans have begun warning that Mr. Biden plans to allow all of the tax cuts to expire, effectively raising taxes on businesses and families at a moment when inflation is pinching consumers.

Persons: Janet L, sparred, Biden’s, Donald J, Trump, Biden Organizations: Biden, Republican, Taxation, Republicans

☆ Election Updates: Biden campaigns again in Pennsylvania, a swing state crucial to his re-election hopes.
▼ + stars: | 2024-04-17 | by ( Chris Cameron | ) www.nytimes.com time to read: +5 min

The tariffs Mr. Biden will propose raising on Wednesday were initially imposed by Mr. Trump when he was president. Mr. Biden’s stop in Pittsburgh is part of a three-day swing through Pennsylvania, a crucial battleground state that he narrowly won in 2020 and has visited more than any other. The president’s campaign is hoping to mobilize support from organized labor, a traditionally Democratic constituency from which Mr. Trump has pulled some support. On Tuesday, Mr. Biden spoke at the local union of the United Brotherhood of Carpenters and Joiners in Scranton, Pa., his hometown. “Donald Trump looks at the world differently than you and me,” Mr. Biden said in a speech that signaled his campaign’s intention to make the 2024 election a referendum on Mr. Trump.

Persons: Biden, Katherine Tai, Mr, ” Lael Brainard, Janet L, Yellen, ”, Lloyd J, Austin III, Biden’s, Donald J, ” Mr, Trump, “ Donald Trump, ” Alan Rappeport, Michael D, Shear Organizations: United Steelworkers Union, U.S, Economic Council, International Monetary Fund, Trump, CNBC, Mr, Democratic, United Brotherhood of Carpenters Locations: China, Pittsburgh, U.S, Mexico, America, Beijing, United States, Biden’s, Japan, Philippines, South China, Pennsylvania, Joiners, Scranton, Pa, Mar

☆ Why Germany Can’t Break Up With China
▼ + stars: | 2024-04-16 | by ( Melissa Eddy | ) www.nytimes.com time to read: +1 min

When Germany’s chancellor, Olaf Scholz, took office in 2021, he pledged that his government would shift his country’s relationship with China away from one of economic dependence. Three years later, talk of scaling back reliance on China has been replaced with calls for equal access to China’s market for foreign firms. The U.S. Treasury secretary, Janet L. Yellen, has talked about imposing trade restrictions on China. The chief executives of several leading multinational companies based in Germany joined Mr. Scholz on his three-day tour of China, which included a meeting with Xi Jinping, China’s top leader, in Beijing on Tuesday. All of the company leaders oversee large operations in China that they are eager not only to maintain, but in many cases to expand.

Persons: Olaf Scholz, Janet L, Scholz, Xi Jinping Organizations: Treasury, Mr Locations: China, United States, U.S, Germany, Beijing

☆ Biden’s Trade Moves Raise Tensions Abroad but Draw Cheers in Swing States
▼ + stars: | 2024-04-09 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

President Biden has intensified efforts to shield American industries from foreign competition in an election year, as he courts blue-collar workers and attempts to avoid being outflanked on trade by his Republican rival, former President Donald J. Trump. The moves have strained Mr. Biden’s relationships with international allies and rivals alike, drawing charges of protectionism from diplomats and some economists, including top Chinese officials during Treasury Secretary Janet L. Yellen’s recent trip to Beijing. But the measures have cheered labor unions, environmental groups and other key members of Mr. Biden’s political support base, particularly in the swing states of the industrial Midwest. Mr. Biden and his administration have recently signaled they are preparing new tariffs and other measures to block cheap electric vehicles and other clean-energy imports from China. Those efforts, combined with new limits on American investment in China, restrictions on exports of advanced technology and subsidies for the U.S. semiconductor industry, fueled major tensions during Ms. Yellen’s visit.

Persons: Biden, Donald J, Trump, Janet L, Yellen’s Organizations: Republican, Mr Locations: Beijing, China, U.S

☆ Xi Meets With Russia’s Foreign Minister, Reaffirming Ties
▼ + stars: | 2024-04-09 | by ( David Pierson | Ivan Nechepurenko | ) www.nytimes.com time to read: +1 min

China’s top leader, Xi Jinping, and Russia’s foreign minister, Sergey V. Lavrov, met in Beijing on Tuesday, in a session seen as laying the groundwork for an expected visit to China by President Vladimir V. Putin of Russia and pushing back against mounting pressure from the United States and its allies. Mr. Lavrov’s visit came just days after Treasury Secretary Janet L. Yellen warned of “significant consequences” if Chinese companies provided material support for Russia’s war in Ukraine. It also took place as President Biden was set to host the leaders of Japan and the Philippines on Wednesday to boost economic and security ties to counter China’s growing assertiveness in Asia. Earlier in the day, Mr. Lavrov met with his Chinese counterpart, Wang Yi, and said the two sides had talked about deepening security ties to resist the West's “anti-Chinese” and “anti-Russian orientation.” In a sign of the Kremlin’s continued deference to China, Mr. Lavrov reaffirmed Russia’s rejection of any “outside interference” over Beijing’s claims to the de facto independent island of Taiwan. “There is no place for dictatorships, hegemony, neocolonial and colonial practices, which are now being widely used by the United States and the rest of the ‘collective West,’” Mr. Lavrov said.

Persons: Xi Jinping, Sergey V, Lavrov, Vladimir V, Putin, Lavrov’s, Janet L, Yellen, Biden, Wang Yi, ’, Mr Locations: Beijing, China, Russia, United States, Ukraine, Japan, Philippines, Asia, Taiwan

☆ Yellen Sees ‘More Work to Do’ as China Talks End With No Breakthrough
▼ + stars: | 2024-04-08 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Four days of top-level economic meetings between the United States and China concluded in Beijing on Monday with no major breakthrough, but the world’s two largest economies agreed to hold more discussions to address rising friction over trade, investment and national security. The conversation is poised to become even more difficult, however, as hopes of greater economic cooperation collide with a harsh political reality: It is an election year in the United States, and antipathy toward China is running high. At the same time, Chinese officials appeared unmoved by Treasury Secretary Janet L. Yellen’s urging that China scale back its recent surge of green energy technology exports, which could threaten American jobs. “There is much more work to do,” Ms. Yellen said at a news conference in Beijing on Monday. “And it remains unclear what this relationship will endure in the months and years ahead.”

Persons: Janet L, Ms, Yellen, ” Locations: United States, China, Beijing

☆ 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

☆ Yellen Faces Diplomatic Test in Urging China to Curb Green Energy Exports
▼ + stars: | 2024-04-05 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

After three hours of meetings on Friday, Treasury Secretary Janet L. Yellen and Vice Premier He Lifeng of China sat down for a working dinner at the White Swan Hotel in Guangzhou, China. The evening activity was intended to give the pair, the top economic officials from the United States and China, an opportunity to go beyond talking points and build trust. The message represented a challenging test of economic diplomacy for Ms. Yellen. She wants China to dial back its industrial policy just as the United States is ramping up its own with trillions of dollars of subsidies for domestic clean energy industries. The new push against China’s exports threatens to inflame trade tensions between the world’s largest economies just as they have been working to stabilize relations.

Persons: Janet L, Yellen, Biden Organizations: Hotel Locations: China, Guangzhou, United States

☆ U.S. and China Continue to Talk, but Economic Divide Remains Wide
▼ + stars: | 2024-04-03 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States and China created formal economic working groups to keep the conversation going. Months later, Ms. Yellen met with her Chinese counterparts in San Francisco and Morocco. But despite those signs of progress, thorny economic issues continue to divide China and the United States. “We don’t want to decouple our economies,” Ms. Yellen said on Wednesday during a stop in Alaska on her way to China. “We want to continue, and we think we both benefit from trade and investment, but it needs to be on a level playing field.”

Persons: Janet L, Yellen, Biden, Ms Locations: Beijing, United States, China, San Francisco, Morocco, Yunnan, Guangzhou, Alaska

☆ Biden Talks to Xi About Conflicts, From Ukraine to the Pacific
▼ + stars: | 2024-04-02 | by ( Edward Wong | ) www.nytimes.com time to read: +1 min

President Biden spoke with Xi Jinping, China’s leader, in a call on Tuesday morning that was aimed at addressing a wide range of combative and cooperative issues, as the United States grapples with wars and other global crises, according to a White House statement. The topics on Mr. Biden’s agenda included fighting narcotics production, the Middle East conflict and China’s support of Russia during the Ukraine war, a senior administration official said. But it was a crucial marker during a pivotal political year and as the countries try to steady a relationship that hit a multi-decade low last year. The call took place days ahead of a trip to China by Treasury Secretary Janet L. Yellen, who will be followed soon afterward by Secretary of State Antony J. Blinken, the official said. Those would be the first visits to China by cabinet members this year; both officials traveled to Beijing last year to stabilize relations after tempers flared during the Chinese spy balloon episode.

Persons: Biden, Xi Jinping, Janet L, Yellen, Antony J, Blinken Locations: United States, Russia, Ukraine, Washington, China, Beijing

☆ Yellen to Visit China for Top-Level Economic Talks
▼ + stars: | 2024-04-02 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen will make her second trip to China this week for high-level talks aimed at further stabilizing the relationship between the world’s largest economies as political rancor in the United States intensifies ahead of the presidential election. During four days of meetings in Guangzhou and Beijing, Ms. Yellen plans to meet with representatives from American companies, Chinese students and professors and China’s top economic officials. The trip comes as the Biden administration tries to balance a tougher stance toward China, including restricting access to American technology and retaining tariffs on billions of Chinese exports, while keeping regular lines of communication open and avoiding an economic war. The Treasury Department announced the trip as President Biden and Xi Jinping, China’s leader, held a call on Tuesday on a variety of issues. A senior Treasury Department official who previewed Ms. Yellen’s trip said that it was taking place in the spirit of responsibly managing the economic relationship between the countries.

Persons: Janet L, Yellen, Biden, Xi, Mr, Yellen’s Organizations: Biden, Treasury Department Locations: China, United, Guangzhou, Beijing, United States

☆ Yellen to Warn China Against Flood of Cheap Green Energy Exports
▼ + stars: | 2024-03-27 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Biden administration is growing increasingly concerned that a glut of heavily subsidized green technology exports from China is distorting global markets and plans to confront Chinese officials about the problem during an upcoming round of economic talks in Beijing. The tension over industrial policy is flaring as the United States invests heavily in production of solar technology and electric vehicle batteries with funding from the Inflation Reduction Act of 2022, while China pumps money into its factory sector to help stimulate its sluggish economy. In a speech on Wednesday afternoon, Treasury Secretary Janet L. Yellen will lay out her plans to raise the issue of overcapacity with her Chinese counterparts. “China’s overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world,” Ms. Yellen will say. “Challenges for individual firms can lead to concentrated supply chains, negatively impacting global economic resilience.”

Persons: Biden, Xi, Janet L, Yellen, “, Ms Organizations: The New York Times Locations: China, Beijing, United States, Norcross , Ga

☆ Divisions Among Finance Ministers Flare Over Seizing Russian Assets
▼ + stars: | 2024-02-28 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Divisions among the world’s top economic officials over how to use Russia’s central bank assets to support Ukraine spilled into public view on Wednesday when Bruno LeMaire, France’s finance minister, said that seizing the frozen assets would be a violation of international law. The comments, made on the sidelines of the gathering of finance ministers of the Group of 20 nations in Brazil, came a day after Treasury Secretary Janet L. Yellen said that seizing the assets was a possibility and suggested that there was a legal justification for doing so. Officials from the Group 7 advanced economies have been debating for months over whether they could legally seize more than $300 billion in Russian central bank assets stashed in Western nations and use those funds to aid Ukraine. Those discussions have taken on greater urgency amid waning political support in the United States and Europe to continue to provide Ukraine with economic and military support. Ms. Yellen, who initially had reservations about the viability of freezing or seizing Russia’s assets, offered her most explicit public support to date on Tuesday for the idea of unlocking “the value” of Russia’s immobilized assets.

Persons: Bruno LeMaire, Janet L, Yellen Locations: Ukraine, Brazil, Russian, United States, Europe

☆ Yellen Urges Israel to Restore Economic Ties to West Bank
▼ + stars: | 2024-02-27 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen said on Tuesday that she had personally urged Prime Minister Benjamin Netanyahu of Israel to increase commercial engagement with the West Bank, contending that doing so was important for the economic welfare of both Israelis and Palestinians. Ms. Yellen’s plea was outlined in a letter that she sent to Mr. Netanyahu on Sunday. It represented her most explicit public expression of concern about the economic consequences of the war between Israel and Hamas. In the letter, Ms. Yellen said, she warned about the consequences of the erosion of basic services in the West Bank and called for Israel to reinstate work permits for Palestinians and reduce barriers to commerce within the West Bank. “These actions are vital for the economic well-being of Palestinians and Israelis alike,” Ms. Yellen said at a news conference in Brazil ahead of a gathering of finance ministers from the Group of 20 nations.

Persons: Janet L, Yellen, Benjamin Netanyahu, Israel, Yellen’s, Netanyahu, Ms Organizations: West Bank, Palestinian Authority, United Locations: Israel, Brazil, Gaza, Qatar, United State, Egypt

☆ Yellen Says Stable Financial System Is Key to U.S. Economic Strength
▼ + stars: | 2024-02-05 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen will tell lawmakers on Tuesday that the United States has had a “historic” economic recovery from the pandemic but that regulators must vigilantly safeguard the financial system from an array of looming risks to preserve the gains of the last three years. Ms. Yellen will deliver the comments in testimony to the House Financial Services Committee nearly a year after the Biden administration and federal regulators took aggressive steps to stabilize the nation’s banking system following the abrupt failures of Silicon Valley Bank and Signature Bank. While turmoil in the banking system has largely subsided, the Financial Stability Oversight Council, which is headed by Ms. Yellen, has been reviewing how it tracks and responds to risks to financial stability. Like other government bodies, the council did not anticipate or warn regulators about the problems that felled several regional banks. “Our continued economic strength depends on a solid and resilient U.S. financial system,” Ms. Yellen said in her prepared remarks.

Persons: Janet L, Yellen, Biden, Ms Organizations: Financial Services, Valley Bank, Signature Bank Locations: United States, “

☆ Yellen, Criticizing Trump, Says Biden’s Economy Has Delivered Gains
▼ + stars: | 2024-01-25 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The comments from Ms. Yellen came after new data released on Thursday bolstered that message: The United States economy grew at a healthy clip over the past year, surpassing 3 percent and defying expectations of a recession. Biden administration officials are trying to convince a skeptical public that, while they may feel pessimistic about the economy, its performance is delivering gains to average Americans. Officials are expected to spend the coming months highlighting the investments that Mr. Biden has directed toward infrastructure, domestic manufacturing and clean energy projects. In a speech at the Economic Club of Chicago, Ms. Yellen argued that the Biden administration had successfully navigated challenging headwinds caused by the pandemic and led a recovery that has outpaced those in the rest of the world. She also suggested that the Biden administration needed more time to tackle affordability issues, such as improving access to child care and housing.

Persons: Janet L, Yellen, Trump, Biden Organizations: Biden, White, Economic, of Chicago Locations: United States

☆ Yellen Says U.S. Wants ‘Healthy’ Economic Ties With China
▼ + stars: | 2023-11-10 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen said after two days of meetings with Vice Premier He Lifeng in San Francisco that they had concluded they should strive for a “healthy economic relationship” and try to work more constructively together. “We do not seek to decouple our economy from China’s,” Ms. Yellen said. “This would be damaging to both the U.S. and China and destabilizing for the world.”She and Mr. While economic strength in the United States has been a bright spot, China’s economy continues to sputter. Official statistics this week showed that prices in China are falling as households and businesses remain wary of spending even as state-controlled banks invest in the construction of more factories.

Persons: Janet L, Yellen, ”, Ms Organizations: U.S Locations: States, China, San Francisco, China’s, Ukraine, United States

☆ Treasury Secretary Yellen to Hold Economic Talks With Chinese Counterpart
▼ + stars: | 2023-11-06 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen will hold two days of high-level meetings with her Chinese counterpart, Vice Premier He Lifeng, this week, as the United States and China look to build upon an effort that started earlier this year to improve communication between the world’s two largest economies. The meetings will take place on Thursday and Friday in San Francisco ahead of the Asia-Pacific Economic Cooperation summit, which begins on Saturday. The meetings will help lay the groundwork for expected talks at the summit between President Biden and China’s top leader, Xi Jinping. The Treasury Department said that the United States hoped Ms. Yellen’s meetings would “further stabilize the bilateral economic relationship” and make progress on key economic issues. The revival of economic diplomacy between the two countries comes at a fraught moment for the global economy, which is grappling with sluggish output and wars in Ukraine and the Middle East.

Persons: Janet L, Biden, China’s, Xi, ” Organizations: Economic Cooperation, Treasury Department Locations: United States, China, San Francisco, Asia, United, Ukraine

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