WASHINGTON: The United States could see a significant response from China following any US tariff actions, US Treasury Secretary Janet Yellen said on Monday (May 13) ahead of expected new tariffs targeting certain sectors this week.
“President Biden believes that anything we do should be targeted to our concerns and not broad-based and hopefully we will not see a significant Chinese response. But that’s always a possibility,” Yellen told Bloomberg Television in an interview.
Yellen’s comments were given ahead of an event on broadband. They come as US President Joe Biden is expected to announce new tariffs on Tuesday.
The tariffs will also target semiconductors, solar equipment and medical supplies, sources told Reuters last week.
Asked if the United States wants a trade war with China, Yellen said: “We’re working to stabilise our economic relationship. We do not wish to disengage from China economically, but we do think that the playing field should be fair, and China engages in unfair practices like massive subsidies.”
The potential for a Chinese tariff response highlights the need for diplomatic finesse and strategic engagement. Yellen’s acknowledgment of this possibility underscores the importance of nuanced dialogue and negotiation in resolving trade disputes. As global leaders navigate this precarious terrain, they must consider the high stakes involved.
Moreover, the implications are far-reaching for businesses, consumers, and economies worldwide.
read more
image source
