Treasury Secretary Janet Yellen plans to travel to China in July for her first meeting with her new Chinese counterpart. This comes as the Biden administration prepares to issue an executive order that would restrict outbound investment in China in certain sensitive industries.
The executive order, which is still being finalized, will specifically target investments in semiconductors, artificial intelligence, and quantum computing. The goal is to safeguard US national security interests by preventing China from acquiring cutting-edge technology from American companies.
While the timing of the order is not yet confirmed, it is expected to be issued as soon as late July. The Biden administration has been working on this order for almost two years and has sought input from key allies.
Yellen’s upcoming trip to China holds significance as it will be her first since assuming office in January 2021. During Janet Yellen visit, Janet Yellen is expected to meet with Chinese Vice Premier Liu He. The discussions will cover various topics, including the economic relationship between the two countries and the ongoing trade war.
This trip takes place against a backdrop of heightened tensions between the United States and China. Over the past two years, the two nations have been engaged in a trade war, and they have also clashed on issues such as human rights and Taiwan.
It remains uncertain whether Yellen’s trip will alleviate tensions between the two countries. However, it indicates that the Biden administration remains committed to engaging with China, while simultaneously taking measures to protect US national security interests.
