Treasury Secretary Janet Yellen says former President Donald Trump’s economic policies toward China left America “more vulnerable and more isolated” in the global economy.
WASHINGTON (AP) — Treasury Secretary Janet Yellen says former President Donald Trump ‘s policies toward China left America “more vulnerable and more isolated” in the global economy, a rare jab by her at the front-runner for the Republican presidential nomination.
Yellen, in prepared remarks to be delivered at a U.S.-China Business Council event Thursday night, says the Trump administration “failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades.”
The Biden administration has, however, kept in place some major Trump-era policies that are punishing to China, including tariffs on select Chinese goods imported into the United States.
In addition, Biden signed an executive order over the summer designed to regulate and block high-tech U.S.-based investments going toward China, a move his Democratic administration said is based on protecting national security.
Eswar Prasad, a Cornell trade policy professor, said there are major differences between the way the two administrations have approached the U.S-China economic relationship.
“The Biden administration has maintained a tough but constructive approach toward China, prioritizing national security considerations but also seeking avenues of cooperation and progress in areas with mutual benefits,” Prasad said.
The original article contains 518 words, the summary contains 206 words. Saved 60%. I’m a bot and I’m open source!
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WASHINGTON (AP) — Treasury Secretary Janet Yellen says former President Donald Trump ‘s policies toward China left America “more vulnerable and more isolated” in the global economy, a rare jab by her at the front-runner for the Republican presidential nomination.
Yellen, in prepared remarks to be delivered at a U.S.-China Business Council event Thursday night, says the Trump administration “failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades.”
The Biden administration has, however, kept in place some major Trump-era policies that are punishing to China, including tariffs on select Chinese goods imported into the United States.
In addition, Biden signed an executive order over the summer designed to regulate and block high-tech U.S.-based investments going toward China, a move his Democratic administration said is based on protecting national security.
Eswar Prasad, a Cornell trade policy professor, said there are major differences between the way the two administrations have approached the U.S-China economic relationship.
“The Biden administration has maintained a tough but constructive approach toward China, prioritizing national security considerations but also seeking avenues of cooperation and progress in areas with mutual benefits,” Prasad said.
The original article contains 518 words, the summary contains 206 words. Saved 60%. I’m a bot and I’m open source!