Janet Yellen calls into question China's 'unfair' economic practices
The Treasury Department said the conversation between the U.S. and China was 'candid and substantive'
U.S. Treasury Secretary Janet Yellen raised concerns to China about the communist country's "unfair, non-market" economic practices in a call with a Chinese official.
Yellen's comments were made Monday during a call with Chinese Vice Premier Liu He, according to the U.S. Treasury Department. The two discussed U.S. economic sanctions and tariffs amid media reports suggesting the Biden administration may soon roll back some trade levies implemented by former President Donald Trump, Bloomberg News reported.
Treasury Secretary Janet Yellen speaks during a virtual roundtable with participants from Black Chambers of Commerce across the country to discuss the American Rescue Plan, Friday, Feb. 5, 2021, from the South Court Auditorium on the White House comp (AP Photo/Jacquelyn Martin / AP Newsroom)
"Secretary of the Treasury Janet L. Yellen today held a virtual meeting with Vice Premier of the People's Republic of China (PRC) Liu He as part of the Administration's ongoing efforts to maintain open lines of communication," the Treasury Department said in a statement.
The Treasury Department noted that the conversation between the two officials was "candid and substantive."
BIDEN UNVEILS PLAN TO COUNTER CHINA DESPITE PAVING WAY FOR MORE CHINESE SOLAR IMPORTS
Recent reports indicate that President Joe Biden might look to scale back some U.S. tariffs on hundreds of billions of dollars worth of Chinese products as soon as this week.
There are increased expectations that the administration could lighten some taxes in an effort to help reduce the price of goods as Americans grapple with soaring inflation levels.
Yellen said last month before the House Ways and Means Committee that the U.S. was looking to reconfigure tariffs on some Chinese merchandise.
YELLEN SAYS WHITE HOUSE LOOKING TO ‘RECONFIGURE’ CHINA TARIFFS AS INFLATION SOARS
U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. (Justin Tallis/Pool via REUTERS / Reuters Photos)
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"I think some reductions may be warranted and could help to bring down the prices of things that people buy that are burdensome," Yellen said at the time. "I want to make clear, I honestly don’t think tariff policy is a panacea with respect to inflation."
Reuters contributed to this report.