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great interview with janet yellen. thank you. let's get reaction from what we heard from janet yellen. we have a senior fellow at the atlanta council economic center. good morning. great to have you here on a day like this following that inte interview. >> good morning. thank you for inviting me. >> was something that stuck out about the interview or what we heard from janet yellen? groundless and unacceptable on both sides of the overcapacity issue? >> that is talking about the ability of the chinese system and our availability. yellen was correct in raising the issue of overcapacity particularly in green tech sectors. from the chinese point of view, that is the strategy to develop the new growth engine and serving the economy and the organization of the economy. >> so a lot of talk about the chinese economy. you heard sara say yellen was trying to get officials to focus on consumption. for the second straight year, gdp growth target of 4% was set. in your mind, is some of the push back focused on the gdp tar target or is it pol
great interview with janet yellen. thank you. let's get reaction from what we heard from janet yellen. we have a senior fellow at the atlanta council economic center. good morning. great to have you here on a day like this following that inte interview. >> good morning. thank you for inviting me. >> was something that stuck out about the interview or what we heard from janet yellen? groundless and unacceptable on both sides of the overcapacity issue? >> that is talking about...
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well, the way that janet yellen would _ this. well, the way that janet yellen would probably - this. well, the way that janet| yellen would probably explain this. well, the way that janet i yellen would probably explain it this. well, the way that janet - yellen would probably explain it is that they are trying to make this production and this technology over to the united states and the overarching goal here is to build up the us semiconductor industry and to try to reclaim some us dominance here so yes, it is idiosyncratic, it is a foreign company but what they would say is that this money, this up would say is that this money, this up to 65 billion total investment in the united states goes towards training american workers, bringing new facilities to arizona and will serve to attract suppliers to the state. . ~ ., ., ,., state. talk to me about the importance _ state. talk to me about the importance of _ state. talk to me about the importance of chip-making| state. talk to me about the - importance of chip-making overall impo
well, the way that janet yellen would _ this. well, the way that janet yellen would probably - this. well, the way that janet| yellen would probably explain this. well, the way that janet i yellen would probably explain it this. well, the way that janet - yellen would probably explain it is that they are trying to make this production and this technology over to the united states and the overarching goal here is to build up the us semiconductor industry and to try to reclaim some us dominance...
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Apr 8, 2024
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janet yellen was actually _ remain entrenched. janet yellen was actually in _ remain entrenched. janet yellen was actually in china _ remain entrenched. janet yellen was actually in china a _ remain entrenched. janet yellen was actually in china a year- was actually in china a year ago or last year, have things changed since then though? i think both countries have an interest at this point in trying to improve the mood music, if you will tox at least signal to the rest of the world that they're stabilising the relationship, that the relationship, that the relationship is being managed well. and i think you see that coming through clearly in the messaging. i have seen secretary yellen on a couple of different occasions saying, well, look, work remains to be done but we have really put the relationship on a more — on a more stable footing. i think she's acknowledging that she's not expecting any real breakthroughs in this — in this round of meetings. but she does want to emphasise to the outside world that the relationship is being stabilised. i think that's important for both
janet yellen was actually _ remain entrenched. janet yellen was actually in _ remain entrenched. janet yellen was actually in china _ remain entrenched. janet yellen was actually in china a _ remain entrenched. janet yellen was actually in china a year- was actually in china a year ago or last year, have things changed since then though? i think both countries have an interest at this point in trying to improve the mood music, if you will tox at least signal to the rest of the world that...
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janet yellen was in china a year _ entrenched. janet yellen was in china a year ago, _ entrenched. janet yellen was in china a year ago, have - entrenched. janet yellen was in china a year ago, have things . china a year ago, have things changed?— china a year ago, have things chanced? 1, _, , ., china a year ago, have things chanced? 1, , ., ., changed? both countries have an interest at this _ changed? both countries have an interest at this point _ changed? both countries have an interest at this point in _ interest at this point in trying to improve the mood music, if you will, to at least signal to the rest of the world that they are stabilising the relationship and the relationship and the relationship is being managed well. and i think you see that coming through clearly in the messaging. i thought secretary yellen on a couple of occasions saying work remains to be done but we have really put the relationship on a more stable footing. i think she is acknowledging that she does not expect any real breakthroughs in this round of meetings but she does want to emphasise to the
janet yellen was in china a year _ entrenched. janet yellen was in china a year ago, _ entrenched. janet yellen was in china a year ago, have - entrenched. janet yellen was in china a year ago, have things . china a year ago, have things changed?— china a year ago, have things chanced? 1, _, , ., china a year ago, have things chanced? 1, , ., ., changed? both countries have an interest at this _ changed? both countries have an interest at this point _ changed? both countries have an interest...
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Apr 9, 2024
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it will go abroad, according to janet yellen. so she made that warning about flooding the market with cheaper subsidized goods under xi jinping's industrial mandate. but again, what is beijing going to do when consumer confidence and consumer spending and the domestic economy is sputtering? again, there will be a lot of debate on this going forward as it is an election year here in the u.s. and donald trump threatening further tariffs on chinese goods if he were to come back to the white house. you asked about the chinese response. in a commentary friday, they blasted yellen's xenophobic narrative of china's excess capacity. they said it smacks of creating a pretext of rolling out more protectionist policies to shield u.s. companies. he also heard from the vice finance minister who pushed back saying the current production capacity is far from meeting market demand. he was talking about green tech energy products like batteries and ev's, which i believe peter elstrom is here to talk about after me. paul: he is and we will get to
it will go abroad, according to janet yellen. so she made that warning about flooding the market with cheaper subsidized goods under xi jinping's industrial mandate. but again, what is beijing going to do when consumer confidence and consumer spending and the domestic economy is sputtering? again, there will be a lot of debate on this going forward as it is an election year here in the u.s. and donald trump threatening further tariffs on chinese goods if he were to come back to the white house....
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Apr 7, 2024
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they seem to like janet yellen. she is viewed as a scholar to them and seems to be warmly received everywhere she goes, even in the private meetings. official said there were no points where arguments got heated. we sometimes see that and we had commentary from the state agency that had a more caustically worded tone. that's a side channel, but directly with janet yellen they used kid gloves and continued the ceremonial parts of the visit. janet yellen was given a special tour of the forbidden city in beijing, which is very rare, especial thing given to some vips that are visiting. so they're trying to keep the tone very positive despite the u.s. criticism. paul: you talk away janet yellen has been received in china. she has spent a lot of time building ties, but could this be her last visit? chris: it would be surprising if she came back again as treasury secretary. this term for the biden administration will end in january and she is unlikely to carry on as secretary, but that does not mean talks will stop. she wi
they seem to like janet yellen. she is viewed as a scholar to them and seems to be warmly received everywhere she goes, even in the private meetings. official said there were no points where arguments got heated. we sometimes see that and we had commentary from the state agency that had a more caustically worded tone. that's a side channel, but directly with janet yellen they used kid gloves and continued the ceremonial parts of the visit. janet yellen was given a special tour of the forbidden...
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not everyone agrees with janet yellen. bloomberg opinion columnist david thinks her viewpoint is a protectionist disaster that could muddy done that zero omissions. yellen's complaints go against 200 years of economics, what is the problem? >> this is one of the most well attested arguments, doctrine of competitive advantage. janet yellen did an interview with the wall street journal where she said standard textbook economics would say if a country is selling you cheap goods you should buy them and send your thank you notes. i do not agree with that anymore is a paraphrase of what she said. this is a well attested lesson, a standard thing. look at tesla 10 years ago when they announced their first gigafactory and said they would produce in one year more batteries than the world produce the year before or go back and look at henry ford building the first modern factories and ford plants in detroit. this is a standard pattern in capitalism. if you think you have a competitive decision, you build capacity and that is what we
not everyone agrees with janet yellen. bloomberg opinion columnist david thinks her viewpoint is a protectionist disaster that could muddy done that zero omissions. yellen's complaints go against 200 years of economics, what is the problem? >> this is one of the most well attested arguments, doctrine of competitive advantage. janet yellen did an interview with the wall street journal where she said standard textbook economics would say if a country is selling you cheap goods you should...
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but the premier, mr li, seemed optimistic about dr yellen�*s visit. translation: i've read online reports about your visit - and from the moment you touched down in guangzhou, chinese citizens have been enthusiastic and continuously commenting. in fact, this reflects the expectations for the outcome of your visit. china remains angry at us sanctions on its access to advanced semiconductors. it says they are designed to suppress its technological development. it's also concerned at us moves to force bytedance to divest the popular tiktok app. for its part, the us is concerned about tensions over taiwan and in the south china sea. china claims taiwan as an inherent part of its own territory, and ownership of some disputed islands in the south china sea. we're witnessing something of a rapprochement, but everything could change later this year if president trump is returned to the white house. mark williams, chief asia economist, capital economics. iamjust i am just looking at some of the quotes from that press conference. janet yellen says they will not
but the premier, mr li, seemed optimistic about dr yellen�*s visit. translation: i've read online reports about your visit - and from the moment you touched down in guangzhou, chinese citizens have been enthusiastic and continuously commenting. in fact, this reflects the expectations for the outcome of your visit. china remains angry at us sanctions on its access to advanced semiconductors. it says they are designed to suppress its technological development. it's also concerned at us moves to...
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yellen: well, there is supply and there's also demand. we have had conversations with our chinese counterparts about the demand-side of the equation and the fact that china's rate is among the highest in the world, and even at this advanced stage of development. the flipside of a very high saving rate is that consumer spending, as a share of gdp, is quite low in china relative to a country at this level of income. so one possible approach would be to boost demand and to see a larger share of gdp, to boost their income, and/or, for example, bolster retirement security, the ability to afford education for one's children, and so forth, which are motives for verified saving. and that rebalancing. and this is a matter that we have discussed over more than a decade in china, and i, too, have talked to many officials and members of the academic community who think that that needs to be part of the solution, if consumer spending has a higher percent of gdp, to have such large investment going forward to supply. >> that concludes today's press con
yellen: well, there is supply and there's also demand. we have had conversations with our chinese counterparts about the demand-side of the equation and the fact that china's rate is among the highest in the world, and even at this advanced stage of development. the flipside of a very high saving rate is that consumer spending, as a share of gdp, is quite low in china relative to a country at this level of income. so one possible approach would be to boost demand and to see a larger share of...
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Apr 5, 2024
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treasury secretary janet yellen. she is trying to strengthen ties between the two countries, it is a crucial moment. this is one of the last few opportunities to strengthen those ties before the u.s. election, which is becoming a battle to who can be tougher on china, but janet yellen chiding the chinese government for which he called the unfair treatment of american and other foreign companies, also called in on beijing to return to the premarket reforms of the past saying chinese capacity is more than the global economy can bear. overcapacity for china becoming problematic now. we will keep across the rest of her four day visit to the country. europe has swapped russian lng for supply from the u.s. we will bring you a deep dive in europe's natural gas outlook and what it means for the energy transition. this is bloomberg. ♪ lizzy: time for our weekly deep dive into the green energy transition, europe is made it through winter with record gas storage levels and reduce reliance on russian gas committed instead to u
treasury secretary janet yellen. she is trying to strengthen ties between the two countries, it is a crucial moment. this is one of the last few opportunities to strengthen those ties before the u.s. election, which is becoming a battle to who can be tougher on china, but janet yellen chiding the chinese government for which he called the unfair treatment of american and other foreign companies, also called in on beijing to return to the premarket reforms of the past saying chinese capacity is...
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what have we heard from yellen? we know this is a charm offensive. she wants to boost relations and also curb exports from china. >> haslinda, this is her second visit in the last nine months to china. janet yellen has a reputational being not so hawkish on china in the biden administration compared to other members of the u.s. administration. if there is anybody who can deliver a message to the chinese and get some sort of good response, it should be janet yellen. she has been there since friday. we just saw a meeting with premier li qiang. that was at the great hall of the people yesterday. that was actually not on the original schedule. still today, she's meeting with the pboc governor. she's also going to be meeting with the former vice premier, who was also the former economic czar, still very influential. a key part of her message has been the threat china poses to other economies. as the chinese economy has slowed because of the real estate crisis and the chinese government has responded by boosting investment in manufacturing. janet yellen's
what have we heard from yellen? we know this is a charm offensive. she wants to boost relations and also curb exports from china. >> haslinda, this is her second visit in the last nine months to china. janet yellen has a reputational being not so hawkish on china in the biden administration compared to other members of the u.s. administration. if there is anybody who can deliver a message to the chinese and get some sort of good response, it should be janet yellen. she has been there...
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paul: bloomberg's chris with janet yellen in china. chinese developers says china construction is winding up a petition in hong kong. petition involves a financial obligation of more than 200 dollars. loretta chen joins us from hong kong. we are learning more about the company saying it will oppose it, so where do we had from here? loretta: good morning. they used to be a major developer in china, their facing trouble including a petition from china construction bank. we are seeing these petitions piling up in the past year for developers. the most high-profile case we've seen is china evergrande which was liquidated. creditors are emboldened by the move of the hong kong court to liquidate and the risk of these companies getting a liquidation order is higher than ever. so what they were noting was that developers that have the most assets, sure mall has a lot of projects. hong kong and overseas. that makes it an easy target for creditors because they can -- the banks secure lending so they claim assets. on the other hand, two weeks ago
paul: bloomberg's chris with janet yellen in china. chinese developers says china construction is winding up a petition in hong kong. petition involves a financial obligation of more than 200 dollars. loretta chen joins us from hong kong. we are learning more about the company saying it will oppose it, so where do we had from here? loretta: good morning. they used to be a major developer in china, their facing trouble including a petition from china construction bank. we are seeing these...
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yellen: well, there is supply and there's also demand. we have had conversations with our chinese counterparts about the demand-side of the equation and the fact that china's rate is among the highest in the world, and even at this advanced stage of development. the flipside of a very high saving rate is that consumer spending, as a share of gdp, is quite is quite low and other countries so one possible approach to demand and a larger share of gdp bolster their income to for example, bolster retirement 30, thest ability to the board education for children and so forth which are motives and call it rebalancing and it's a matter we have discussed over more than a decade in china and i have many officials and members of the academic community who thinks it is to be part of the solution. requires shared it would have large investments going in the supply. ... refusing to comply with immigration laws and breach of public trust. present for temporary patty murray presides over the trial and the senate will be sworn in as jurors. senate minority
yellen: well, there is supply and there's also demand. we have had conversations with our chinese counterparts about the demand-side of the equation and the fact that china's rate is among the highest in the world, and even at this advanced stage of development. the flipside of a very high saving rate is that consumer spending, as a share of gdp, is quite is quite low and other countries so one possible approach to demand and a larger share of gdp bolster their income to for example, bolster...
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secretary yellen is very respected in china. she's also going to turn 78 this year and if president biden turns 78 she will not be the secretary of the treasury. we will lose the people of her age that will lose u.s.-china cooperation and we'll get younger people who see xi jinping as aggressive so perhaps this is the right thing to do for the next six months and it will not work in 2025 because we will not have another secretary yellen to make these visits and try to calm everyone down. >> is that what you mean, you don't see anyone else coming up in the pipeline who could be as popular? >> yes. you have a situation where secretary yellen has had a long and respected career and she's very friendly to china. that is a rare thing now. younger people tend to remember more of xi jinping and less of the days of -- of stronger u.s.-china cooperation. so even if president biden wins she's not going to be treasury secretary in 2025 and certainly if president trump wins she isn't. so we're going to get someone who is rr different from s
secretary yellen is very respected in china. she's also going to turn 78 this year and if president biden turns 78 she will not be the secretary of the treasury. we will lose the people of her age that will lose u.s.-china cooperation and we'll get younger people who see xi jinping as aggressive so perhaps this is the right thing to do for the next six months and it will not work in 2025 because we will not have another secretary yellen to make these visits and try to calm everyone down....
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your reaction to janet yellen in china once again this week. >> when janet yellen says that our relationship with beijing is more stable, what she's really saying is she's agreed to more dialogue, for instance on overcapacity. but as we talk, the chinese delay. as they delay, we do not get to meeting full solutions and they -- meaningful solutions and they continue to the flood our markets with goods that are overly subsidized by the chinese government. this is a disas disaster for u. her words sound nice. we've been talking to china for more than three decades about these issues. as we talk, china's actions he deteriorate. this is just not good for us. she should start talking about imposing costs on china and doing is now and then -- and then, maria, we might get somewhere. maria: yeah. and talking china for three dak decades, he they've been stealing intellectual property from american businesses and robbing, replicating and replacing our businesses and that you apparently didn't come up in her conversation. it's laughable that the chinese side is trying to say that it's america that's tr
your reaction to janet yellen in china once again this week. >> when janet yellen says that our relationship with beijing is more stable, what she's really saying is she's agreed to more dialogue, for instance on overcapacity. but as we talk, the chinese delay. as they delay, we do not get to meeting full solutions and they -- meaningful solutions and they continue to the flood our markets with goods that are overly subsidized by the chinese government. this is a disas disaster for u. her...
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Apr 7, 2024
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despite the more optimistic tone, ms yellen also issued a warning during earlier talks, saying there would be consequences for chinese businesses if they support russia's war in ukraine. trade between beijing and moscow more than doubled last year compared to 2020. ms yellen's main aim on herfour day visit is to persuade beijing to rein in excessive production, on goods such as electric cars. china says talk of over—capacity is a pretext for american protectionism. for more on the trip, i spoke to michael sobolik, senior fellow in indo—pacific studies at the american foreign policy council and author of the book countering china's great game. what do you make, first of all, of this warning from janet yellen to china over its businesses supporting russia's war effort? beijing is going to laugh it off, like they've laughed off so many other warnings from the biden administration in the past. the reality is that the united states is in a cold war with china, and america is losing. and one of the biggest reasons the united states is losing is because so many american politicians seem
despite the more optimistic tone, ms yellen also issued a warning during earlier talks, saying there would be consequences for chinese businesses if they support russia's war in ukraine. trade between beijing and moscow more than doubled last year compared to 2020. ms yellen's main aim on herfour day visit is to persuade beijing to rein in excessive production, on goods such as electric cars. china says talk of over—capacity is a pretext for american protectionism. for more on the trip, i...
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. >> we will hear from yellen at 11:00 a.m. cet. >>> and sergio ermotti is looking to create more competitive banks. he said the integration of credit suisse is the case study for the continent. >> we h cannot rely on the cris. there has to be a political desire. >>> tesla shares moving higher in pre-market trade by nearly 4% as elon musk says the robo taxi will be revealed in august shrugging off the report that the ev maker is scrapping the low-cost car plans. >>> europe's largest upgrade tui is looking to move. we will speak to the ceo at 10:45 cet. >>> okay. let's take a look at the european markets for you at the start of the trading week. it is a little bit less positive than it was a half hour ago. you have the ftse 100 dipping into negative territory. the other ones are still holding positive. we have the cac 40 and dax and ftse mib with green on the screen there. this is after the negative day on friday for the european markets. indeed, over the course of the week, the european stoxx 600 broke its ten-week winning stre
. >> we will hear from yellen at 11:00 a.m. cet. >>> and sergio ermotti is looking to create more competitive banks. he said the integration of credit suisse is the case study for the continent. >> we h cannot rely on the cris. there has to be a political desire. >>> tesla shares moving higher in pre-market trade by nearly 4% as elon musk says the robo taxi will be revealed in august shrugging off the report that the ev maker is scrapping the low-cost car plans....
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i don't want to take anything from secretary yellen. she's had two really good trips and they've been pushing what we know is the san francisco agreement to keep high-level -- open but in many ways this is low hanging fruit. china knows this is an easier conversation for them to have with secretary yellen but how does the entire relationship help? we have not had a senior-level secretary of defense to his counterpart level dialogue on the middle side. we have real problems right now in the south china sea with the philippines and china literally tash the philippines is a treaty ally so we have to take a step back and say, there has been some progress over the last year. last year was a low bar to measure but we still need to see, progress in other parts of the relationship. it's something i'm keeping a close watch on. >> would you quickly address the question i asked sarah? how much legitimacy there is to the chinese rejoinder that, by gosh, you guys subsidize your businesses too and sarah pointed out that it's a question of scale and m
i don't want to take anything from secretary yellen. she's had two really good trips and they've been pushing what we know is the san francisco agreement to keep high-level -- open but in many ways this is low hanging fruit. china knows this is an easier conversation for them to have with secretary yellen but how does the entire relationship help? we have not had a senior-level secretary of defense to his counterpart level dialogue on the middle side. we have real problems right now in the...
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Apr 3, 2024
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janet yellen are startinr washington. janet yellen are starting a — washington. janet yellen are starting a six-day _ washington. janet yellen are starting a six-day trip - washington. janet yellen are starting a six-day trip and i washington. janet yellen are starting a six-day trip and is| starting a six—day trip and is expected to press china on overcapacity and green technologies and what the us calls unfair trade practices. how tough do you think the talks will be? i how tough do you think the talks will be?— talks will be? i think there will be a — talks will be? i think there will be a number- talks will be? i think there will be a number of i talks will be? i think there will be a number of areas | talks will be? i think there i will be a number of areas where it will be pretty tricky for both sides. janet yellen has a ready made clear she wants to talk about the overproduction, particularly in ev and solar panels. china will disagree and they will want to strongly disagree because this is a country whose economy is in a bit of economy. yes, they sa
janet yellen are startinr washington. janet yellen are starting a — washington. janet yellen are starting a six-day _ washington. janet yellen are starting a six-day trip - washington. janet yellen are starting a six-day trip and i washington. janet yellen are starting a six-day trip and is| starting a six—day trip and is expected to press china on overcapacity and green technologies and what the us calls unfair trade practices. how tough do you think the talks will be? i how tough do you...
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Apr 7, 2024
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so to secretary yellen's credit, she's trying to get ahead of the curve, but she's going about it all wrong. you don't reason with the chinese communist party and play diplomacy with them, you outcompete them and out—leverage them. here in washington and, i should say, all across the us and among young people, there is a lot of focus on tiktok, the social media app. there is a bill right now that would force its parent company, bytedance, to sell the company or tiktok would be banned nationwide. what do you think the chances are of that bill passing here in the us? so i'm talking with congressional staff and members of congress daily on the subject of this bill, and the sense that i have from capitol hill is that the momentum has slowed since the bill left the house and went to the senate, but there is still quiet progress being made. majority leader chuck schumer mentioned the tiktok bill in a letter he sent to all the senators about the upcoming agenda for the senate in the next session, so i think there's a lot of road ahead. we don't know for sure yet, but i'll put it this way:
so to secretary yellen's credit, she's trying to get ahead of the curve, but she's going about it all wrong. you don't reason with the chinese communist party and play diplomacy with them, you outcompete them and out—leverage them. here in washington and, i should say, all across the us and among young people, there is a lot of focus on tiktok, the social media app. there is a bill right now that would force its parent company, bytedance, to sell the company or tiktok would be banned...
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we think you for that update on yellen's visit. let's get to the middle east now where israel is pulling some troops out of southern gaza as hamas passes the six month mark. chris coons says the move is likely a tactical decision case hezbollah or iran attack. we can bring in roslyn matheson for analysis. what is behind this move and does it affect potential fights there? quick they have been fighting in gaza for the better part of six months. there is probably some truth in that. there is also the reality they like to reinforce their trips in the north of israel. that is where he has blessed hands attack from lebanon. all of this in the aftermath of their airstrike on the every need to plan a compound in syria. there have been repeated warnings from iran in some sort of allegation. there is a possibility of step activity. they are also pulling that back out because they want to be able to move palestinians in that area. none of this suggests a desire to go in to have that offensive in rafah. this is not a withdrawal, this is purel
we think you for that update on yellen's visit. let's get to the middle east now where israel is pulling some troops out of southern gaza as hamas passes the six month mark. chris coons says the move is likely a tactical decision case hezbollah or iran attack. we can bring in roslyn matheson for analysis. what is behind this move and does it affect potential fights there? quick they have been fighting in gaza for the better part of six months. there is probably some truth in that. there is also...
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yellen wants to talk about the green energy front. why is this a concern? i think we will see this concern in the coming years because china's got extraordinary electric vehicle production capacity and lithium battery production capacity and us and i think europe is in the same position, does not want to see their economies dominated or at risk of a significant spike in imports from china. so there is a concern about is china going to ramp up its production and is it going to go global in a very aggressive way, the way it might have done 30 years ago with the steel industry, steve? are you optimistic that this trip will set the relationship heading in a better direction? i do think there's a little bit of good news here. i don't think it's a positive relationship but it's a baby step ahead. relationship but it's a baby step ahead-— relationship but it's a baby ste ahead. . ., , ., ., step ahead. that was a former us trade negotiator _ step ahead. that was a former us trade negotiator for - step ahead. that was a former us trade negotiator for china i us t
yellen wants to talk about the green energy front. why is this a concern? i think we will see this concern in the coming years because china's got extraordinary electric vehicle production capacity and lithium battery production capacity and us and i think europe is in the same position, does not want to see their economies dominated or at risk of a significant spike in imports from china. so there is a concern about is china going to ramp up its production and is it going to go global in a...
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stephen: there were a couple of prickly issues janet yellen brought up. and that quote about russia's letteri capacity and the potential aiding of that from beijing. there are no allegations but just a warning. the treasury department telegraphed both for janet yellen went for this visit to beijing and that was the concern that subsidies from the government in two priority industries essentially new energy vehicles, high-capacity batteries and solar equipment will eventually flood the world with cheaper products as china works off its excess capacity and excess inventories at a time when the chinese domestic economy is sputtering and not soaking up that mistake manned. xi jinping highlighted at the national people's congress putting emphasis in new productive forces including new industries that will not slow down and there will not be an abatement in investment because that is a strategic priority from the top border from the government in china. it is a catch-22 for the united states. they will raise these issues no doubt but again, what can china do at
stephen: there were a couple of prickly issues janet yellen brought up. and that quote about russia's letteri capacity and the potential aiding of that from beijing. there are no allegations but just a warning. the treasury department telegraphed both for janet yellen went for this visit to beijing and that was the concern that subsidies from the government in two priority industries essentially new energy vehicles, high-capacity batteries and solar equipment will eventually flood the world...
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he says yellen�*s visit is more about form than it is content. the message for her will be to encourage the us government to continue to communicate with the chinese officials. you know for a couple of years there was bad communication, so good communication with chinese officials, and to make sure that the us government understands that having us business in china, active in china, competing in china, is good for the companies and is good for the companies and is good for the united states. the treasury secretary is also wanting to push back on china about overproduction whilst also advocating for favourable conditions for us businesses in china. do you think she's going to be able to achieve that? ho. to be able to achieve that? no, in a word- _ to be able to achieve that? no, in a word. not _ to be able to achieve that? no, in a word. not today, _ to be able to achieve that? iifr, in a word. not today, but i think we need to keep that message coming. you know, if you drop a talking point the chinese will feel, 0k, well, it is sold. so market a
he says yellen�*s visit is more about form than it is content. the message for her will be to encourage the us government to continue to communicate with the chinese officials. you know for a couple of years there was bad communication, so good communication with chinese officials, and to make sure that the us government understands that having us business in china, active in china, competing in china, is good for the companies and is good for the companies and is good for the united states....
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yellen hitting on a key number of topics. megan cassella has more on the story. >> dom, yell een wrapped up the first full day of meetings. she exmphasized the concerns an she called overcapacity a familiar issue wihich intensifid and is it impacting new areas and she is concerned about green technology like ev batteries. she heard from several foreign leaders who share the same view. >> i like to underscore that our concern with overcapacity is not anti-china policy. it is significant for us to mitigate the risks from the inevitable global economic dislocation that will result if china doesn't adjust its policies. >> yellen told business leaders she recognizes sometimes the co actions by doing business in the cou country. beyond overcapacity and remarks with the vice premier, yellen said it was crucial for the u.s. and china to communicate on areas of concern. a list that includes national security economic measures. dom, the next stop is beijing for two days of meetings with the vice premier. she will be driving home her tr
yellen hitting on a key number of topics. megan cassella has more on the story. >> dom, yell een wrapped up the first full day of meetings. she exmphasized the concerns an she called overcapacity a familiar issue wihich intensifid and is it impacting new areas and she is concerned about green technology like ev batteries. she heard from several foreign leaders who share the same view. >> i like to underscore that our concern with overcapacity is not anti-china policy. it is...
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yellen this morning making her way to china. and we will bring you the very latest from the ground from our correspondent. are exclusive interview with the president of global satellite mutations company viasat. we discussed their business strategy for the aipac region and their recent acquisition. but first, are exclusive with the argentinian president as he strikes a more pragmatic tone on china after previously calling the country an assassin. that is next. keep it here with us. this is bloomberg. ♪ do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. ♪ haslinda: welcome back. argentinian president javier milei is striking a more pragmatic tone when it comes to china. just six months ago, he had threatened to curb ties, calling the asian nation an assassin. javier milei spoke exclusively with bloomberg's editor-
yellen this morning making her way to china. and we will bring you the very latest from the ground from our correspondent. are exclusive interview with the president of global satellite mutations company viasat. we discussed their business strategy for the aipac region and their recent acquisition. but first, are exclusive with the argentinian president as he strikes a more pragmatic tone on china after previously calling the country an assassin. that is next. keep it here with us. this is...
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jon: jennet yellen -- janet yellen landing in china. the five-day trip marking her second trip in nine months. the trade and investment relationship remains under strain, particularly on tech-related issues. the intense geopolitical rivalry and domestic politics limit the room for active cooperation. michael, what is at the top of the agenda for janet yellen on this trip? michael: for the u.s. side it is the issue of excess capacity or really china's aggressive focus on promoting advanced manufacturing. particularly if some of the same sectors that the biden administration is focused on like a liquor vehicles and solar energy. that is the top of the u.s. agenda. it is also a macro issue for global growth and one reason why it is janet yellen delivering the message and not necessarily u.s. trade officials. that is the top of the priority list for the u.s. annmarie: when i was -- lisa: when i was listening, i kept thinking, how big is the distinction between decoupling and enforcing a level playing field? michael: for treasury secretary y
jon: jennet yellen -- janet yellen landing in china. the five-day trip marking her second trip in nine months. the trade and investment relationship remains under strain, particularly on tech-related issues. the intense geopolitical rivalry and domestic politics limit the room for active cooperation. michael, what is at the top of the agenda for janet yellen on this trip? michael: for the u.s. side it is the issue of excess capacity or really china's aggressive focus on promoting advanced...
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we have been hearing a lot from janet yellen on this trip about topics such as electric vehicles and solar panels. why do you think she has made those topics such a priority?— topics such a priority? well, i think it's, _ topics such a priority? well, i think it's, first _ topics such a priority? well, i think it's, first off, _ think it's, first off, important to note that even though china is investing a lot of money on green energy, they are also the world's greatest greenhouse gas emitter. so let's keep that in perspective. but i think secretary yellen is focusing on those issues with a lot of intensity because china has invested a lot of resources for its own companies to be the dominant players in the 21st century for solar power and for electric vehicles. and once those technologies get to a critical mass, they are going to change a lot of our daily lives, and china wants its companies to be the ones controlling not only the vehicles and the solar panels that people and companies are buying, but they want to control the whole supply chain. and if america has learned anything
we have been hearing a lot from janet yellen on this trip about topics such as electric vehicles and solar panels. why do you think she has made those topics such a priority?— topics such a priority? well, i think it's, _ topics such a priority? well, i think it's, first _ topics such a priority? well, i think it's, first off, _ think it's, first off, important to note that even though china is investing a lot of money on green energy, they are also the world's greatest greenhouse gas...
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dr yellen�*s seeking to navigate these issues and smooth a few feathers in beijing. here's our business reporter david waddell. soon after arriving, secretary yellen addressed business leaders in guangzhou and promised to address the oversupply of chinese goods in key industries such as electric vehicles and solar panels. on sunday she met the chinese premier li qiang and struck an emolient tone. we have put our bilateral relationship on a more stable footing. this is not meant ignoring our differences or avoiding tough conversations. it has meant understanding that we can only make progress if we directly and openly communicate with one another. china's xinhua news agency has accused the united states of fabricating a china threat and criticised washington for erecting trade barriers but the premier mr li seemed optimistic about dr yellen�*s visit. translation: i have read online reports about your visit _ and from the moment you touched down in guangzhou, chinese citizens have been enthusiastic and continually commenting. in fact, this reflects their expectations
dr yellen�*s seeking to navigate these issues and smooth a few feathers in beijing. here's our business reporter david waddell. soon after arriving, secretary yellen addressed business leaders in guangzhou and promised to address the oversupply of chinese goods in key industries such as electric vehicles and solar panels. on sunday she met the chinese premier li qiang and struck an emolient tone. we have put our bilateral relationship on a more stable footing. this is not meant ignoring our...
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. >> treasury secretary yellen is not ruling out the possibility of new tariffs on china. >> janet yellen wraps up her visit. >> it's beneficial and desirable and it needs to be on the level playing field. and in the number of ways we feel it's not. >> jamie dimon's warnings for investors. higher rates, and the profound implications of a.i. >>> we begin with news vonding a major supplier to nvidia. the white house announcing $6.6 billion for the company's arizona plants. under the commitment, tsmc is committed to adding a third complex. jim, we're talking some 20,000 construction jobs, there's money in here for workforce training. >> this is a big one, it's the ones that we really need. i don't know, we'll have to talk about how much they really feed. we don't have enough engineers to build these. david, you know that this is the most tenuous, we'll talk with sara about it, the most tenuous situation we have, which is we could lose access to this if china moves on taiwan. >> we could. >> that's a big threat. >> certainly important component of our concern if that were to occur. >> and sup
. >> treasury secretary yellen is not ruling out the possibility of new tariffs on china. >> janet yellen wraps up her visit. >> it's beneficial and desirable and it needs to be on the level playing field. and in the number of ways we feel it's not. >> jamie dimon's warnings for investors. higher rates, and the profound implications of a.i. >>> we begin with news vonding a major supplier to nvidia. the white house announcing $6.6 billion for the company's...
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us treasury secretary janet yellen has wrapped up four days of meetings in china with a warning that the us will not accept new industries being decimated by chinese imports. during a press conference, yellen said us presidentjoe biden would not allow a repeat of the china shock of the early 20005, when a flood of chinese imports destroyed around 2 million american manufacturing jobs. when the global market is flooded by artificially cheap chinese products, the viability of american and otherforeign firms is put into question. and we've seen this story before. over a decade ago, massive prc government support led to below—cost chinese steel that flooded the global market and decimated industries across the world and in the united states. i've made clear that president biden and i will not accept that reality again. let's turn now to the ongoing territorial dispute in the south china sea. that issue is on the agenda for leaders from the philippines, japan and the us this week. they're meeting in washington on thursday to discuss security and defence issues. deborah elms from the hin
us treasury secretary janet yellen has wrapped up four days of meetings in china with a warning that the us will not accept new industries being decimated by chinese imports. during a press conference, yellen said us presidentjoe biden would not allow a repeat of the china shock of the early 20005, when a flood of chinese imports destroyed around 2 million american manufacturing jobs. when the global market is flooded by artificially cheap chinese products, the viability of american and...
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stern words from janet yellen? kailey: this is her second trip to china in nine months and in some ways a reiteration of the message that she has brought to china. she wants to see a level playing field for u.s. businesses operating there. she spoke about this with the american chamber of commerce in china talking about what she described as coercive actions or unfair economic practices, including imposing barriers to access for chinese companies citing a survey that found one third of american companies in china said that they are reporting unfair treatment compared to local competitors. china says that they want to encourage businesses in china. we heard from the vice premier ahead of his meeting with janet yellen saying that china wants to create a favorable environment for businesses and will deliver benefits to both countries and peoples. that is the wider objective of janet yellen strip, trying to normalize relationships between these different levels of government and their counterparts, including treasury s
stern words from janet yellen? kailey: this is her second trip to china in nine months and in some ways a reiteration of the message that she has brought to china. she wants to see a level playing field for u.s. businesses operating there. she spoke about this with the american chamber of commerce in china talking about what she described as coercive actions or unfair economic practices, including imposing barriers to access for chinese companies citing a survey that found one third of american...
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paul: let's get to janet yellen's press conference. she was saying the global economy might be adversely impacted by these factory exports from china. what was beijing's response to that? stephen: this is a push by xi jinping with the slowing and sputtering chinese economy. the emphasis on new industrial forces and three, ev's, batteries and solar panels. the concern that janet yellen raised in her trip to beijing was about overcapacity and investment if you want to call it subsidies into these industries and excess capacity has to go somewhere if the domestic economy is not aching up, it goes abroad in the form of cheaper exports for global trade, that is the argument. let me back up. first of all, beijing has been playing nice and listening to complaints across the table from janet yellen and has not according to u.s. officials blasted her across the table as a rebuttal, but we heard from the news agency in a commentary friday, they blasted her narrative of chinese excess capacity and the vice finance minister pushed back saying the
paul: let's get to janet yellen's press conference. she was saying the global economy might be adversely impacted by these factory exports from china. what was beijing's response to that? stephen: this is a push by xi jinping with the slowing and sputtering chinese economy. the emphasis on new industrial forces and three, ev's, batteries and solar panels. the concern that janet yellen raised in her trip to beijing was about overcapacity and investment if you want to call it subsidies into these...
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yellen seems keen to keep communicaitons going. what will be her main priorities for this visit? i think the trade issues and climate issues will be the two points she'll try to make. but i think the broader point is just as you described it, that we cannot have a relationship that is entirely characterised by ill will and criticism. there has to be some positive channel going. google, the search engine used by more than a billion people around the world, is reported to be considering charging for premium content generated by artificial intelligence. according to the financial times, the company, is revamping its business model and looking at putting some of its core product behind a paywall. it would be the first time google had charged for any of its content. google said it did not have anything to announce right now. and staying with artificial intelligence, billie eilish, pearljam and nicki minaj are among more than 200 artists who've signed an open letter to tech companies and ai developers calling for an end to predatory use of artificial intelligence in the industry. 0ur n
yellen seems keen to keep communicaitons going. what will be her main priorities for this visit? i think the trade issues and climate issues will be the two points she'll try to make. but i think the broader point is just as you described it, that we cannot have a relationship that is entirely characterised by ill will and criticism. there has to be some positive channel going. google, the search engine used by more than a billion people around the world, is reported to be considering charging...
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the old miss yellen, the kind of miss yellen that china would like in the past was also there. there was an exchange of gifts between miss yellen and chinese officials. it was one hand delivering a hawkish message and on the old hand, being the old miss yellen. annmarie: many are equating that to what we see in the ev space and she says the president and i will not accept this. they have gone out of their way to showcase that tariffs are set to come. do we have any timeline on when we would see these tariffs? enda: i don't think we have an explicit timeline but you are absolutely right. miss yellen was certainly delivering a message to china that they are not happy with their economic growth strategy and all indications are the u.s. will respond. and that she will respond from beijing, even though there was a cordial tone around the meetings. they had back and said miss yellen has delivered a preemptive warning that more tariffs or some kind of export controls are coming down the lines. china is bracing for it. china also seems to be playing nice during this visit. typically, e
the old miss yellen, the kind of miss yellen that china would like in the past was also there. there was an exchange of gifts between miss yellen and chinese officials. it was one hand delivering a hawkish message and on the old hand, being the old miss yellen. annmarie: many are equating that to what we see in the ev space and she says the president and i will not accept this. they have gone out of their way to showcase that tariffs are set to come. do we have any timeline on when we would see...
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yellen's talking about mutual cooperation. back home joe biden is suddenly raising concerns about unfair tax policies. so what's the the real message in is the real message the message janet yellen is giving china? and then what biden is saying is just for, like, domestic campaign consumption? what's going on? >> it's more related to domestic campaign consumption. i think biden's -- what we hear here in washington, rachel, is biden's campaign people are afraid that he looks really weak on the china issue. not just-upper biden, but also -- hunter biden, but also when janet yellen dose over there. you know, it's going to be a 4 or 5-day trip. they're she's going to visit chinese factories, and heir going to tell her why she can't make concessions on trade and they can't get talks started either. that's what the campaign people are afraid of. but apparently president biden himself gave janet yellen specific instructions that she's to do this trip and emphasize the word stability, say we've restore thed stability, use this phrase
yellen's talking about mutual cooperation. back home joe biden is suddenly raising concerns about unfair tax policies. so what's the the real message in is the real message the message janet yellen is giving china? and then what biden is saying is just for, like, domestic campaign consumption? what's going on? >> it's more related to domestic campaign consumption. i think biden's -- what we hear here in washington, rachel, is biden's campaign people are afraid that he looks really weak on...
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her nickname here is yellen nainai. that means yellen grandma. she is really trying to keep the economics here separate over the confrontational national security concerns. >> sara, i'm curious on the ground. she did not want to step into the political realm, but what is your sense of the political realm with the politic during the election year. what do you think? >> increasingly anti-american sentiment. no question about it. that is the sense from talking to folks here. we pick it up on social media. we monitored it throughout her visit here. even on the editorials and the state media and calling the criticism of overcapacity xenophobic. it was more on the politics over the u.s. and china. you know, they did in the conversations bring up the chinese issues and concerns with tiktok and legislation going through congress, andrew. the concern is that on the chinese part that the u.s. is using national security as a way to target chinese business and chinese companies from succeeding in places like the u.s. that is the view here. the u.s. is going
her nickname here is yellen nainai. that means yellen grandma. she is really trying to keep the economics here separate over the confrontational national security concerns. >> sara, i'm curious on the ground. she did not want to step into the political realm, but what is your sense of the political realm with the politic during the election year. what do you think? >> increasingly anti-american sentiment. no question about it. that is the sense from talking to folks here. we pick it...
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yellen will have four meetings across two cities. her goal is to meet with former and current leaders. the biggest piece of the eagend is meeting with her counterpart li on the economy. she will press for changes. we heard about this last week. trade is at the p toptop of the. she will address unfair trade practices and overcapacity issues. other areas of concern are likely to come up is the invasion of ukraine by russia and any violation of the sanctions against russia. they will look for progress in areas with room for cooperation between the two countries. that includes climate and drug trafficking and finance. yellen wants to increase the communication with the u.s. and chinese regulators. dom, this comes after president biden spoke with president xi earlier this week. the goal here is to continue the administration work of stabilizing the relationship and derisk and not decouple. dom. >> megan, the administration is talking more with china than they once were. how much has that relationship actually improved over the course of t
yellen will have four meetings across two cities. her goal is to meet with former and current leaders. the biggest piece of the eagend is meeting with her counterpart li on the economy. she will press for changes. we heard about this last week. trade is at the p toptop of the. she will address unfair trade practices and overcapacity issues. other areas of concern are likely to come up is the invasion of ukraine by russia and any violation of the sanctions against russia. they will look for...
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yellen spoke about it in georgia last week. it was a statement that preceded the trip. she spoke about it to reporters during the trip. senior treasury officials speaking with reporters. it is clearly the number one issue that the treasury wishes to address with senior chinese officials when she is here in guangzhou and beijing. it is absolutely her top priority. paul: what is a successful visit going to look like? christopher: that will be very difficult to judge, to be honest. they have made it clear they don't expect any deliverables. you will not see any memorandum of understanding. i think the goal is for incremental progress in convincing the chinese government from the treasury side that the overcapacity that they view as fueled by excessive state subsidies is not good for global markets. they are going to get blowback not only from the u.s. but several other countries. and they are getting blowback from other countries already. but it also won't be positive for the chinese economy that is by its own standards struggling at the moment. i don't think we are going
yellen spoke about it in georgia last week. it was a statement that preceded the trip. she spoke about it to reporters during the trip. senior treasury officials speaking with reporters. it is clearly the number one issue that the treasury wishes to address with senior chinese officials when she is here in guangzhou and beijing. it is absolutely her top priority. paul: what is a successful visit going to look like? christopher: that will be very difficult to judge, to be honest. they have made...
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caller: it is interesting from secretary janet yellen. the comment that she made, i think china is poised to try to take over our universe. it is a reflection we should all ponder. it is very important that we unify. divided, we will fall. host: what attitude should we take toward china generally? caller: china has been aggressive in all kinds of ways. now this so-called capitalist society needs to make sure all americans are included in this capitalist society. that is one of the issues. i will include everybody. host: that was terri in illinois. the hill reporting this morning, marjorie taylor greene keeping a fresh -- he being a fresh set of criticism on speaker johnson, laying out a list of grievances against the louisiana republican and explain her decision to follow a motion to oust him. marjorie taylor greene is threatening to force a vote to remove johnson and late into the speaker for a litany of reasons, arguing that he is not properly serving the gop conference. "i will not tolerate mike johnson serving the democrats and helpin
caller: it is interesting from secretary janet yellen. the comment that she made, i think china is poised to try to take over our universe. it is a reflection we should all ponder. it is very important that we unify. divided, we will fall. host: what attitude should we take toward china generally? caller: china has been aggressive in all kinds of ways. now this so-called capitalist society needs to make sure all americans are included in this capitalist society. that is one of the issues. i...
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Apr 3, 2024
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now we look forward to janet yellen coming in a few days. overall both sides have a cordial discussion. lizzy: how does this set the stage for janet yellen's visit in the coming days, and then antony blinken in the coming weeks? james: i think both sides, janet yellen had an interview with the world street -- the wall street journal where she gave a speech laying out things she would speak to with the chinese, specifically on questions of capacity which the u.s. is talking more and more about, whether she will go into the details is remained to be seen that the u.s. government is concerned about what they see as a flight of exports going overseas. there were discussions on a number of other issues, fentanyl is a big one. we will see if janet yellen speaks to that but when the working group on fentanyl met earlier this year, there were people from the treasury and the bank of china who were part of that to talk about how to stop currency flows into the drug trade. there are a lot of different things they have to work on. we are hitting the im
now we look forward to janet yellen coming in a few days. overall both sides have a cordial discussion. lizzy: how does this set the stage for janet yellen's visit in the coming days, and then antony blinken in the coming weeks? james: i think both sides, janet yellen had an interview with the world street -- the wall street journal where she gave a speech laying out things she would speak to with the chinese, specifically on questions of capacity which the u.s. is talking more and more about,...
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compare and contrast this visit of secretary blinken with that of secretary yellen a few weeks ago. >> well, i think there are a lot of similarities. secretary yellen was asking for some adjustments in chinese industrial policy, talking about overcapacity in certain industries, leading to large exports, which potentially could be adverse for the united states blinken is also conveying a message that's asking china to change its policy, just like secretary yellen in this case, restricting a broader range of exports to russia china has not violated any official sanctions, but the u.s. is raising the ante, saying even normal trade has to be more restrictive, because it might indirectly contribute to russia's war-making capability as you already noted, china has not sold any military equipment, direct military equipment to russia but now we're asking them to tighten out even more. >> how big a danger is the relationship -- how much danger is embedded in the u.s./china relationship specifically, there's a lot of talk about pressure the south china sea, pressure against taiwan how dangerous
compare and contrast this visit of secretary blinken with that of secretary yellen a few weeks ago. >> well, i think there are a lot of similarities. secretary yellen was asking for some adjustments in chinese industrial policy, talking about overcapacity in certain industries, leading to large exports, which potentially could be adverse for the united states blinken is also conveying a message that's asking china to change its policy, just like secretary yellen in this case, restricting...
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Apr 5, 2024
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i think that yellen will be forceful with that. i can't wait to see what she says to sara, because she's right in their face. i mean, and then, you know, typically, i'm speaking with -- i speak with george kurtz from crowdstrike, i mean, china is just going nuts with cyber terror. these guys are just outlaws right now, and she's going to the kingdom, and basically calling them outlaws, and i don't think -- i think it's much more disruptive than people think. >> we look forward to sara's sitdown, but in the meantime, take a listen to what the treasury secretary has said so far. >> we've seen the prc pursue unfair economic practices, including imposing barriers to access for foreign firms and taking coercive actions against american companies. i strongly believe this doesn't only hurt these american firms. ending these unfair practices would benefit china by improving the business climate here. >> whmeanwhile, the eu opening probe of two chinese solar panel makers, so the u.s. is not doing this alone. >> it's the old days. they're ba
i think that yellen will be forceful with that. i can't wait to see what she says to sara, because she's right in their face. i mean, and then, you know, typically, i'm speaking with -- i speak with george kurtz from crowdstrike, i mean, china is just going nuts with cyber terror. these guys are just outlaws right now, and she's going to the kingdom, and basically calling them outlaws, and i don't think -- i think it's much more disruptive than people think. >> we look forward to sara's...
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Apr 8, 2024
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dr yellen�*s seeking to navigate these issues and smooth a few feathers in beijing. here's our business reporter david waddell. soon after arriving, secretary yellen addressed us business leaders in guangzhou and promised to address the oversupply of chinese goods in key industries such as electric vehicles and solar panels. on sunday, she met the chinese premier, li qiang, and struck an emollient tone. we've put our bilateral relationship on a more stable footing. this has not meant ignoring our differences or avoiding tough conversations. it has meant understanding that we can only make progress
dr yellen�*s seeking to navigate these issues and smooth a few feathers in beijing. here's our business reporter david waddell. soon after arriving, secretary yellen addressed us business leaders in guangzhou and promised to address the oversupply of chinese goods in key industries such as electric vehicles and solar panels. on sunday, she met the chinese premier, li qiang, and struck an emollient tone. we've put our bilateral relationship on a more stable footing. this has not meant ignoring...