The Treasury secretary speaks of the distinction between decoupling and diversifying.
The Treasury Department announced an agreement reached between China and the United States to create regular working groups with bilateral efforts to reduce tensions between the two nations.
China’s Ministry of Finance and the People’s Bank of China leadership and Treasury Secretary Janet Yellen and the Vice Premier of China will lead the groups which will meet at a “regular cadence” aimed at “frank and substantive discussions on economic and financial policy matters.”
Secretary Yellen traveled to China in July to urge the two countries to find a path that would not lead to conflict. She also does not favor “decoupling” the U.S. economy from China. At the time, the secretary said, “There is an important distinction between decoupling, on the one hand, and on the other hand, diversifying critical supply chains or taking targeted national security actions.”
The Treasury Department press release did not indicate when the first talks would be held.
As the Lord Leads, Pray with Us…
- For discernment for Secretary Yellen as she seeks regular economic discussions with China.
- For Treasury Department officials as they evaluate the viability and benefits of economic relations with other nations.
Sources: The Hill, Wall Street Journal
