Please ensure Javascript is enabled for purposes of website accessibility
Janet Yellen Says the Trump Administration's China Policies Left the US More Vulnerable
gvw_ap_news
By Associated Press
Published 4 months ago on
December 14, 2023

Share

WASHINGTON — 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.”

Her comments come as the U.S. rebuilds its relationship with the Asian superpower, including a November meeting between U.S. President Joe Biden and Chinese President Xi Jinping in San Francisco. The two nations agreed to curb the production of illicit fentanyl, a deadly component of drugs sold in the United States, and agreed to resume military-to-military communications.

Yellen, who rarely comments on the previous administration’s approach on trade, said Trump-era policies on China “left America more vulnerable and more isolated in a competitive global economy that demands that nations take exactly the opposite approach.”

“It damaged our global standing and meant significant missed economic opportunities for American firms and workers,” she says.

In her speech, previewed for the press ahead of the event, Yellen highlights the Biden administration’s strategy of strengthening relationships with like-minded nations through “friend shoring” with nations like South Korea, Vietnam, Japan, India and Indonesia.

“Over the past three years, the Biden administration has course-corrected,” she says. “We’re investing at home through President Biden’s Investing in America agenda,” citing new laws on infrastructure, climate and semiconductors, among others.

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 an interview with The Wall Street Journal in May, Yellen said the U.S. wouldn’t likely lower the tariffs.

“I can imagine some adjustments taking place to rationalize the tariff structure, but my sense is the general feeling in the administration is that it’s not appropriate to lower the tariffs,” she said.

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. And in 2022, the U.S. moved to block exports of advanced computer chips to China.

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 Trump administration took a more hostile and aggressive approach that was not tempered by a recognition of shared interests between the two countries.”

Goods and services traded between the two nations totaled a massive $758.4 billion in 2022, according to the U.S. Trade Representative. However, Chinese investment in the U.S. is decreasing, to $28.7 billion in 2022, down 7.2% from the prior year.

RELATED TOPICS:

DON'T MISS

Whitey Herzog, Hall of Fame Manager Who Led Cardinals to 1980s Success, Dies at 92

DON'T MISS

Coalinga-Huron Teachers Say They’ll Strike Unless a Fair Contract Is Offered

DON'T MISS

Coalition: CA Lawmakers Need to Roll Back Proposed ‘Utility Tax’

DON'T MISS

CA’s High Construction Costs Limit Housing. A Supreme Court Decision Might Help

DON'T MISS

Now’s the Time to Register for FUSD’s Free Preschool and T-K

DON'T MISS

‘Hopeville’ Literacy Documentary Showing Tonight at Roosevelt High

DON'T MISS

Michigan Faces Probation for Football Recruiting Violations; Case vs. Jim Harbaugh Pending

DON'T MISS

What Winnie the Pooh and Mickey Mouse Can Tell Us About the Public Domain and Remix Culture

DON'T MISS

Acquisition of Historic Fresno Real Estate Brand Creates Area’s Largest Brokerage

DON'T MISS

Wall Street’s Mixed Trading Day

UP NEXT

The Latest | World Leaders Urge Israel Not to Retaliate for the Iranian Drone and Missile Attack

UP NEXT

US Shoots Down Iran-Launched Attack Drones as Biden Team Pledges ‘Support’ for Israel

UP NEXT

A Mission of Mercy, Then a Fatal Strike: How an Aid Convoy in Gaza Became Israel’s Target

UP NEXT

Israeli Settlers Rampage Through a West Bank Village, Killing 1 Palestinian and Wounding 25

UP NEXT

US Intelligence Finding Shows China Surging Equipment Sales to Russia to Help War Effort in Ukraine

UP NEXT

More Aid Is Supposed to Be Entering the Gaza Strip. Why Isn’t It Helping?

UP NEXT

Wife of Julian Assange Says Biden’s Comments Mean Case Could Be Moving in the Right Direction

UP NEXT

Hamas Leader Says 3 Sons, 4 Grandchildren Killed in ‘Revenge’ Israeli Attack

UP NEXT

Blinken and Cameron Urge Congress to Approve Aid for Ukraine, Calling It Critical for World Security

UP NEXT

Austin Tells Congress Israel Is Taking Steps to Boost Aid to Gaza as Lawmakers Question US Support

CA’s High Construction Costs Limit Housing. A Supreme Court Decision Might Help

13 hours ago

Now’s the Time to Register for FUSD’s Free Preschool and T-K

Local Education /

13 hours ago

‘Hopeville’ Literacy Documentary Showing Tonight at Roosevelt High

Local Education /

13 hours ago

Michigan Faces Probation for Football Recruiting Violations; Case vs. Jim Harbaugh Pending

14 hours ago

What Winnie the Pooh and Mickey Mouse Can Tell Us About the Public Domain and Remix Culture

14 hours ago

Acquisition of Historic Fresno Real Estate Brand Creates Area’s Largest Brokerage

Breaking News /

14 hours ago

Wall Street’s Mixed Trading Day

14 hours ago

It’s ‘Signing Day’ for These Clovis Unified Youngsters

Local Education /

14 hours ago

Clovis Armed Robbery and Pursuit Result in 3 Arrests, 1 Suspect Still at Large

15 hours ago

Charges Against Trump and Jan. 6 Rioters at Stake as Supreme Court Hears Debate Over Obstruction Law

15 hours ago

Whitey Herzog, Hall of Fame Manager Who Led Cardinals to 1980s Success, Dies at 92

NEW YORK — Whitey Herzog, the gruff and ingenious Hall of Fame manager who guided the St. Louis Cardinals to three pennants and a World Seri...

8 hours ago

8 hours ago

Whitey Herzog, Hall of Fame Manager Who Led Cardinals to 1980s Success, Dies at 92

8 hours ago

Coalinga-Huron Teachers Say They’ll Strike Unless a Fair Contract Is Offered

11 hours ago

Coalition: CA Lawmakers Need to Roll Back Proposed ‘Utility Tax’

13 hours ago

CA’s High Construction Costs Limit Housing. A Supreme Court Decision Might Help

Local Education /
13 hours ago

Now’s the Time to Register for FUSD’s Free Preschool and T-K

Local Education /
13 hours ago

‘Hopeville’ Literacy Documentary Showing Tonight at Roosevelt High

14 hours ago

Michigan Faces Probation for Football Recruiting Violations; Case vs. Jim Harbaugh Pending

14 hours ago

What Winnie the Pooh and Mickey Mouse Can Tell Us About the Public Domain and Remix Culture

MENU

CONNECT WITH US

Search

Send this to a friend