China trade envoy, US Treasury secretary meet by video

Business News
Janet Yellen

FILE – In this May 7, 2021 file photo, Treasury Secretary Janet Yellen speaks during a press briefing at the White House in Washington. Yellen says that the economic recovery is going to be “bumpy” with high inflation readings likely to last through the end of this year. But Yellen maintained Thursday, May 27, that the inflation pressures will be temporary and if they do threaten to become embedded in the economy, the government has the tools to address that threat. (AP Photo/Patrick Semansky)

BEIJING (AP) — China’s chief economic envoy and Treasury Secretary Janet Yellen held their first meeting by video Wednesday, but the two sides gave no indication when negotiations on ending their tariff war might resume.

Vice Premier Liu He and Yellen discussed the economic situation, bilateral cooperation and other “issues of mutual concern,” the Commerce Ministry said. Yellen’s department said she also discussed “frankly tackling issues of concern.” They gave no details.

President Joe Biden, who took office in January, has yet to say how he will handle the conflict launched by his predecessor, Donald Trump, who raised tariffs on imports from China over complaints about its industrial policy and trade surplus. Beijing retaliated by suspending purchases of U.S. soybeans and raising tariffs on other goods.

Liu talked by phone last week with Trade Representative Katherine Tai, the head of the U.S. delegation to the tariff talks. Tai’s office said she discussed her “ongoing review” of the trade relationship.

Negotiators haven’t met in person since before the coronavirus pandemic began in early 2020. Lower-level officials hold monthly meetings by phone on the status of carrying out the “Phase 1” agreement from early 2019 aimed at ending the conflict.

The two sides agreed in the “Phase 1” deal to suspend further tariff hikes on each other’s goods and to roll some back. China promised to buy more American soybeans and other exports. Beijing fell behind on meeting that commitment after the pandemic disrupted global trade.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Business News

More Business News

Political News

More Political News

Technology News

More Technology News

Science News

More Science News

Entertainment News

More Entertainment News

Odd News

More Odd News

The Markets

More The Markets

Associated Bank Market Outlooks and Thought Leaders

More The Opening Bell