16 July 2023 at 10:55
The United States is not prepared to abolish trade tariffs on Chinese products. “The tariffs were introduced because we were concerned about unfair trade practices on the part of China. Those concerns are still there,” said Finance Minister Janet Yellen.
Yellen was in China earlier this month to talk to top Chinese officials. Afterwards, she spoke of “a step forward” for efforts to improve relations between the US and China. Yellen is in India this weekend for a meeting of the G20, a group of economically important countries. There she again discussed the relationship with China.
“It would be helpful to look for ways to de-escalate over time,” the minister said. But adjusting trade tariffs is not part of that for the time being. “I would say it’s premature to use this as a means of de-escalation, at least at this point.”
During her visit to China, Yellen did discuss the tariffs, she said. But any move to lift the measures would likely spark political upheaval at home. The issue is still sensitive. Several Republican presidential candidates have indicated that, as far as they are concerned, the Americans should increase pressure on China.
Tension US-China also felt in the Netherlands
The ongoing tensions between the US and China also have consequences for the Dutch business community. Chip machine manufacturer ASML is particularly affected by this. The restrictions on the Dutch company for export to China may become even stricter, sources recently reported to the Bloomberg news agency.
The Americans have also previously restricted the export of their own chip technology to China for fear that the chips will be used for military purposes there. Washington is putting pressure on other countries to come up with similar measures.