US Treasury Secretary Janet Yellen said it would be a big mistake for the US to sever trade relations with China, even if there are human rights issues with China.
At a White House Finance Committee hearing on Tuesday, Yellen stated that it is also in the interests of Americans for continued trade between the two countries.
We obviously have concerns that need to be addressed, but stopping trade would be a huge mistake. disastrous.”
Yelin believes that in the case of many commodities, Chinese production is cheaper and therefore more affordable for people, and therefore, in turn, China also has access to US products and exports, thus benefiting both sides.
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However, not all lawmakers are of the same opinion.
Ann Wagner, chair of the Capital Markets Commission, explained that it is not only not recommended, but it would be necessary to cut off financial and trade relations with China as much as possible, because the country violates human rights to an indescribable extent.
On the other hand, Yellen drew attention to the fact that there are already sanctions in place that prevent Americans from contacting Chinese companies involved in the abuse.
He also emphasized that separating would be a very bad decision, but it could be worth reducing the risks.
Yellen urged lawmakers to increase lending to developing countries to counter China’s growing influence in the Third World.
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He said that under the Biden presidency, the government is participating in several initiatives, in cooperation with the International Monetary Fund, the International Monetary Fund, the Inter-American Development Bank and the African Development Fund, specifically for this purpose.
“We can strengthen our position in these regions through our investments, which is what we need now in the global geopolitical competition. We have to confront lending of Chinese origin, which is not transparent or sustainable.”
source: news.bitcoin.com
Featured image: Davdup
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