{"id":32659,"date":"2023-07-07T11:11:17","date_gmt":"2023-07-07T15:11:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/yellen-criticizes-china-over-punitive-actions-against-u-s-companies\/"},"modified":"2023-07-07T11:11:19","modified_gmt":"2023-07-07T15:11:19","slug":"yellen-criticizes-china-over-punitive-actions-against-u-s-companies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32659","title":{"rendered":"Yellen Criticizes China Over &#8216;Punitive Actions&#8217; Against U.S. Companies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000687033\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Treasury Secretary Janet Yellen went to battle for U.S. businesses Friday while also walking a diplomatic tightrope as she began her visit to Beijing.<\/p>\n<p>Yellen raised concerns about China\u2019s \u201cpunitive actions\u201d against U.S. companies and Beijing\u2019s new export controls on minerals key to the production of semiconductors.<\/p>\n<div class=\"paywall\">\n<p>But she also emphasized the need for communication between the two countries and \u201chealthy economic competition that is not winner-take-all\u201d in separate written remarks prepared for her meeting with Chinese Premier Li Qiang.<\/p>\n<p>U.S. chip makers, such as<br \/>\n        Nvidia<br \/>\n       (Ticker: NVDA) and<br \/>\n        Advanced Micro Devices<br \/>\n       (AMD), have been caught in the crosshairs of the deteriorating relations between the world\u2019s two largest economies.<br \/>\n        Micron Technology<br \/>\n       (MU) also has been impacted, after the Chinese government told operators of key infrastructure to stop buying products from the company.<\/p>\n<p>Yellen said she would be taking the concerns of the U.S. business community directly to her Chinese counterparts, on a trip designed to \u201cdeepen our communications with China.\u201d<\/p>\n<p>\u201cI\u2019ve been particularly troubled by punitive actions that have been taken against U.S. firms in recent months,\u201d she said at a roundtable discussion with American business leaders operating in China.<\/p>\n<p>The tit-for-tat dispute between the world\u2019s two largest economies has escalated this week in the buildup to Yellen\u2019s visit. China announced Monday new export controls on metals targeting gallium and germanium, minerals that are key to the production of semiconductors.<\/p>\n<p>Yellen said she was \u201cconcerned\u201d by metals export controls. \u201cWe are still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains,\u201d according to prepared remarks.<\/p>\n<p>President Xi Jinping made comments earlier this week, shortly after China\u2019s export controls were announced, calling on countries to avoid decoupling and the closing off of supply chains.<\/p>\n<p>Yellen has a difficult job in the coming days, balancing the desire to stand up for U.S. business interests with the need to improve relations with China, rather than damaging them further. Both sides are saying the right things, but their actions are only intensifying the tech cold war.<\/p>\n<p>Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/yellen-china-chip-stocks-f3a22666?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen went to battle for U.S. businesses Friday while also walking a diplomatic tightrope as she began her visit to Beijing. Yellen raised concerns about China\u2019s \u201cpunitive actions\u201d against U.S. companies and Beijing\u2019s new export controls on minerals key to the production of semiconductors. But she also emphasized the need for communication [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-32659","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yellen Criticizes China Over &#039;Punitive Actions&#039; Against U.S. Companies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Treasury Secretary Janet Yellen went to battle for U.S. businesses Friday while also walking a diplomatic tightrope as she began her visit to Beijing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=32659\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yellen Criticizes China Over &#039;Punitive Actions&#039; 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