Yellen was in China earlier this month to speak with top Chinese officials. Later, he spoke of “a step forward” for efforts to improve relations between the US and China. Yellen is in India this weekend for the G20 summit. There he again discussed relations with China.
Speaking to reporters in Gandhinagar, the minister said, “Looking for ways to mitigate over time will help. But fixing trade charges is not part of it for now. “I would say it’s premature to use this as a means of escalation, at least at this point.”
Yellen discussed tariffs during her visit to China, he said. But any move to lift the measures could trigger a political upheaval at home. The issue is still sensitive. Several Republican presidential candidates have indicated that, as far as they are concerned, Americans should increase pressure on China.
Tensions between the US and China are also having consequences for the Dutch business community. Chip machine manufacturer ASML has been particularly affected. Sources told Bloomberg News recently that restrictions on the Dutch company’s exports to China could become more stringent. The Americans have banned exports of their own chip technology to China, fearing that the chips could be used there for military purposes. Washington is pressing other countries to adopt similar measures.
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