Treasury Secretary Janet Yellen Visits Beijing in First High-Level Meeting Since Tensions Escalated Between U.S. and China

Treasury Secretary Janet Yellen arrived in Beijing on Thursday for a four-day visit, the first high-level meeting between the U.S. and China since tensions between the two countries began to escalate.

Yellen’s trip marks a deepening thaw in ties between the two countries and follows Secretary of State Antony Blinken’s visit to Beijing last month. Andrew Sheng, a distinguished fellow at the University of Hong Kong’s Asia Global Institute, told CNBC Thursday that the two sides are “basically talking, trying to find the strategic space for both sides to operate, and this will be very good for the rest of the world.”

Yellen’s visit is an opportunity for the U.S. and China to communicate and avoid miscommunication or misunderstanding, and to take action to protect national security when needed. The trip also presents an opportunity to collaborate on global challenges and to seek a healthy economic competition that benefits American workers and firms.

Yellen’s visit comes just days after China abruptly imposed export curbs on chipmaking metals, which could disrupt the global supply chain. The U.S. has responded with a World Trade Organization complaint against China, alleging that the export curbs are inconsistent with WTO rules.

Yellen’s visit is expected to focus on economic issues, including the global economic recovery, the U.S.-China trade relationship, and the Biden administration’s plans for economic stimulus. It is unclear if the two sides will be able to reach any agreements during the visit.