US threatens China with “serious consequences” for supporting Russia
8 January 12:00
U.S. Treasury Secretary Janet Yellen, during a virtual meeting with Chinese Vice Premier He Lifeng, warned the Chinese side of significant consequences for companies that provide material support to Russia in its war against Ukraine. This is stated in a statement by the US Treasury Department, according to "Komersant Ukrainian".
“She emphasized the significant consequences that companies, including Chinese companies, will face if they materially support Russia’s war against Ukraine,”
– the statement said.
During the conversation, the American official also raised a number of other important issues. In particular, she expressed concern about China’s non-market policies and industrial overproduction, which harm American workers and companies. According to Yellen, these problems, if not addressed, will continue to negatively affect bilateral economic relations between the United States and China.
Separately, the US Treasury Secretary expressed serious concern about malicious cyber activities by Chinese state actors and their impact on bilateral relations.
The two sides also discussed macroeconomic processes in both countries and analyzed the work of the Economic and Financial Working Groups established last year.
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US-China trade wars
According to Voice of America, the US government imposed a series of new sanctions against Chinese entities at the end of 2023. In particular, two Chinese citizens and their company in the UAE were subject to restrictions on suspicion of money laundering and providing cryptocurrency services to North Korea.
The US has also significantly expanded the sanctions list by adding 140 Chinese companies to it. Among them are microchip manufacturers and investment firms involved in the modernization of the Chinese armed forces. This decision of the US Department of Commerce is aimed at limiting China’s ability to produce advanced chips that can be used in the production of modern weapons and military systems with artificial intelligence.
The future US President Donald Trump seems to be taking an even tougher stance against China. In particular, he has repeatedly voiced his intention to impose extremely high duties on Chinese products, probably more than 60%.
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