AIRLINK 184.92 Decreased By ▼ -0.27 (-0.15%)
BOP 9.61 Decreased By ▼ -0.32 (-3.22%)
CNERGY 7.26 Decreased By ▼ -0.03 (-0.41%)
FCCL 36.43 Decreased By ▼ -0.21 (-0.57%)
FFL 14.34 Decreased By ▼ -0.19 (-1.31%)
FLYNG 24.28 Decreased By ▼ -0.64 (-2.57%)
HUBC 126.41 Decreased By ▼ -0.42 (-0.33%)
HUMNL 12.80 Decreased By ▼ -0.27 (-2.07%)
KEL 4.29 Decreased By ▼ -0.03 (-0.69%)
KOSM 5.94 Decreased By ▼ -0.12 (-1.98%)
MLCF 42.27 Decreased By ▼ -0.62 (-1.45%)
OGDC 198.51 Increased By ▲ 3.07 (1.57%)
PACE 6.08 Decreased By ▼ -0.21 (-3.34%)
PAEL 37.75 Decreased By ▼ -0.21 (-0.55%)
PIAHCLA 17.09 Increased By ▲ 0.19 (1.12%)
PIBTL 7.74 Decreased By ▼ -0.05 (-0.64%)
POWER 9.22 Decreased By ▼ -0.17 (-1.81%)
PPL 168.09 Increased By ▲ 0.20 (0.12%)
PRL 32.75 Decreased By ▼ -1.27 (-3.73%)
PTC 22.42 Decreased By ▼ -0.09 (-0.4%)
SEARL 101.88 Decreased By ▼ -2.09 (-2.01%)
SILK 1.07 Decreased By ▼ -0.12 (-10.08%)
SSGC 35.53 Decreased By ▼ -0.42 (-1.17%)
SYM 17.92 Decreased By ▼ -0.18 (-0.99%)
TELE 8.17 Increased By ▲ 0.15 (1.87%)
TPLP 11.70 Increased By ▲ 0.07 (0.6%)
TRG 66.12 Decreased By ▼ -0.04 (-0.06%)
WAVESAPP 11.79 Decreased By ▼ -0.34 (-2.8%)
WTL 1.53 Increased By ▲ 0.01 (0.66%)
YOUW 3.79 Decreased By ▼ -0.02 (-0.52%)
BR100 11,609 Increased By 39.9 (0.34%)
BR30 34,116 Increased By 81.8 (0.24%)
KSE100 110,323 Increased By 21.8 (0.02%)
KSE30 34,411 Increased By 24.5 (0.07%)

WASHINGTON: Economic officials in outgoing President Joe Biden’s administration are set to meet their Chinese counterparts this week for talks, in a final effort to strengthen ties before Donald Trump’s White House return.

The talks come as Treasury Secretary Janet Yellen stressed in an interview Wednesday the need for “ongoing communications at all levels” to avoid needless worsening in relations between the world’s two biggest economies.

Economic and trade tensions between Washington and Beijing have continued to flare during Biden’s time in office.

But temperatures could rise further under Trump, who has threatened sweeping tariff increases on Chinese goods ahead of his presidency, most recently over concerns surrounding the flow of illegal fentanyl into the United States.

“It’s critical to have open channels of communication,” Yellen told Bloomberg Television, warning that Trump’s universal tariffs proposal would likely trigger retaliation.

For now, US officials are seeking to reinforce communication channels on economic issues.

China’s Xi warns ‘no winners’ in trade war with US

On Thursday, Treasury Under Secretary for International Affairs Jay Shambaugh is due to meet Chinese Vice Minister of Finance Liao Min for an economic working group meeting on the sidelines of Group of 20 talks in South Africa, said the Treasury Department.

“The United States and China are the two largest economies on the globe, and the American people expect that we should be able to communicate directly with Chinese officials on both areas where we agree and especially on areas where we don’t,” said Shambaugh.

Treasury officials are expected to raise issues of concern like recent Chinese export restrictions on certain key minerals, a department spokesperson said.

They will also discuss China’s macroeconomic imbalances and excess industrial capacity, which they believe recent policy stimulus efforts by Chinese lawmakers have not fully addressed.

Treasury officials and representatives from other agencies will travel to the eastern Chinese city of Nanjing as well, for a financial working group meeting taking place Sunday and Monday.

“This upcoming meeting will continue our work to strengthen efforts to preserve financial stability and counter illicit finance threats like fraud and drug and human trafficking,” said Treasury Assistant Secretary for International Finance Brent Neiman, who is leading the US team.

China’s delegation is expected to be headed by People’s Bank of China deputy governor Xuan Changneng.

Comments

200 characters