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The US is prepared to combat “abusive” practices by China

(Bloomberg) – Janet Yellen said the United States is prepared to fight China’s “abusive” trade and economic practices, a sign that President-elect Joe Biden’s Administration intends to continue some of China’s hard-line policies. Donald Trump to the Asian country. “China is undermining American companies by selling low-cost products, putting up trade barriers and giving illegal subsidies to companies,” said Yellen, Biden’s nominee for Secretary of the Treasury, during her confirmation hearing. before the Senate Finance Committee. The country “has been stealing intellectual property and engaging in practices that give it an unfair technological advantage, including forced technology transfer,” said the former president of the Federal Reserve. “And these practices, which include China’s low labor and environmental standards, are practices that we are prepared to use the full range of tools available to combat.” It is estimated that the relationship between the world’s two largest economies will remain strained under the Biden Administration, as both Republicans and Democrats in Congress are willing to target China for intellectual property theft and unfair business practices. Yellen said the US will seek to work “with our allies rather than unilaterally” to address these issues. “China is clearly our most important strategic competitor,” Yellen said. The U.S. should also try to strengthen its own economy by investing in infrastructure and research and development, as Biden will soon propose, he said.In the past four years, Trump and his administration have slapped tariffs on more than $ 350 billion in Chinese imports, with the aim of penalizing the nation for the theft of intellectual property, accusations that China has refuted. Trump also relied heavily on the Treasury Department’s sanctions regime to punish Chinese officials involved in the crackdown on pro-democracy protesters in Hong Kong. Yellen’s department will also inherit a pending decision on the possible division of Chinese tech companies. The most prominent battle occurred last year when the Trump Administration ordered TikTok’s Chinese parent ByteDance Ltd. to sell the assets of the social network in the US for national security reasons.Original Note: Yellen Says US Prepared to Take On China’s ‘Abusive’ PracticesFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2021 Bloomberg LP

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