Treasury Secretary Janet Yellen on China and the U.S. economy
WASHINGTON, D.C. (CBS, KYMA/KECY) - Secretary of the Treasury Janet Yellen spoke with Margaret Brennan on Face the Nation Sunday saying “it's still something being discussed in the administration” and the timing of an announcement “is not yet certain.”
The topic came up in her meetings with PRC officials.
"An objective of my trip was to explain that national security is something that we can't compromise about and we will protect, and we will do so even if it harms our own narrow economic interests. But that when we take such actions, which do have an effect on the Chinese economy, that we will make sure that they are transparent, narrowly targeted, and well explained. And this is a point that I tried to make, in my conversations with Chinese counterparts," Yellen detailed.
During the interview, Yellen spoke with Brennan about China restricting US access to key materials essential in semiconductor manufacturing this past week. When asked by Brennan if this is possible retaliation for the Biden admin’s export controls on things like advanced computer chips, which limits China’s access to next generation technology, Yellen said, "potentially."
Brennan also asked Yellen about the economy at home, where she said it's her "belief that there is a path to bring inflation down" without a recession, but says it is "not completely off the table."
