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US, China discuss ‘severe’ economic challenges, supply chains


BEIJING: Top officers from the United States and China held a “candid” video name on Tuesday to discuss international economic challenges, particularly concerning supply chains.
The change between Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen got here as President Joe Biden considers lifting some tariffs on imports from China to attempt to ease hovering inflation.
The world’s two largest economies are additionally grappling with Covid-snarled supply chains and rising international power costs.
“The two sides agree that as the world economy is facing severe challenges, it is of great significance to strengthen macro-policy communication and coordination between China and the United States,” China’s official Xinhua information company reported.
“And jointly maintaining the stability of the global industrial and supply chains is in the interests of both countries and the whole world.”
The Xinhua report mentioned the video name happened on the request of the United States, and described the dialog as “constructive”.
Yellen and Liu “discussed macroeconomic and financial developments in the United States and China, the global economic outlook amid rising commodity prices and food security challenges”, the US Treasury Department mentioned in a readout.
“Secretary Yellen frankly raised issues of concern including the impact of the Russia’s war against Ukraine on the global economy and unfair, non-market (Chinese) economic practices.”
China has repeatedly refused to sentence the Russian invasion, and has been accused of offering diplomatic cowl for Moscow by blasting Western sanctions and arms gross sales to Ukraine.
With inflation within the United States at 40-year highs, authorities there are speeding to attempt to discover methods to ease worth pressures.
Among the choices is lifting a number of the commerce tariffs imposed on China by Biden’s predecessor Donald Trump.
Any resolution is prone to come quickly as a number of the Trump duties are set to run out from July 6 until renewed.
The penalties have been aimed toward punishing what the United States says are China’s unfair commerce practices.
In the decision with Yellen Tuesday, China “expressed its concern about issues including the lifting of additional tariffs on China and sanctions by the US side”, in accordance with Xinhua.
Contact is predicted within the coming weeks between Biden and Chinese President Xi Jinping.

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