Yellen: Open Trade, Investment with China Helps Us and Them

In an interview on leftwing mouthpiece NPR’s Morning Edition, Treasury Secretary Janet Yellen stated that “open trade and investment” with China is beneficial to both countries, but “we are concerned about overdependence on China.”

Yellen said, “I think decoupling would be disastrous. Trade and investment — open trade and investment, I think, is a win-win. Both sides gain. But there are areas where we have concerns. And, as I’ve made clear — and others in the administration have as well — we will certainly take actions, for example, to protect our national security. And we have put in place export controls, for example, on advanced semiconductors. We are concerned about overdependence on China.

“But the concern is broader if we have overdependence on any single country for critical goods that we need, whether it’s equipment related to dealing with health threats like the coronavirus,” she continued, “or it’s overdependence on goods like solar panels or rare earths or critical minerals that go into electric vehicle batteries. But I would refer to this as de-risking and not decoupling. We don’t seek to sever our trade and investment relations with China. That wouldn’t be desirable for us or for them.”

China is our enemy. It does not want mutually beneficial trade with us; it wants to crush us. But we have to pretend otherwise because the Biden administration is bought and owned by China.