U.S. Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo are poised for higher profile roles
The stakes and rivalries between the U.S. and China were on full display in Washington today. American leaders welcomed regional Beijing rival India, the world’s most populous nation, through a warm reception for its Prime Minister Narendra Modi. Investment agreements by U.S. firms including Micron were noted amid a push by American firms to reduce supply chain ties to China.
The meetings between the U.S. and leaders of the two Asia powers are the latest twists in months of volatility in ties amid geopolitical rivalry. Military tension has soared since a Taiwan visit by then U.S. House of Representatives Speaker Nancy Pelosi last August; that was followed by hopes for improvement after a meeting between Biden and Xi in Bali in November, leading to expectations of a visit to China by Blinken.
China, unhappy with U.S. sanctions against companies perceived as a threat to American national security, has since raided American research or due diligence companies in the mainland such as Bain and Mintz, and recently passed a national security law considered vague by experts, making it even harder for U.S. companies to proceed through the political thicket."The U.S. and Chinese leadership are taking steps to put a floor under the relationship,” Stein said.
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