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US Treasury Secretary Janet Yellen said she saw no need to impose sanctions on China over its trade relationship with Russia at this stage.
However, she said the United States would be prepared to do so if China “acted aggressively” against Taiwan, according to PBS.
Testimony before the House Committee
Yellen testified before the House Financial Services Committee on April 7 (Singapore time), as part of his annual testimony on the state of the international financial system.
The former Federal Reserve Chairman informed the committee that Covid-19 has left its mark on many countries, which face higher debt burdens and limited policy options.
Yellen also commented on the Russian invasion of Ukraine, specifically reports of massacres of civilians by Russian forces in the kyiv suburb of Bucha.
She said the invasion, including the “atrocities” allegedly committed against Ukrainians in Bucha, represent an “unacceptable affront” to the rules-based world order and said it will have “enormous economic repercussions”.
Regarding the financial and economic sanctions imposed on Russia by the United States, Yellen said his department is committed to holding Russia accountable for its actions, so that it cannot benefit from the international financial system.
“Do not doubt the determination of the United States”: Yellen
U.S. officials also asked Yellen about China, which considers Taiwan part of its territory and hasn’t ruled out using force to take control of the self-governing island.
Congressman Patrick McHenry, a Republican from North Carolina, asked if the Treasury would be willing to use sanctions against China as it did against Russia after its invasion of Ukraine.
Yellen said if Beijing moved aggressively towards Taipei, the United States was ready to impose sanctions.
“I think we showed we could in the case of Russia. I think you shouldn’t doubt our ability to resolve to do the same in other situations,” Yellen said.
You can watch his testimonial below:
No need for sanctions against China for the moment
Previously, in a March 25 interview with CNBC, Yellen said there was no need to impose sanctions on China because of its ties to Russia.
“I don’t think it’s necessary or appropriate,” Yellen said.
While the United States would be “very concerned” if China supplied arms to Russia or tried to evade sanctions on Russia’s financial system and central bank, Yellen said she doesn’t see that happening. at this stage.
Yellen added that US “senior officials” were talking “privately and quietly” with China to make sure they understood their position.
Top image from PBS.
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