Foreign Policy Magazine

America Has Dictated Its Economic Peace Terms to China

ow far will mounting tension with China be translated into U.S. economic policy? After a rash of sanctions and overtly discriminatory legislation, with action on U.S. investment in China pending, and with talk of war increasingly commonplace in the United States, the Biden administration knows that it needs to clarify its economic relations with the country that is the largest U.S. trading partner outside North America. In the wake of this year’s International Monetary Fund and World Bank spring meetings, U.S. Treasury Secretary Janet Yellen made her first major statement on economic relations with China since 2021. Judged by the tone, her message was intended to clarify and calm the waters of speculation and debate about motives and intentions. In the

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