WASHINGTON (Pakistan Point News / Sputnik - 07th July, 2023) The United States is concerned by export controls recently imposed by China on rare earth elements used in microchips, Treasury Secretary Janet Yellen said Friday during her visit to Beijing.
Earlier this week, China announced that buyers of two chipmaking metals, gallium and germanium, will need to apply for export permits starting on August 1. Beijing's move has been seen as retaliation against Western curbs on China's access to advanced chip manufacturing equipment.
The exports controls came as Yellen is on a visit to Beijing from July 6-9. On Friday, the US treasury chief participated in a roundtable discussion with over 10 US businesses operating in China, hosted by the American Chamber of Commerce in China.
"I am also concerned about new export controls recently announced by China on two critical minerals used in technologies like semiconductors. We are still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains," Yellen said during a roundtable discussion.
Yellen also met with Premier Li Qiang to reaffirm the US's push for "healthy economic competition" with Beijing, the Treasury said.
During the meeting, the secretary highlighted the importance of cooperation on global challenges between the two countries, while defending the US's right to "pursue targeted actions to protect its national security."
These actions may be a source of disagreement, but the two countries should not allow it to lead to misunderstandings that unnecessarily worsen the bilateral economic and financial relationship, she said.
