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6/16, 6:25 PM (Source: TeleTrader)
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Full tech decoupling between US, China 'not beneficial' - Yellen

United States Treasury Secretary Janet Yellen (pictured) stated on Wednesday that a full decoupling in technologies between the US and China would ultimately not be beneficial for the country.

Yellen said that in order to protect US national security some breakaway from technologies coming out of China will probably need to happen, adding that the Treasury is looking at a "range of tools to push back" against China's "harmful practices." However, she noted that too broad legislation that aims to isolate China's technological advances would risk losing the benefits of global tech spillovers, saying that the world "substantially benefitted" from them.

Finally, Yellen conceded that international US allies would be "reluctant" to stop their businesses in China if complete decoupling were to happen. Previously, the US expressed concerns over China's industrial policies, as the Biden administration banned investments in Chinese firms and the US Senate passed legislation to help the US compete with China.

Breaking the News / OL