US Treasury Secretary Yellen concerned about China export restrictions
US Treasury Secretary Janet Yellen said she was “concerned” by China’s restriction on exports of certain metals used to make chips and electronics.
According to the CNBC news, Yellen, who visited China for the first time, met with American businessmen in the capital Beijing.
“I am concerned that China is restricting exports of two critically important metals,” Yellen said in a statement.
WE DEFEND THE UNITED STATES RESTRICTIONS
Emphasizing that China is particularly concerned about measures taken against US companies, Yellen said they are evaluating the effects of China’s restriction on exports of critical items and decisions taken against companies in her country.
Yellen defended US export restrictions and dismissed China’s accusations that Washington is using these restrictions for economic advantage.
Stating that she said in her meetings in China that these decisions were made to protect US national security, Yellen stressed that there is no motivation for economic advantage behind these decisions.
Yellen, who traveled to China yesterday, emphasized in her Twitter post to her contacts that she was seeking “healthy economic competition” with China.
The US reported last month that it is considering new restrictions on the export of AI chips to China.c
RESTRICTION ON THE EXPORT OF GALLIUM AND GERMANIUM
The Beijing administration reported in May 2023 that American microchip maker Micron Technologies had failed its security review.
China has restricted the export of gallium and germanium metals, which are used in many products critical to ecological and digital transformation, on the grounds of “protecting national security and interests.”
The restriction requires the approval of the relevant authorities before the export of gallium and germanium, which is used in chips and electronic products.
The restriction will take effect from August 1.
China, the largest producer of these two elements, accounts for 95 percent of the world’s gallium production and 67 percent of germanium production. (AA)