The Future Secretariat of the United States Treasury criticizes the “abusive commercial policies” in China

Janet Yellen, nominated by President Joe Biden to be the next secretary of the United States Treasury, said this March in Congress a major fiscal estimate in the midst of the coronavirus pandemic crisis in the past points against China’s “abusive practices” in commerce and technology as one of the main economic nets.

“Economists have always been in agreement, but believe that there is now a consensus: With no action from the mayor, we will have a wide-ranging and doloric recession, and we will have a large share in the most economical economy ”, said Yellen in his hearing before the Senate Finance Committee.

Biden, who will be sworn in as President of the United States on March 20, has announced an ambitious tax estimate plan of 1.9 trillion dollars, which includes new direct transfers for citizens, parties to reform the federal subsidy for example and additional funds for the distribution of vacancies.

The project aims to increase the federal minimum wage to $ 15 per hour and stipulate $ 350,000 in emergency funds for state and local governments.

The law, however, is in Congress, which must approve the proposal.

The Democrats are in favor of a majority in both chambers, but in the Senate it has been adjusted that a legislative battle should be avoided.

En dit sentido, die Republikein van Senator Patrick J. Toomey mistros su dispositjon a colaborar, per admitio que Estimated preview approved by Congress, valued at $ 900,000 million.

Deuda no is the problem

Yellen recognizes that an estimate of this magnitude will add to the recent debt burden of the country.

“But now, with interesting types of historically low levels, the most intelligent thing we can do is go big.” In the long run, we believe that the benefits outweigh the costs, especially if we are concerned about helping the people who have been above a long period of time ”, recalculate.

Yellen, confirmed by Senado, series the first woman to the front of the Department of the Treasury in the history of the United States, and series, in addition, the first person to have occupied also the chair of the Federal Reserve (Fed), vrag that began between 2014 and 2018.

China, the main strategic competitor

Because of its new power, the prestigious economist has far more to do with China than during its era in the central bank’s central bank.

Criticism of the “abusive policies” in commerce and technology transfers by China, which was considered “clearly the main strategic competitor” of the United States.

Between them, quotes them Illegal subsidies from Beijing to national companies, the imposition of commercial barriers and the robbery of intellectual property.

“We are here to help you make full use of the tools available for correction”, advirtió.

No obstacle, marked distance respect to the aggression of President Donald Trump’s salient administration to the Asian giant.

A Juicio de Yellen, which is important, is the practice of China pero precisely que “The best way to do it is to work with our allies in a unilateral way.”

Ultimately, it pays to live habitually over the role of the dollar as a reserve currency and returns any intention to influence the division as a tool to gain competitiveness.

“The value of the dollar should be determined by the markets” and a compromise was made to complete Biden’s promise “to oppose any intention of manipulating foreign countries to manipulate the value of the divisions in order to achieve fair sales in trade”.

With EFE information

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