Treasury Department: US Willing To Take Targeted Actions Against China

US Treasury Undersecretary for International Affairs, Jay Shambaugh, will tell the Senate Foreign Relations Committee today that, "the Biden administration will not hesitate to take targeted actions against China to secure the national security interests of the U.S. and its allies." The hearing is underway and can be followed here.

• Shambaugh: "When necessary, we will use a suite of tools to achieve our national security goals.... while also clearly communicating our position and intent to China to reduce the risk of misunderstanding."
• Shambaugh will reinforce a message that Treasury Secretary Janet Yellen took to Beijing earlier this month stating that measures are narrow in scope and should not have broad economic impacts on US-China relations beyond addressing US national security concerns.
• Shambaugh: "To be clear: neither targeted national security actions nor attempts to build diversified supply chains represent decoupling. We seek a fair and healthy economic relationship that benefits both countries..."
• On Chinese critical mineral controls, Shambaugh will say: "..we are still assessing their impact, these actions reinforce the importance of our administration's efforts to build resilient and diversified supply chains."
• More information on new US measures:LINK