Treasury Sec Yellen To Outline US-China Strategy

10:15 ET 15:15 BST: Treasury Secretary Janet Yellen will today stress that strategic competition with China can be managed in a responsible way when she outlines the US-China strategy in remarks at John Hopkins University.

• Yellen will re-enforce a Biden Administration message that conflict can be avoided and argue that measures enacted by the Biden administration to restrict China’s access to high-tech semiconductor components are a response to national security concerns and will not be “used to gain competitive economic advantage."

Yellen's Three Pillars:

• "First, we will secure our national security interests and those of our allies...”
  
• “Second, we seek a healthy economic relationship with China: one that fosters growth and innovation in both countries.”
• “Third, we seek cooperation on the urgent global challenges of our day.”
• Yellen will refute claims that China is in a position to supplant the US as the dominant global economic power: “…pronouncements of U.S. decline have been around for decades. But they have always been proven wrong.”
• On export controls, Yellen will say: “…safeguarding certain technologies from the PRC’s military and security apparatus is of vital national interest... these national security actions are not designed for us to gain a competitive economic advantage..."