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US-China relationship at its most stable in years as Yellen visits
US-China: Economic ties are “reasonably stable”, other tensions persist | Ian Bremmer | Quick Take

US-China relationship at its most stable in years as Yellen visits

Ian Bremmer's Quick Take: A Quick Take to kick off your week. Want to talk about the most important geopolitical relationship in the world, the US and China. Janet Yellen, the secretary of treasury, back over to China yet again, both to help ensure that the relationship is reasonably stable, also to deliver tough messages in places where she feels like that is required, the Biden administration feels it's required. And it's been a useful trip.

On the one hand, the United States, like the Europeans, delivering tough messages on Chinese dumping, on overproduction and low-cost goods going into the American and European markets, because of massive state subsidy, into key sectors. Particular concern on transition energy. On the one hand, great to see more effort to reduce carbon emissions, both in China and globally, and as the prices come down, that's a good thing. On the other hand, really hurting less competitive corporates that don't have that level of state subsidy in the United States and Europe. Tesla was really fast out of the box, hasn't got much support from the White House, but that's been the American champion to the extent that there is one. On the other hand, when you talk about other corporations, American and European, nowhere close to the Chinese. The hundreds of Chinese EV companies that are less expensive, they are higher quality, they are manufacturing at scale, and people can buy them all over the world. So, that is creating a lot of friction.

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U.S. Treasury Secretary Janet Yellen meets Chinese Premier Li Qiang at the Great Hall of the People in Beijing, China, April 7, 2024.

Tatan Syuflana/Pool via REUTERS

EVs, economics, and a warning from Yellen in China

During her weekend visit to Beijing and Guangzhou, US Treasury Secretary Janet Yellen emphasized that the US-China relationship is on a "more stable footing" – but there are still imbalances to address.

Chief among them: China's industrial overcapacity and its effects on the global economy. Yellen and Chinese Vice Premier He Lifengagreed to kickstart formal talks to address China’s growing overproduction of electric vehicles and solar panels, which the US says is distorting global markets and undercutting American jobs.

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Janet Yellen


Janet Yellen is (probably) tripping

During a visit to Beijing last month, US Treasury Secretary Janet Yellen reportedly ate a magic mushroom-based dish known as Jian shou qing. In English, that’s “see hand blue,” a name probably meant to warn those who would consume it that this particular mushroom is hallucinogenic. “I was not aware that these mushrooms had hallucinogenic properties. I learned that later,” Yellen said, and your GZERO team is willing to suspend its disbelief. And they’re supposedly harmless when fully cooked.
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US Treasury Secretary Janet Yellen looks on during a meeting with Chinese Vice Premier He Lifeng at the Diaoyutai State Guesthouse in Beijing.

Mark Schiefelbein/Pool via REUTERS

Beijing sees “rainbows” after Yellen visit

US Treasury Secretary Janet Yellen wrapped up her high-profile trip to Beijing on Sunday with a message for China: we aren’t out to undermine China. Measures to curb US investment in China will be carefully targeted to prevent Americans from supporting the Chinese military, she said, but they do not seek to damage China's economy more broadly.

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Prigozhin and Wagner still a danger to Putin

Prigozhin and Wagner still a danger to Putin

Ian Bremmer shares his insights on global politics this week on World In :60.

What do you make of Putin's speech addressing Prigozhin's mutiny?

Well, I mean, he didn't mention Prigozhin by name. Prigozhin is still, at least as of now, we think, a free man. But he has said that the people responsible are going to be held accountable. And that kind of means Prigozhin and his top lieutenants. I expect that they are not going to be around for very much longer. Is that days? Is that weeks? Is that months? I don't know. But it is it is a danger. It is an ever present danger to Putin. The longer that they are there and talking and engaging and organizing a paramilitary organization. Most important thing is to get that group disbanded, which I'm sure Putin is working hard on right now.

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Larry Summers explains the banking crisis
Larry Summers explains the banking crisis | GZERO World

Larry Summers explains the banking crisis

On GZERO World, Ian Bremmer and former US Treasury Secretary Larry Summers discuss a range of topics, including the global banking system, the impact of AI on the labor market, and a controversial solution for rebuilding Ukraine.

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Getty Images/Chip Somodevilla

Podcast: Larry Summers breaks down the banking crisis


Listen: On the GZERO World podcast, Ian Bremmer and former US Treasury Secretary Larry Summers discuss the recent bank failures that are disrupting global markets and worrying investors worldwide. They discuss whether the current situation constitutes a banking crisis and explore the role of inflation in contributing to the problems. As an inflation expert, Summers provides valuable insights and predictions on the duration of the financial turmoil.

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U.S. President Joe Biden speaks with Canada's Prime Minister Justin Trudeau as they meet during the Ninth Summit of the Americas in Los Angeles, California, U.S., June 9, 2022.

REUTERS/Kevin Lamarque

US green subsidies pushback to dominate Biden's Canada trip

As Ottawa prepares for a two-day visit by President Joe Biden starting Thursday, Canadians have been speculating about whether he will do something to stop the northward flow of border crossings by undocumented migrants at Roxham Road, Quebec.

That problem is grabbing headlines, but it is nothing next to the border challenges the Americans face, and the Canadians likely have more important requests for Biden. Behind the scenes, the government is focused on getting Americans to help mitigate the impact of the Inflation Reduction Act, the largest climate spending package in US history, which could lead to the loss of capital and jobs from Canada.

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