FILE - Treasury Secretary Janet Yellen, left, shakes hands with Chinese Vice Premier He Lifeng during a meeting at the Diaoyutai State Guesthouse in Beijing, China, July 8, 2023. The U.S. Treasury Department and China's Ministry of Finance launched a pair of economic working groups on Friday in an effort to ease tensions and deepen ties between the nations. – The U.S.
Yellen said the groups will “serve as important forums to communicate America’s interests and concerns, promote a healthy economic competition between our two countries with a level playing field for American workers and businesses." The two finance ministers have agreed to meet at a “regular cadence,” the Treasury Department said in a news release.
Tensions between the countries reached a fever pitch earlier this year when a Chinese surveillance balloon was spotted traveling over sensitive U.S. airspace. The U.S. militaryoff the Carolina coast after it traversed sensitive military sites across North America. China insisted the flyover was an accident involving a civilian aircraft and threatened repercussions.
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