Treasury Secretary Janet Yellen will meet with her Chinese counterpart, Vice Premier Liu He, in Switzerland on Wednesday to discuss economic developments between the two nations.
Strains between the world’s two leading economies have been growing despite their trade ties. The Biden administration has blocked the sale of advanced computer chips to China and is considering a ban on investment in some Chinese tech companies, possibly undermining a key economic goal that Xi set for his country. Statements by the Democratic president that the U.S. will defend Taiwan against a Chinese invasion have increased tensions.
Africa is crucial to the global economy due to its rapidly growing population and significant natural resources. China’s deepening economic entrenchment in African nations, surpassing the U.S. in trade with the continent to become one of the world’s largest creditors, is also a motivator for the U.S. to deepen ties with African nations.