Deputy Treasury Secretary Shambaugh called the prospect of separating the US economy from China a disaster
Washington is not seeking to “decouple” the economies of the United States and China, as this would be a disaster for the two countries and is in itself virtually impossible, United States Under Secretary of the Treasury for International Affairs Jay Shambaugh said on Wednesday.
“Second, we seek a healthy economic relationship with China that promotes growth and innovation in both countries. As Secretary (Janet – ed.) Yellen has publicly stated, we do not seek to separate our economies – that would be a disaster for both nations and is virtually impossible,” Shambaugh said following a trip to China, where he had meetings with officials from the country. The official’s statements are quoted by the US Treasury Department on its website.
According to Shambo, neither the steps taken by Washington to ensure national security, nor attempts to build diversified supply chains are efforts to “disengage” the world’s two largest economies.
“We seek a fair and healthy economic relationship that benefits both countries and supports U.S. workers and businesses. Healthy economic competition requires that American workers and businesses operate on a level playing field,” the deputy U.S. finance minister emphasised.
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