Managing “shocks” will be a pivotal part of maintaining stability in the US relationship with China, Treasury Secretary Janet Yellen said on Thursday.
During her speech at the US-China Business Council’s 50th Anniversary Dinner in Washington, Ms Yellen outlined priorities of President Joe Biden's administration to manage economic relations between the two superpowers next year.
“We know that this relationship will face continued challenges,” Ms Yellen said in her remarks.
“There is also always the risk of shocks that impact both of our countries. We seek not to resolve all our disagreements nor avoid all shocks.”
Ms Yellen said improved communication between the two countries can prevent misunderstandings from escalations when these shocks do occur.
The former Fed chairwoman has made rehabilitating communication between Washington and Beijing a key priority this past year by visiting China for the first time as Treasury Secretary, engaging in talks with China's Vice Premier on the sidelines of the Apec summit in San Francisco and establishing a working group between the two countries.
She has highlighted several global challenges – such as climate change, countering terrorism financing and halting the flow of fentanyl – as opportunities for Washington and Beijing to co-operate.
But in her remarks, Ms Yellen also reiterated that the US will continue pressing China with investment restrictions in the interests of national security and human rights.
Ms Yellen said she will also urge China to provide greater transparency with regard to its economic priorities.
She hopes to visit China again in 2024 to “discuss difficult areas of concern” with Vice Premier He Lifeng.
Biden administration has 'course corrected' from Trump
Her speech also took a rare shot at former president Donald Trump, alleging his administration left the US “more vulnerable and more isolated in a competitive global economy”.
“Over the past three years, the Biden administration has course-corrected,” she said.
Ms Yellen has said Mr Trump's isolationist policy – which the former president called “America First” – was ill conceived in an increasingly global economy.
Mr Trump's economic policy also focused on protectionist trade policies and attempts at cutting policies from the Barack Obama administration that Ms Yellen said had done far more harm than good.
“It damaged our global standing and meant significant missed economic opportunities for American firms and workers,” she said.
The Treasury Secretary believes the Biden administration has taken steps to make up gains through its domestic policy agenda and by redeveloping relations with other countries, particularly in the Indo-Pacific region.
Greater economic integration in the region can benefit US economic security, create stronger supply chains and boost US resilience, she said.
“As I’ve said before, America’s fundamental economic strength means that we have nothing to fear from healthy economic competition, with China or any other country.”
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The specs: 2019 Lincoln MKC
Price, base / as tested: Dh169,995 / Dh192,045
Engine: Turbocharged, 2.0-litre, in-line four-cylinder
Transmission: Six-speed automatic
Power: 253hp @ 5,500rpm
Torque: 389Nm @ 2,500rpm
Fuel economy, combined: 10.7L / 100km
ENGLAND SQUAD
Goalkeepers Henderson, Pickford, Pope.
Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.
Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.
Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
