Janet Yellen, the US Treasury Secretary, has urged improved communication between China and the US during her visit to Beijing to repair relations. She has also urged China to participate in global measures to combat climate change.

US Secretary Janet Yellen urges China to work with US to fight climate change

Janet Yellen, the US Treasury Secretary, has urged improved communication between China and the US during her visit to Beijing to repair relations. She has also urged China to participate in global measures to combat climate change. The US secretary has finally wrapped up her China visit.

US Secretary Janet Yellen calls for greater US-China collaboration

US Treasury Secretary Janet Yellen met Chinese Premier Li Qiang in Beijing on Friday and told him that the United States was not taking a "winner-take-all" approach and that it wants healthy competition with China.

Yellen, who is on a four-day visit to China, sought to temper down the tense relations between the two nations over trade curbs, human rights and a plethora of other disputes.

During her meeting with the Chinese premier, Yellen said, “We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time.”

The comments come as US and China have been sparring over exports of chips after Beijing restricted the export of two metals required for manufacturing semiconductors, mostly used in electric vehicles, displays, and defence equipment.

This was in response to the Biden administration curbing exports of advanced chips to China. The US first imposed restrictions on exports of chips to China in 2015, extending them in 2021 and twice in 2022. The most recent restrictions were introduced in&nbsp;December.

<h2>Janet Yellen's high-stakes China visit</h2>

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Yellen argued that the US was taking certain decisions “to pursue targeted actions to protect its national security”, adding that it should not derail ties.

“We may disagree in these instances,” she said.&nbsp;

“We should not allow any disagreement to lead to misunderstandings that needlessly worsen our bilateral economic and financial relationship.”

She further stressed that Washington was not seeking a “wholesale separation of our economies”.

“A decoupling of the world’s two largest economies would be destabilising for the global economy,”&nbsp;Yellen&nbsp;told a meeting with representatives of US business at a session hosted by the American Chamber of Commerce in the capital.

Also read |&nbsp;<a href="https://www.wionews.com/world/yellen-stresses-importance-of-us-china-ties-says-decoupling-economies-impossible-612979">Yellen criticises China's 'punitive' measures against US companies, but says decoupling 'impossible'</a>

Yellen told Li that she hoped her visit would spur more regular channels of communication between the world’s two largest economies, adding that both countries had a duty to “show leadership” on global challenges such as climate change.

<h2>‘We can see a rainbow’</h2>

Before the meeting, Premier Li struck an optimistic telling Yellen that China see the relationship recovering after a difficult period.

"Yesterday, the moment you arrived at our airport and left the plane, we saw a rainbow," Li said.

"I think it can apply to the US-China relationship too... after experiencing a round of winds and rains, we surely can see a rainbow."

(With inputs from agencies)

US Treasury Secretary Janet Yellen met Chinese Premier Li Qiang in Beijing on Friday and told him that the United States was not taking a "winner-take-all" approach and that it wants healthy competition with China.

US Treasury Secretary Janet Yellen met Chinese Premier Li Qiang in Beijing on Friday and told him that the United States was not taking a "winner-take-all" approach and that it wants healthy competition with China. Yellen, who is on a four-day visit to China, sought to temper down the tense relations between the two nations over trade curbs, human rights and a plethora of other disputes. During her meeting with the Chinese premier, Yellen said, “We seek healthy economic competition that is not winner-take-all but that, with a fair set of rules, can benefit both countries over time.” The comments come as US and China have been sparring over exports of chips after Beijing restricted the export of two metals required for manufacturing semiconductors, mostly used in electric vehicles, displays, and defence equipment. This was in response to the Biden administration curbing exports of advanced chips to China. The US first imposed restrictions on exports of chips to China in 2015, extending them in 2021 and twice in 2022. The most recent restrictions were introduced in December. Janet Yellen's high-stakes China visit Yellen argued that the US was taking certain decisions “to pursue targeted actions to protect its national security”, adding that it should not derail ties. “We may disagree in these instances,” she said. “We should not allow any disagreement to lead to misunderstandings that needlessly worsen our bilateral economic and financial relationship.” She further stressed that Washington was not seeking a “wholesale separation of our economies”. “A decoupling of the world’s two largest economies would be destabilising for the global economy,” Yellen told a meeting with representatives of US business at a session hosted by the American Chamber of Commerce in the capital. Also read | Yellen criticises China's 'punitive' measures against US companies, but says decoupling 'impossible' Yellen told Li that she hoped her visit would spur more regular channels of communication between the world’s two largest economies, adding that both countries had a duty to “show leadership” on global challenges such as climate change. ‘We can see a rainbow’ Before the meeting, Premier Li struck an optimistic telling Yellen that China see the relationship recovering after a difficult period. "Yesterday, the moment you arrived at our airport and left the plane, we saw a rainbow," Li said. "I think it can apply to the US-China relationship too... after experiencing a round of winds and rains, we surely can see a rainbow." (With inputs from agencies)

Yellen tries to temper down US-China chips war in meeting with Premier Li

The US Treasury Secretary arrived in Beijing on Thursday, kicking off a visit aimed at improving communication and stabilising the tense relationship. Yellen's China visit marks the second trip by a cabinet official since ties between world's top two economies deteriorated further, earlier this year. Washington has shifted from being ambiguous about how far it was supporting decoupling to explicitly adopting a strategy of de-risking instead.

Amid tensions, US aims to curtail technology investment in China | World DNA

After Secretary of State Blinken's visit to China, it is now US Treasury Secretary Janet Yellen turn to attempt expanding ties with Beijing and ensure steady and open lines of communication. Will Yellen be able to thaw the icy relations between the two? Collins Chong, a foreign affairs and security strategist joins us to discuss.

Janet Yellen's high-stakes China visit

US Treasury Secretary Janet Yellen on Friday (July 7) criticised China for its recent 'punitive' measures against US companies as she stressed the need for market reforms in the world's second-largest economy. Yellen is on a four-day China visit. She arrived in Beijing on Thursday. Yellen&nbsp;maintained that complete decoupling of the US and Chinese economies was "impossible".&nbsp;She is the second high-ranking US official to visit China in recent months.

Yellen was speaking at the American Chamber of Commerce in China (AmCham) after "substantive" talks with former Chinese economy czar Liu He, who is a close confidante of President Xi Jinping.

Watch | Xi Jinping sees red as US&nbsp;aims to curtail technology investment in China | Yellen in Beijing

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The US has said in recent months that it was seeking to "de-risk" from China by limiting its access to advanced tech deemed crucial to Washington's national security.

The US has also blacklisted a number of Chinese companies in order to prevent their access to the most-advanced chips and has pushed allies to follow suit.

<h2>No ‘wholesale separation&nbsp;of economies’</h2>

Yellen sought to stress that there were no plans to completely separate the two economies.

"We seek to diversify, not to decouple. A decoupling of the world's two largest economies would be destabilising for the global economy," Yellen told representatives of US businesses at a session hosted by the American Chamber of Commerce in&nbsp;Beijing.

"And it would be virtually impossible to undertake."

Just before Yellen's visit, China announced new export controls on two strategic metals that are necessary for semiconductor manufacturing on national security grounds. This was seen as Beijing's latest salvo in the chips war.

Also Read | <a href="https://www.wionews.com/world/data-lab-chinas-job-crisis-and-the-curse-of-35-why-are-people-afraid-of-that-age-613006">Data Lab | China's job crisis and 'the curse of 35’: Why are people afraid of that age?</a>

On Friday, Yellen told US businesspeople that Washington was "concerned" about the curbs.

"We are still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains," she said.

Amid the strained relations between the US and China, the latter did strike some optimistic note about Yellen's visit.

On Friday, the Chinese foreign ministry said that Yellen's visit would "strengthen communication and exchange between the two countries".

"The nature of China-US economic and trade relations is mutually beneficial and win-win, and there is no winner in a trade war or 'decoupling and breaking chains'," a ministry official said in a statement.

Also Read | <a href="https://www.wionews.com/world/avoid-miscommunication-yellen-after-arriving-in-beijing-on-four-day-trip-612907">'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip</a>

A US Treasury official said that on Friday morning, Yellen had a "substantive conversation" with former vice premier Liu He, who was her previous counterpart. Yellen also spoke with the outgoing governor of China's central bank, Yi Gang,&nbsp;

"They discussed the global economic outlook as well as the respective economic outlooks for the United States and China," the official added.

Yellen is due to meet China's Premier Li Qiang in the afternoon on Friday. The meeting gives a chance to both sides to discuss their economic relationship, convey concerns and explore collaboration opportunities.

(With inputs from agencies)

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US Treasury Secretary Janet Yellen on Friday (July 7) criticised China for its recent 'punitive' measures against US companies as she stressed the need for market reforms in the world's second-largest economy.

US Treasury Secretary Janet Yellen on Friday (July 7) criticised China for its recent 'punitive' measures against US companies as she stressed the need for market reforms in the world's second-largest economy. Yellen is on a four-day China visit. She arrived in Beijing on Thursday. Yellen maintained that complete decoupling of the US and Chinese economies was "impossible". She is the second high-ranking US official to visit China in recent months. Yellen was speaking at the American Chamber of Commerce in China (AmCham) after "substantive" talks with former Chinese economy czar Liu He, who is a close confidante of President Xi Jinping. Watch | Xi Jinping sees red as US aims to curtail technology investment in China | Yellen in Beijing × The US has said in recent months that it was seeking to "de-risk" from China by limiting its access to advanced tech deemed crucial to Washington's national security. The US has also blacklisted a number of Chinese companies in order to prevent their access to the most-advanced chips and has pushed allies to follow suit. No ‘wholesale separation of economies’ Yellen sought to stress that there were no plans to completely separate the two economies. "We seek to diversify, not to decouple. A decoupling of the world's two largest economies would be destabilising for the global economy," Yellen told representatives of US businesses at a session hosted by the American Chamber of Commerce in Beijing. "And it would be virtually impossible to undertake." Just before Yellen's visit, China announced new export controls on two strategic metals that are necessary for semiconductor manufacturing on national security grounds. This was seen as Beijing's latest salvo in the chips war. Also Read | Data Lab | China's job crisis and 'the curse of 35’: Why are people afraid of that age? On Friday, Yellen told US businesspeople that Washington was "concerned" about the curbs. "We are still evaluating the impact of these actions, but they remind us of the importance of building resilient and diversified supply chains," she said. Amid the strained relations between the US and China, the latter did strike some optimistic note about Yellen's visit. On Friday, the Chinese foreign ministry said that Yellen's visit would "strengthen communication and exchange between the two countries". "The nature of China-US economic and trade relations is mutually beneficial and win-win, and there is no winner in a trade war or 'decoupling and breaking chains'," a ministry official said in a statement. Also Read | 'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip A US Treasury official said that on Friday morning, Yellen had a "substantive conversation" with former vice premier Liu He, who was her previous counterpart. Yellen also spoke with the outgoing governor of China's central bank, Yi Gang, "They discussed the global economic outlook as well as the respective economic outlooks for the United States and China," the official added. Yellen is due to meet China's Premier Li Qiang in the afternoon on Friday. The meeting gives a chance to both sides to discuss their economic relationship, convey concerns and explore collaboration opportunities. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Yellen criticises China's 'punitive' measures against US companies, but says decoupling 'impossible'

US Treasury Secretary Janet Yellen on Thursday landed in Beijing on a four-day visit, hoping to mend the frosty relationship between the two superpower countries.&nbsp;Shortly after the arrival, Yellen posted a series of tweets wherein she hoped that Washington and Beijing&nbsp;are able to 'communicate and avoid miscommunication'.&nbsp;

"We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges," Yellen wrote on Twitter.

"We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding."

Both nations have prioritised safeguarding national security interests above deepening economic ties, leading to the strain in relationship.&nbsp;Although experts are wary that not much will be resolved during Yellen's trip, the optimism shown by the leader at the start of her trip has invited appreciation.&nbsp;

<a href="https://www.wionews.com/videos/micron-fails-chinas-security-check-594972">WATCH |&nbsp;Micron fails China's security check</a>

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<h2>Yellen's visit comes after Blinken's short trip&nbsp;</h2>

Yellen's visit to China comes a few weeks after&nbsp;Secretary of State Antony Blinken travelled to Beijing and met President Xi Jinping. After the visit, Washington seemingly toed Beijing's line and said it didn't support Taiwan's independence.&nbsp;

The relations between the two countries have remained frosty for a long period. Earlier this week, the chip war between the two countries took a new turn after China imposed export controls on two rare elements, essential for the manufacturing of semiconductors.&nbsp;

Starting August 1, exports of gallium, and germanium, among several other industrial compounds will be subject to restrictions, Beijing announced, in order to “safeguard national security and interests”.&nbsp;

Washington returned the favour with news reports claiming that the Biden administration was planning to restrict Chinese access to US cloud-computing services.

<a href="https://www.wionews.com/world/tit-for-tat-after-china-restricts-metals-export-us-mulls-ban-on-access-to-cloud-computing-611647">Also read |&nbsp;Tit-for-tat: After China restricts metals export, US mulls ban on access to cloud computing</a>

According to reports, Yellen will raise the issue of punitive actions against US firms and market&nbsp;access barriers during her dialogue with top Chinese diplomats, On Friday, she is expected to meet Premier Li Qiang&nbsp;and former economy tsar Liu He, a close ally of President Xi Jinping.&nbsp;

The Biden administration, in recent months, has set about to thaw the icing relations after the US military shot down a Chinese government spy balloon over the United States. With Biden likely to meet Xi at&nbsp;the G20 Summit in New Delhi in September, the groundwork is being laid out by the visit of top leaders, to ensure a smooth channel of communication is developed.&nbsp;

(With updates from agencies) 
 
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US Treasury Secretary Janet Yellen on Thursday landed in Beijing on a four-day visit, hoping to mend the frosty relationship between the two superpower countries.

US Treasury Secretary Janet Yellen on Thursday landed in Beijing on a four-day visit, hoping to mend the frosty relationship between the two superpower countries. Shortly after the arrival, Yellen posted a series of tweets wherein she hoped that Washington and Beijing are able to 'communicate and avoid miscommunication'. "We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges," Yellen wrote on Twitter. "We will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding." Both nations have prioritised safeguarding national security interests above deepening economic ties, leading to the strain in relationship. Although experts are wary that not much will be resolved during Yellen's trip, the optimism shown by the leader at the start of her trip has invited appreciation. WATCH | Micron fails China's security check Yellen's visit comes after Blinken's short trip Yellen's visit to China comes a few weeks after Secretary of State Antony Blinken travelled to Beijing and met President Xi Jinping. After the visit, Washington seemingly toed Beijing's line and said it didn't support Taiwan's independence. The relations between the two countries have remained frosty for a long period. Earlier this week, the chip war between the two countries took a new turn after China imposed export controls on two rare elements, essential for the manufacturing of semiconductors. Starting August 1, exports of gallium, and germanium, among several other industrial compounds will be subject to restrictions, Beijing announced, in order to “safeguard national security and interests”. Washington returned the favour with news reports claiming that the Biden administration was planning to restrict Chinese access to US cloud-computing services. Also read | Tit-for-tat: After China restricts metals export, US mulls ban on access to cloud computing According to reports, Yellen will raise the issue of punitive actions against US firms and market access barriers during her dialogue with top Chinese diplomats, On Friday, she is expected to meet Premier Li Qiang and former economy tsar Liu He, a close ally of President Xi Jinping. The Biden administration, in recent months, has set about to thaw the icing relations after the US military shot down a Chinese government spy balloon over the United States. With Biden likely to meet Xi at the G20 Summit in New Delhi in September, the groundwork is being laid out by the visit of top leaders, to ensure a smooth channel of communication is developed. (With updates from agencies) WATCH WION LIVE HERE:

'Avoid miscommunication...': Yellen after arriving in Beijing on four-day trip

US Treasury Secretary Janet Yellen is all set to arrive in China for a three-day visit that is from 6th from 9th July and this is the second high profile visit by top Washington official to China in just a couple of months. In a big boost, the bilateral ties between both the countries, the US Secretary of State Antony Blinken was in Beijing.

Janet Yellen on three-day trip to China; Yellen to calm US-China ties?

Will the world see a detente between the US and China? That will be the question in everyone's mind when US Treasury Secretary Janet Yellen visits Beijing later this week. Yellen will be the second top US Official after Antony Blinken to visit china. This comes at a time when the two countries are locked in a number of bilateral tensions and highlights the Biden administration's bid to cool ties with the Asian giant.

Janet Yellen to visit China between July 6 and 9

Janet Yellen is set to visit Beijing this week. The US treasury secretary's China visit will mark the second trip by cabinet officials since ties between the world's top two economies deteriorated. Further earlier this year in a statement the Treasury Department said that Yellen is expected to discuss the importance of both Nations to responsibly managing ties. Yellen's planned July 6 to 9 trip comes just weeks after the Secretary of State Antony Blinken met with Chinese President Xi Jinping.

After Antony Blinken, Janet Yellen set to visit China

The United States confirmed on Sunday (July 2) that Treasury Secretary Janet Yellen will visit Beijing this week. The visit has been scheduled amid escalating tensions between US and China as relations continue to deteriorate. However, both nations say they are focused on mending ties as Yellen would become the second member of Joe Biden's cabinet to visit Beijing in recent weeks.&nbsp;

The Treasury Department said in a statement that the trip is scheduled for July 6-9 and the secretary is expected to raise with her counterparts the importance for both countries "to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges".&nbsp;

Last month, US Secretary of State Antony Blinken was in Beijing on an official trip and met with China's top leader President Xi Jinping and Foreign Minister Qin Gang.&nbsp;

Blinken's trip materialised months after his to China was cancelled in the aftermath of the Chinese "spy" balloon saga. He was the highest-ranking US official to visit the Chinese capital in nearly five years.&nbsp;

The Chinese leader even said that he saw positives and headway in the strained relationship between Washington and Beijing. But again a diplomatic spat began when US President Biden referred to Xi as a "dictator".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/trending/is-this-a-world-record-two-pilots-travel-48-us-states-in-less-than-48-hours-611159">Is this a world record? Two pilots travel 48 US states in less than 48 hours</a>&nbsp;

There was a rebuttal from the Chinese side as the foreign ministry spokesperson Mao Ning said that Biden's "extremely absurd" comments "seriously violated China's political dignity" and caused "political provocation".&nbsp;

Now, the US would expect some advancement in the ties from Yellen's official visit. AFP reported quoting a senior treasury department official, who said on Sunday that Yellen will discuss how the US views its economic relationship with China. She will meet with senior Chinese officials and leading US firms, the spokesperson said without giving specifics.&nbsp;

According to the officials, the US seeks to secure its national security interests and protect human rights, and the actions to this effect are "not intended to gain economic advantage over China".&nbsp;

the American official further noted that Washington also looks towards "healthy" ties with Beijing and does not seek to decouple the economies, while pursuing cooperation on urgent challenges like climate change and debt distress.&nbsp;

Watch:&nbsp;Anti-Trump video by US presidential candidate Ron DeSantis called 'homophobic'

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<h2>Should US expect a lot from this trip?&nbsp;</h2>

The Treasury official added that the US does not expect a "significant breakthrough" from this initial trip, but it does aim to build longer-term channels of communication with China.&nbsp;

Edward Alden, who is a senior fellow at the Council on Foreign Relations (CFR) told AFP, speaking on the Treasury secretary's intentions to visit China that "I think the US government is clearly trying to put some floor under the deterioration of the economic relationship".&nbsp;

A Yellen trip could "restart a steady pattern of engagement at lower levels," he said, adding that the US has shifted from being ambiguous about how far it was supporting decoupling to explicitly adopting a strategy of "derisking" instead.&nbsp;

This means "focusing on a narrower range of items that have strategic importance, trying to build fences around those items, but otherwise trying to continue to nurture a reasonably robust US-China economic relationship," Alden added.&nbsp;

(With inputs from agencies)

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The United States confirmed on Sunday (July 2) that Treasury Secretary Janet Yellen will visit Beijing this week. The visit has been scheduled amid escalating tensions between US and China as relations continue to deteriorate.

The United States confirmed on Sunday (July 2) that Treasury Secretary Janet Yellen will visit Beijing this week. The visit has been scheduled amid escalating tensions between US and China as relations continue to deteriorate. However, both nations say they are focused on mending ties as Yellen would become the second member of Joe Biden's cabinet to visit Beijing in recent weeks. The Treasury Department said in a statement that the trip is scheduled for July 6-9 and the secretary is expected to raise with her counterparts the importance for both countries "to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges". Last month, US Secretary of State Antony Blinken was in Beijing on an official trip and met with China's top leader President Xi Jinping and Foreign Minister Qin Gang. Blinken's trip materialised months after his to China was cancelled in the aftermath of the Chinese "spy" balloon saga. He was the highest-ranking US official to visit the Chinese capital in nearly five years. The Chinese leader even said that he saw positives and headway in the strained relationship between Washington and Beijing. But again a diplomatic spat began when US President Biden referred to Xi as a "dictator". Also read: Is this a world record? Two pilots travel 48 US states in less than 48 hours There was a rebuttal from the Chinese side as the foreign ministry spokesperson Mao Ning said that Biden's "extremely absurd" comments "seriously violated China's political dignity" and caused "political provocation". Now, the US would expect some advancement in the ties from Yellen's official visit. AFP reported quoting a senior treasury department official, who said on Sunday that Yellen will discuss how the US views its economic relationship with China. She will meet with senior Chinese officials and leading US firms, the spokesperson said without giving specifics. According to the officials, the US seeks to secure its national security interests and protect human rights, and the actions to this effect are "not intended to gain economic advantage over China". the American official further noted that Washington also looks towards "healthy" ties with Beijing and does not seek to decouple the economies, while pursuing cooperation on urgent challenges like climate change and debt distress. Watch: Anti-Trump video by US presidential candidate Ron DeSantis called 'homophobic' × Also read: Hundreds to lose jobs at George Soros' foundation after son's takeover Should US expect a lot from this trip? The Treasury official added that the US does not expect a "significant breakthrough" from this initial trip, but it does aim to build longer-term channels of communication with China. Edward Alden, who is a senior fellow at the Council on Foreign Relations (CFR) told AFP, speaking on the Treasury secretary's intentions to visit China that "I think the US government is clearly trying to put some floor under the deterioration of the economic relationship". A Yellen trip could "restart a steady pattern of engagement at lower levels," he said, adding that the US has shifted from being ambiguous about how far it was supporting decoupling to explicitly adopting a strategy of "derisking" instead. This means "focusing on a narrower range of items that have strategic importance, trying to build fences around those items, but otherwise trying to continue to nurture a reasonably robust US-China economic relationship," Alden added. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US treasury secretary Yellen to visit China to 'responsibly' manage ties, expand communications

In the hallowed halls of the house of representatives, a crucial battle has been won. A bill to suspend the massive 31.4 trillion dollars debt ceiling has passed the republican-controlled house of representatives. The deeply divided house voted 314 to 117 to clear the bill.

US House passes debt limit bill, soon to reach Senate now

The US House of Representatives on Wednesday (May 31) voted in favour of raising the country's debt ceiling. The passage of the legislation has brought the US one step closer to eliminating debt default, something that not only will be bad for the US but for the health of world economy. The deadline set by the US Treasury is just five days away.

US Debt Ceiling: Biden and MCcarthy break the deadlock, debt limit suspended till January 1, 2025

The American economy is at a tipping point. US debt has now reached a level equal to the annual output of it's economy. The government has till June fifth- a week, to reach a bipartisan deal that will ensure the nation does not default on it's debt payment. While the deal remains to be inked, leaders from either side of the aisle have now reassured the American people that an agreement has been reached 'in principle'.

Congress to vote on debt crisis bill tomorrow

US Treasury Secretary Janet Yellen on Friday (May 26) updated the debt default deadline to June 5 from June 1, as she feared that the treasury may run out of cash. She warned of a possible US debt default if Congress fails to raise the ceiling on borrowing.&nbsp;

In a letter to the Republican speaker of the House of Representatives, Kevin McCarthy, Yellen said, "Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5."&nbsp;

Yellen stated that the United States is likely to run out of money to clear its bills by June 5.

The recent estimation has provided some breathing room since the Treasury Department has pushed back the date when the government's money will run out.&nbsp;

However, Yellen warned that the deadline extension does not change the urgency to end the standoff in Congress.&nbsp;

America stands on the verge of default if the government does not agree to raise the borrowing limit from its current 31.4 trillion dollars in order to maintain paying the nation's debts.&nbsp;

Republicans say President Joe Biden must sign up for spending cuts in exchange for their support to raise the debt ceiling, ignoring repeated Democratic calls for a "clean" increase of the borrowing limit with no strings attached.&nbsp;

And if at all the deal gets finalised, it must pass both chambers of Congress and therefore hinges on bipartisan support. Republicans control the House 222-213, while Democrats hold the Senate 51-49.&nbsp;

Notably, there were glimmers of hope as unconfirmed US media reports stated that a compromise in the works would involve an agreement to extend the government's borrowing authorisation for two years, ensuring that the present drama does not repeat itself before the presidential election in 2024.&nbsp;

Meanwhile, McCarthy told reporters that negotiators had "made progress", but he also added: "Nothing is agreed to until it's all agreed to."&nbsp;

If Congress fails&nbsp;to raise its self-imposed debt ceiling before the deadline, it might result in a default, causing financial markets to tremble and sending the nation into a deep recession.

In a recent development, the International Monetary Fund on Friday (May 26) said that the US interest rates will likely need to remain higher for longer to tame inflation, and Washington needs to tighten fiscal policy to bring down its federal debt.&nbsp;

<h2>Default would harm&nbsp;military&nbsp;</h2>

Top US officer General Mark Milley said on Thursday that a US government default would harm the country's military, hitting readiness and morale. The chairman of the Joint Chiefs of Staff told journalists at the Pentagon that "there would be a very significant negative impact on the readiness, morale and capabilities of United States military if we defaulted" as well as "reputational damage internationally."&nbsp; 
 
(With inputs from agencies)

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US Treasury Secretary Janet Yellen on Friday (May 26) updated the debt default deadline to June 5 from June 1, as she feared that the treasury may run out of cash.

US Treasury Secretary Janet Yellen on Friday (May 26) updated the debt default deadline to June 5 from June 1, as she feared that the treasury may run out of cash. She warned of a possible US debt default if Congress fails to raise the ceiling on borrowing. In a letter to the Republican speaker of the House of Representatives, Kevin McCarthy, Yellen said, "Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5." Yellen stated that the United States is likely to run out of money to clear its bills by June 5. The recent estimation has provided some breathing room since the Treasury Department has pushed back the date when the government's money will run out. However, Yellen warned that the deadline extension does not change the urgency to end the standoff in Congress. America stands on the verge of default if the government does not agree to raise the borrowing limit from its current 31.4 trillion dollars in order to maintain paying the nation's debts. Republicans say President Joe Biden must sign up for spending cuts in exchange for their support to raise the debt ceiling, ignoring repeated Democratic calls for a "clean" increase of the borrowing limit with no strings attached. And if at all the deal gets finalised, it must pass both chambers of Congress and therefore hinges on bipartisan support. Republicans control the House 222-213, while Democrats hold the Senate 51-49. Notably, there were glimmers of hope as unconfirmed US media reports stated that a compromise in the works would involve an agreement to extend the government's borrowing authorisation for two years, ensuring that the present drama does not repeat itself before the presidential election in 2024. Meanwhile, McCarthy told reporters that negotiators had "made progress", but he also added: "Nothing is agreed to until it's all agreed to." If Congress fails to raise its self-imposed debt ceiling before the deadline, it might result in a default, causing financial markets to tremble and sending the nation into a deep recession. In a recent development, the International Monetary Fund on Friday (May 26) said that the US interest rates will likely need to remain higher for longer to tame inflation, and Washington needs to tighten fiscal policy to bring down its federal debt. Default would harm military Top US officer General Mark Milley said on Thursday that a US government default would harm the country's military, hitting readiness and morale. The chairman of the Joint Chiefs of Staff told journalists at the Pentagon that "there would be a very significant negative impact on the readiness, morale and capabilities of United States military if we defaulted" as well as "reputational damage internationally." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US Treasury fears it will run out of cash by June 5, extends debt default deadline

The USA is edging closer to defaulting on its debt. Unless the debt ceiling is raised by June 5, the country will fall into an economic crisis that may have a far-reaching impact with global spillovers expected, affecting the likes of India, an emerging economy.

The USA is edging closer to defaulting on its debt. Unless the debt ceiling is raised by June 5, the country will fall into an economic crisis that may have a far-reaching impact with global spillovers expected, affecting the likes of India, an emerging economy. The economists are bracing for two scenarios and the effect it might have on the Indian economy. The first one is the base case, meaning, the ceiling will be raised eventually but the volatility in stock markets and currencies would have a sizeable impact. Even US Treasury Secretary Janet Yellen has warned that waiting till the eleventh hour to raise the ceiling could cause more harm than good. "Waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," she added. As markets face danger, the investors park their money in less risky assets such as bonds, gold and dollars. Consequently, the dollar index has strengthened quite a lot in recent months which has put the rupee under pressure. Of all the foreign exchange reserves held by the world’s central banks, US dollars account for 58 per cent. If the US does indeed default, it will lose its financial prominence and the centre of world trade. Rating agencies will heavily downgrade its creditworthiness and US sovereign bonds where the Indian government parks its money would have their value reduced to incredibly low levels. Most companies generate funds for their development projects by taking on debt. A US default could prove a hindrance in the development as there will be less liquidity in the market and debt bonds will provide little to no monetary benefit. Watch | US Treasury Secretary warns country running out of cash The second scenario is a bit of uncharted territory where the US defaults, albeit briefly. Though unlikely, if it happens, the risk-off sentiment would be triggered and could result in depreciation pressures on emerging market currencies viz. rupee. A lot of what will happen remains in the grey area for even the Reserve Bank of India has not prepared for such a situation. A default will have catastrophic consequences but given the central position of the US dollar in global trade, especially after World War II, the country and its currency is deemed too big to fail by the pundits. What is the debt limit? The debt limit is the amount of money that the US government can borrow to meet its financial obligations such as social security, military salaries and medicare benefits payments. Congress earlier this year extended the statutory debt limit to $31.4 trillion. However, the weak economic fundamentals and overflowing expenditures mean that the US will be breaching the limit. Consequently, Congress has been engaged in a fierce tussle to raise the limit. ALSO READ | Explained | US is 'running out of cash'. What is the debt ceiling crisis? Notably, to raise the limit, any agreement reached will have to pass the scrutiny of the Republican-controlled House and the Democratic-led Senate before Biden could sign it into law - a process that could take more than a week. (With inputs from agencies) WATCH WION LIVE HERE:

US is nearing its debt default deadline. What is its impact on Indian economy?

The projected debt ceiling deadline has been extended to June 5, 2023, four days later than previously estimated, US Treasury Secretary Janet Yellen said Friday. Yet, Yellen renewed her warning in a letter to Congress that inaction on raising the borrowing limit would ‘cause severe hardship.’

US debt ceiling talks continue with new 5 June deadline

US Treasury Secretary Janet Yellen said it’s now ‘highly likely’ that her department will run out of sufficient cash in early June, and repeated her warning that the moment could come as soon as June 1. Here's all you need to know about the US debt crisis.

Will US run out of cash after June 1? Here's what you need to know

US&nbsp;Treasury Secretary Janet Yellen on Tuesday sounded the alarm on the urgent need for Congress to raise the government's debt ceiling, warning that failure could trigger an "economic catastrophe."

In a recent address to business executives in Washington DC, Yellen emphasised that defaulting on debt would have far-reaching implications that could impede&nbsp;the country's economic recovery from the COVID-19 epidemic.

"A default on our debt would produce an economic and financial catastrophe," Reuters quoted Yellen telling members of the&nbsp;Sacramento Metropolitan Chamber of Commerce.

Yellen, a former Federal Reserve chairperson, further stated that a default would raise borrowing costs in perpetuity and future investments would become significantly more expensive.

Arguing that&nbsp;raising or suspending the existing borrowing cap of $31.4 trillion is the US Congress'&nbsp;responsibility, she asked lawmakers&nbsp;to act immediately to avert potential economic and financial market disruptions.

Raising the debt ceiling and rift in Congress

Credit markets could deteriorate if the debt ceiling is not increased, making it harder for businesses to secure funding. Additionally, the government may be unable to issue timely payments to military families and seniors who rely on Social Security, causing financial hardships for vulnerable populations.

Raising the debt ceiling has been a divisive issue in the US Congress, with opposing views on how to proceed.

Kevin McCarthy, the Republican Speaker&nbsp;in the House of Representatives, recently suggested a plan that would combine $4.5 trillion in expenditure cuts with a $1.5 trillion rise in the debt limit. The White House under Democrat Joe Biden, however, believes that the two issues should not be linked, and the proposal is expected to be rejected by the Democratic-controlled Senate.

Financial markets have grown increasingly concerned about the deadlock, with the cost of insuring exposure to US debt reaching a decade high. Analysts have cautioned that the possibility of default is increasing, which could have serious consequences for global financial stability.

US Treasury Secretary Janet Yellen on Tuesday sounded the alarm on the urgent need for Congress to raise the government's debt ceiling, warning that failure could trigger an "economic catastrophe.

US Treasury Secretary Janet Yellen on Tuesday sounded the alarm on the urgent need for Congress to raise the government's debt ceiling, warning that failure could trigger an "economic catastrophe." In a recent address to business executives in Washington DC, Yellen emphasised that defaulting on debt would have far-reaching implications that could impede the country's economic recovery from the COVID-19 epidemic. "A default on our debt would produce an economic and financial catastrophe," Reuters quoted Yellen telling members of the Sacramento Metropolitan Chamber of Commerce. Yellen, a former Federal Reserve chairperson, further stated that a default would raise borrowing costs in perpetuity and future investments would become significantly more expensive. Arguing that raising or suspending the existing borrowing cap of $31.4 trillion is the US Congress' responsibility, she asked lawmakers to act immediately to avert potential economic and financial market disruptions. Raising the debt ceiling and rift in Congress Credit markets could deteriorate if the debt ceiling is not increased, making it harder for businesses to secure funding. Additionally, the government may be unable to issue timely payments to military families and seniors who rely on Social Security, causing financial hardships for vulnerable populations. Raising the debt ceiling has been a divisive issue in the US Congress, with opposing views on how to proceed. Kevin McCarthy, the Republican Speaker in the House of Representatives, recently suggested a plan that would combine $4.5 trillion in expenditure cuts with a $1.5 trillion rise in the debt limit. The White House under Democrat Joe Biden, however, believes that the two issues should not be linked, and the proposal is expected to be rejected by the Democratic-controlled Senate. Financial markets have grown increasingly concerned about the deadlock, with the cost of insuring exposure to US debt reaching a decade high. Analysts have cautioned that the possibility of default is increasing, which could have serious consequences for global financial stability.

Janet Yellen’s warning: Raise US debt ceiling or face economic catastrophe

US Treasury Secretary Janet Yellen sounds the alarm bells. She warns that a failure to raise the government's debt ceiling could trigger an economic catastrophe.

Janet Yellen warns on U.S. debt default

US Treasury Secretary Janet Yellen has said that banks across the America are worried about contagion and have been shoring up liquidity to protect themselves from runs after the failures of Silicon Valley Bank and Signature Bank.

Asian markets fall on Janet Yellen's remark

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse.

Large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in a widening shock triggered by the collapse of two other mid-size U.S. lenders.

The rescue package came less than a day after Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Shares in Switzerland’s second-largest bank were lower in Friday morning trading.

The two deals helped restore some calm to global markets, after a torrid week for banking stocks.

“The Supervisory Board is meeting to exchange views and to provide members with an update on recent developments in the banking sector,” an ECB spokesperson told Reuters.

The ECB, which on Thursday raised interest rates by 50 basis points, held another ad hoc supervisory board meeting earlier this week in an unusual move ahead of a scheduled gathering next week.

“French and European banks are very solid,” ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio.

Analysts says authorities appear eager to quickly deal with systemic risks, but worry the potential for a full-blown banking crisis is far from over.

Data on Thursday showed banks in the United States sought record amounts of emergency liquidity from the Fed in recent days, driving up the size of the central bank’s balance sheet after months of contraction.

The First Republic deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JP Morgan Chase CEO Jamie Dimon, who had discussed the package this week, a source familiar with the situation said.

“They will keep the money in First Republic to keep it alive for self interest … to stop the run on banks. Then they will take it away gradually and the bank will play out a slow death,” Mathan Somasundaram, founder at research firm Deep Data Analytics in Sydney, said on Friday.

But while First Republic’s stock closed up 10% on news of the rescue, its shares fell 17% in after-market trading after the bank said it would suspend its dividend and disclosed its cash position and just how much emergency liquidity it needed.

Some of the biggest U.S. banking names including JP Morgan Chase &amp; Co, Citigroup Inc, Bank of America Corp, Wells Fargo &amp; Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks.

While the support has prevented an imminent collapse, investors were startled by late disclosures about First Republic’s cash position, even after the injection, and just how much it and others leaned on the Fed this month for support.

“People are concerned that the contagion risk is real, and that rattles confidence,” said Karen Jorritsma, head of Australian equities, RBC Capital Markets.

“I don’t think we are in the crux of a global financial crisis. Balance sheets are much better than they were in 2008, banks are better regulated,” she added.

Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis amid doubts over whether central banks will be able to sustain aggressive rate hikes to rein in inflation.

Lessons from 2008

For now, authorities are confident the banking system is resilient and have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available.

The ECB pressed forward with its rate hike, arguing that euro zone banks were in good shape and that if anything, the move to higher rates should bolster their margins.

Focus now swings to the Fed’s policy decision next week and whether it will stick with its aggressive interest rate hikes as it seeks to get inflation under control.

In Asia, Singapore, Australia and New Zealand said they were monitoring financial markets but were confident their local banks were well capitalised and able to withstand major shocks.

While capital remains adequate, analysts say a A$300 billion ($201 billion) refinancing task for Australia’s biggest banks is about to get harder, as appetite for new debt shrinks.

Japan’s finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments.

Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system.

European banks have lost around $165 billion in market value since March 8, Refinitiv data shows. 
 
(With inputs from agencies) 
 
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European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse.

European Central Bank supervisors met to tackle growing cracks in the banking system on Friday after a $30 billion lifeline for U.S. lender First Republic Bank eased fears of its imminent collapse. Large U.S. banks on Thursday swooped in to rescue the San Francisco-based bank, which was caught up in a widening shock triggered by the collapse of two other mid-size U.S. lenders. The rescue package came less than a day after Credit Suisse clinched an emergency central bank loan of up to $54 billion to shore up its liquidity. Shares in Switzerland’s second-largest bank were lower in Friday morning trading. The two deals helped restore some calm to global markets, after a torrid week for banking stocks. “The Supervisory Board is meeting to exchange views and to provide members with an update on recent developments in the banking sector,” an ECB spokesperson told Reuters. The ECB, which on Thursday raised interest rates by 50 basis points, held another ad hoc supervisory board meeting earlier this week in an unusual move ahead of a scheduled gathering next week. “French and European banks are very solid,” ECB policymaker and French central bank governor Francois Villeroy de Galhau, told BFM business radio. Analysts says authorities appear eager to quickly deal with systemic risks, but worry the potential for a full-blown banking crisis is far from over. Data on Thursday showed banks in the United States sought record amounts of emergency liquidity from the Fed in recent days, driving up the size of the central bank’s balance sheet after months of contraction. The First Republic deal was put together by top power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JP Morgan Chase CEO Jamie Dimon, who had discussed the package this week, a source familiar with the situation said. “They will keep the money in First Republic to keep it alive for self interest … to stop the run on banks. Then they will take it away gradually and the bank will play out a slow death,” Mathan Somasundaram, founder at research firm Deep Data Analytics in Sydney, said on Friday. But while First Republic’s stock closed up 10% on news of the rescue, its shares fell 17% in after-market trading after the bank said it would suspend its dividend and disclosed its cash position and just how much emergency liquidity it needed. Some of the biggest U.S. banking names including JP Morgan Chase & Co, Citigroup Inc, Bank of America Corp, Wells Fargo & Co, Goldman Sachs and Morgan Stanley were involved in the rescue, according to a statement from the banks. While the support has prevented an imminent collapse, investors were startled by late disclosures about First Republic’s cash position, even after the injection, and just how much it and others leaned on the Fed this month for support. “People are concerned that the contagion risk is real, and that rattles confidence,” said Karen Jorritsma, head of Australian equities, RBC Capital Markets. “I don’t think we are in the crux of a global financial crisis. Balance sheets are much better than they were in 2008, banks are better regulated,” she added. Credit Suisse became the first major global bank to take up an emergency lifeline since the 2008 financial crisis amid doubts over whether central banks will be able to sustain aggressive rate hikes to rein in inflation. Lessons from 2008 For now, authorities are confident the banking system is resilient and have tried to emphasise that the current turmoil is different to the global financial crisis 15 years ago as banks are better capitalised and funds more easily available. The ECB pressed forward with its rate hike, arguing that euro zone banks were in good shape and that if anything, the move to higher rates should bolster their margins. Focus now swings to the Fed’s policy decision next week and whether it will stick with its aggressive interest rate hikes as it seeks to get inflation under control. In Asia, Singapore, Australia and New Zealand said they were monitoring financial markets but were confident their local banks were well capitalised and able to withstand major shocks. While capital remains adequate, analysts say a A$300 billion ($201 billion) refinancing task for Australia’s biggest banks is about to get harder, as appetite for new debt shrinks. Japan’s finance ministry, financial regulator and central bank said they would meet on Friday to discuss developments. Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system. European banks have lost around $165 billion in market value since March 8, Refinitiv data shows. (With inputs from agencies) WATCH WION LIVE HERE

European Central Bank meets over banking stress as US rescue eases immediate fears

U.S Treasury Secretary Janet Yellen made an unannounced visit to Ukraine and met with President Vladimir Zelensky. Now, the government officials reaffirmed United States support for Ukraine saying America will stand with Ukraine as long as it takes.

Janet Yellen: America will stand with Ukraine as long as it takes

The United States Treasury Secretary Janet Yellen made a surprise visit to Ukraine, on Monday (February 26) to reaffirm Washington’s support to Kyiv amid its ongoing conflict with Russia, reported Reuters. The US finance chief also met with Ukrainian President Volodymyr Zelensky and key government officials in Kyiv.&nbsp;

The visit comes a week after US President Joe Biden’s surprise visit to the war-torn country, days before the conflict reached its one-year mark. “America will stand with Ukraine as long as it takes,” said Yellen, as per Reuters.&nbsp;

The US official also held a private meeting with the Ukrainian president where she reportedly praised him for his “leadership and resolve” amid Russia’s “illegal and unprovoked war.” She lauded his efforts for taking measures which ensure transparency on how the assistance is spent.

After Yellen's&nbsp;visit, Zelensky took to Telegram and said the US has been "powerfully supporting us since the first days of this war not only with weapons, but also on the financial front". He added, "It is necessary to further strengthen sanctions to deprive Russia of the ability to finance the war."

Yellen’s staff kept her visit a secret until she left Kyiv as the US official’s schedule for Monday only read “meet with advisors and staff,” without any other details. Prior to her arrival, air raid sirens went off in the Ukrainian capital which later turned out to be a false alarm, as per Reuters. Yellen also laid a wreath at the&nbsp;Wall of Remembrance dedicated to&nbsp;Ukraine’s troops who have been killed during the conflict.&nbsp;

Subsequently, Ukrainian Prime Minister Denys Shmyhal&nbsp;said that he and the US finance minister also spoke about additional sanctions on Moscow which included confiscating some $300 billion in Russian frozen central bank assets for Ukraine’s recovery. However, Yellen told reporters that there are major legal obstacles to making this move.&nbsp;

While in Kyiv, the US finance minister&nbsp;also announced the transfer of the first $1.25 billion from the recent&nbsp;$9.9 billion package in&nbsp;economic and budget assistance to Ukraine from the US. Since the conflict began a year ago Washington has given more than $13 billion in economic aid&nbsp;and provided&nbsp;$50 billion overall&nbsp;including&nbsp;security and humanitarian assistance&nbsp;to Kyiv.&nbsp;

Additionally, the US has also&nbsp;announced&nbsp;another billion-dollar package to boost the war-torn country’s economy. The finance minister said, “Our economic support is keeping essential public services running. These services maintain economic and social stability in Ukraine”. She added, “A sustained military effort cannot succeed without an effective government at home.” Yellen also visited a school in Kyiv where salaries of the staff are reimbursed from US budget support funds.&nbsp;

(With inputs from agencies) 
 
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The United States Treasury Secretary Janet Yellen made a surprise visit to Ukraine, on Monday (February 26) to reaffirm Washington’s support to Kyiv amid its ongoing conflict with Russia, reported Reuters.

The United States Treasury Secretary Janet Yellen made a surprise visit to Ukraine, on Monday (February 26) to reaffirm Washington’s support to Kyiv amid its ongoing conflict with Russia, reported Reuters. The US finance chief also met with Ukrainian President Volodymyr Zelensky and key government officials in Kyiv. The visit comes a week after US President Joe Biden’s surprise visit to the war-torn country, days before the conflict reached its one-year mark. “America will stand with Ukraine as long as it takes,” said Yellen, as per Reuters. The US official also held a private meeting with the Ukrainian president where she reportedly praised him for his “leadership and resolve” amid Russia’s “illegal and unprovoked war.” She lauded his efforts for taking measures which ensure transparency on how the assistance is spent. After Yellen's visit, Zelensky took to Telegram and said the US has been "powerfully supporting us since the first days of this war not only with weapons, but also on the financial front". He added, "It is necessary to further strengthen sanctions to deprive Russia of the ability to finance the war." Yellen’s staff kept her visit a secret until she left Kyiv as the US official’s schedule for Monday only read “meet with advisors and staff,” without any other details. Prior to her arrival, air raid sirens went off in the Ukrainian capital which later turned out to be a false alarm, as per Reuters. Yellen also laid a wreath at the Wall of Remembrance dedicated to Ukraine’s troops who have been killed during the conflict. Subsequently, Ukrainian Prime Minister Denys Shmyhal said that he and the US finance minister also spoke about additional sanctions on Moscow which included confiscating some $300 billion in Russian frozen central bank assets for Ukraine’s recovery. However, Yellen told reporters that there are major legal obstacles to making this move. While in Kyiv, the US finance minister also announced the transfer of the first $1.25 billion from the recent $9.9 billion package in economic and budget assistance to Ukraine from the US. Since the conflict began a year ago Washington has given more than $13 billion in economic aid and provided $50 billion overall including security and humanitarian assistance to Kyiv. Additionally, the US has also announced another billion-dollar package to boost the war-torn country’s economy. The finance minister said, “Our economic support is keeping essential public services running. These services maintain economic and social stability in Ukraine”. She added, “A sustained military effort cannot succeed without an effective government at home.” Yellen also visited a school in Kyiv where salaries of the staff are reimbursed from US budget support funds. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US treasury secretary Yellen makes surprise visit to Kyiv, reaffirms Washington's economic support to Ukraine

The United States Treasury Secretary Janet Yellen makes a surprise visit to Ukraine to reaffirm Washington's support and extend its economic support to Kyiv amid its ongoing conflict with Russia. Yellen also met Ukrainian President Volodymyr Zelensky and key government officials in Kyiv.

US Treasury Secretary Janet Yellen makes surprise Kyiv visit, meets Zelensky

The US Treasury Secretary Janet Yellen called for fresh economic sanctions on Moscow on Thursday (February 23) and also said that the world must increase financial support to the war-ravaged Ukraine and help in its fight against Russian aggression.&nbsp;

While speaking in India on the eve of the Russia-Ukraine war anniversary, Yellen said that this is high time for the International Monetary Fund (IMF) to "move swiftly" towards a fully financed loan programme for Ukraine.&nbsp;

The ongoing war, which Moscow calls a "special military operation" and an attempt for "de-Nazification" of Ukraine, led to massive crises, affecting millions globally.&nbsp;

During her address, Yellen said, "As President Biden has said, we will stand with Ukraine in its fight – for as long as it takes. Continued, robust support for Ukraine will be a major topic of discussion during my time here in India."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/on-paks-economic-challenges-jaishankars-basic-industry-is-terror-remark-565178">On Pak's economic challenges, Jaishankar's 'basic industry is terror' remark</a>&nbsp;

Ukrainian Prime Minister Denys Shmyhal met IMF Managing Director Kristalina Georgieva in Kyiv on Monday. After the meeting, Shmyhal said that the war-torn nation had sought a $15 billion multi-year IMF loan programme.&nbsp;

Mentioning the financial and humanitarian aid to Ukraine sent by the US, Yellen said that the aid totalling $46 billion helped the country to preserve economic and financial stability under "extraordinary circumstances".&nbsp;

She said, "Our economic assistance is making Ukraine’s resistance possible by supporting the home front: funding critical public services and helping keep the government running. In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine."&nbsp;

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<h2>Call for fresh sanctions on Russia&nbsp;</h2>

Yellen told reporters in Bengaluru that fresh sanctions must be imposed on Russia as they are hurting the nation. Her remarks came after the US Treasury Secretary and other G7 finance chiefs discussed further measures to help Ukraine.&nbsp;

Yellen said, "The way I see it, our sanctions have had a very significant negative effect on Russia so far. While by some measures the Russian economy has held up better than might initially have been expected, Russia is now running a significant budget deficit."&nbsp;

Yellen said that the export controls were making it "extremely difficult" for Moscow to replenish its munitions, including repairing 9,000 tanks destroyed in the war.&nbsp;

She said, "We see that it has led to an exodus of some of the most qualified scientists and entrepreneurs in the Russian economy, and an exodus of foreign investment."&nbsp;

"Russia is running down its holdings in its sovereign wealth fund so... the price cap that we have put on Russian oil is clearly substantially reducing Russia's revenues," she added.&nbsp;

On Friday (February 24), the day Russia started the invasion last year, Yellen will be joined by other finance ministers and heads of central banks from the Group of 20 nations for a crucial meeting in India.&nbsp;

(With inputs from agencies)&nbsp;

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The US Treasury Secretary Janet Yellen called for fresh economic sanctions on Moscow on Thursday (February 23) and also said that the world must increase financial support to the war-ravaged Ukraine and help in its fight against Russian aggression.

The US Treasury Secretary Janet Yellen called for fresh economic sanctions on Moscow on Thursday (February 23) and also said that the world must increase financial support to the war-ravaged Ukraine and help in its fight against Russian aggression. While speaking in India on the eve of the Russia-Ukraine war anniversary, Yellen said that this is high time for the International Monetary Fund (IMF) to "move swiftly" towards a fully financed loan programme for Ukraine. The ongoing war, which Moscow calls a "special military operation" and an attempt for "de-Nazification" of Ukraine, led to massive crises, affecting millions globally. During her address, Yellen said, "As President Biden has said, we will stand with Ukraine in its fight – for as long as it takes. Continued, robust support for Ukraine will be a major topic of discussion during my time here in India." ALSO READ | On Pak's economic challenges, Jaishankar's 'basic industry is terror' remark Ukrainian Prime Minister Denys Shmyhal met IMF Managing Director Kristalina Georgieva in Kyiv on Monday. After the meeting, Shmyhal said that the war-torn nation had sought a $15 billion multi-year IMF loan programme. Mentioning the financial and humanitarian aid to Ukraine sent by the US, Yellen said that the aid totalling $46 billion helped the country to preserve economic and financial stability under "extraordinary circumstances". She said, "Our economic assistance is making Ukraine’s resistance possible by supporting the home front: funding critical public services and helping keep the government running. In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine." × Call for fresh sanctions on Russia Yellen told reporters in Bengaluru that fresh sanctions must be imposed on Russia as they are hurting the nation. Her remarks came after the US Treasury Secretary and other G7 finance chiefs discussed further measures to help Ukraine. Yellen said, "The way I see it, our sanctions have had a very significant negative effect on Russia so far. While by some measures the Russian economy has held up better than might initially have been expected, Russia is now running a significant budget deficit." Yellen said that the export controls were making it "extremely difficult" for Moscow to replenish its munitions, including repairing 9,000 tanks destroyed in the war. She said, "We see that it has led to an exodus of some of the most qualified scientists and entrepreneurs in the Russian economy, and an exodus of foreign investment." "Russia is running down its holdings in its sovereign wealth fund so... the price cap that we have put on Russian oil is clearly substantially reducing Russia's revenues," she added. On Friday (February 24), the day Russia started the invasion last year, Yellen will be joined by other finance ministers and heads of central banks from the Group of 20 nations for a crucial meeting in India. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Janet Yellen calls for fresh sanctions on Russia as G20 finance chiefs gather in India

US Treasury Secretary Janet Yellen stepped up calls for increased economic support to Ukraine to help it battle the year-old Russian invasion.

US Treasury Secretary Janet Yellen calls for increased economic aid to Ukraine

Indian Finance Minister Nirmala Sitharaman met U.S. Treasury Secretary Janet Yellen ahead of the first G20 Finance Minister and Central Bank Governors meeting to be held in Bengaluru, starting Friday.

Nirmala Sitharaman meets U.S. Treasury Secretary Yellen ahead of Bengaluru G20 meet

US Treasury Secretary Janet Yellen discussed G20 aims while emphasising US sanctions aimed at weakening Russia's ability to fight the "unjust" war in Ukraine.

G20 Finance meet in India: U.S. Treasury Secy Janet Yellen addresses meet

South Africa and the United States are to set up a task force to "follow the money" behind the illegal wildlife trade, US Treasury chief Janet Yellen said on Wednesday. South Africa is a hotspot for poaching, especially of rhinos.

WION Dispatch: US announces anti-poaching task force with South Africa

A war of words has been started between two largest economies of the world - US and China. They are engaged in a tussle over debt issue, it started after US Treasury Secretary Janet Yellen called China a 'barrier' to debt reforms in Africa.

China tells US to fix debt problems; Janet Yellen dismisses idea to mint $1 tn to avert debt default

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