US Treasury Secretary Janet Yellen said Friday that sanctions against China are "not necessary or appropriate" since its support for Russia following the invasion of Ukraine was still unclear.

"I don't think that that's necessary or appropriate at this point," Yellen said in an interview with CNBC, adding that "senior administration officials are talking privately quietly with China to make sure that they understand our position."

She noted Washington "would be very concerned if they were to supply weapons to Russia. Or to try to evade the sanctions that we've put in place on the Russian financial system and the central bank. We don't see that happening at this point."

Yellen also warned that gasoline prices could rise further in the United States, where inflation is already at a rate not seen since the 1980s, sapping President Joe Biden's popularity.

"It's conceivable that they could move higher," she said, but said the administration is trying to ensure adequate supplies of oil and natural gas, and also aid its European allies.

"But when the 11th-largest economy faces sanctions because of their horrific behavior in Ukraine, there just are going to be spillovers that are unavoidable," she said.

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US reinstates tariff exemptions on some Chinese products
Washington (AFP) March 23, 2022
The US government announced Wednesday it will reinstate tariff exemptions for 352 Chinese products first hit with punitive duties in 2018, when then-president Donald Trump started a trade war with Beijing. The exemptions lapsed in late 2020, but President Joe Biden's administration last October began seeking opinions on which of 549 eligible Chinese products should once again be excluded from the tariffs. In a statement, the US Trade Representative (USTR) said, "Today's determination was made af ... read more