Janet Yellen Hints at Retirement After Biden's Term, Plans Further Engagement with China

U.S. Treasury Secretary Janet Yellen, during the Texas Tribune Festival, indicated she may step down after President Biden's term ends. The first woman to hold several high-ranking positions, Yellen plans to engage further with her Chinese counterpart to manage U.S.-China relations. She praised the U.S. economy's recovery efforts.

U.S. Treasury Secretary Janet Yellen remarked on Saturday that she is 'probably done' serving at the highest levels of government after President Joe Biden's term concludes in January. Yellen mentioned at the Texas Tribune Festival in Austin, Texas, that she expects further meetings with her Chinese counterpart soon.

This is the closest Yellen, 78, has come to discussing her future publicly as the presidential race heats up between Vice President Kamala Harris and former President Donald Trump. Yellen, the first woman to serve as Treasury Secretary, Federal Reserve Chair, and director of the White House National Economic Council, still faces significant tasks, including another likely meeting with Chinese Vice Premier He Lifeng to address ongoing tensions.

In April, Yellen advised China to curtail excess industrial capacity before Biden's decision to impose steep tariffs on Chinese-made electric vehicles, batteries, solar products, and semiconductors. Yellen is open to both visiting China and hosting leaders in the U.S., believing that high-level discussions are necessary to manage U.S.-China relationships. Meanwhile, Undersecretary Jay Shambaugh will soon lead a delegation to Beijing to prioritize economic issues.

Yellen commented on the U.S. economy, noting a 'soft landing' with lower inflation and stable job creation. While cautious about potential employment risks, Yellen expressed optimism over continued economic solidity, emphasizing robust consumer spending and controlled hiring rates.

(With inputs from agencies.)