U.S. Treasury team heads to China to talk subsidies, economic policies

The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China’s “non-market” policies that are adding excess industrial capacity, a Treasury official said on Monday.

Wong Yu Liang | Moment | Getty Images

The Biden administration has sent five senior U.S. Treasury officials to Beijing this week for economic talks that will include China’s “non-market” policies that are adding excess industrial capacity, a Treasury official said on Monday.

The delegation, led by Treasury Undersecretary for International Affairs Jay Shambaugh, planned to hold frank conversations on Monday and Tuesday as part of the U.S-China Economic Working Group about Beijing subsidies that the U.S. says encourage overproduction of goods, potentially flooding global markets.

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