In a recent interview with CNBC, U.S. Treasury Secretary Janet Yellen emphasized that concerns related to privacy and social media persist in the United States, with specific issues surrounding the popular short video platform TikTok yet to be resolved. Yellen acknowledged the complexities of the matter, citing pending legal actions that currently restrict U.S. regulators from taking decisive actions.
While Yellen refrained from delving into specific details regarding TikTok, which is owned by the Chinese parent company ByteDance, she underscored the broader concerns related to privacy and social media that the U.S. government is actively addressing. Yellen noted that this is an ongoing matter that has not reached a resolution.
The Treasury Secretary pointed out that the issues surrounding TikTok were not explicitly discussed during the recent meeting between U.S. President Joe Biden and Chinese President Xi Jinping. However, she acknowledged that concerns related to Chinese investments in the United States, including the regulatory process overseen by the Committee on Foreign Investment in the United States (CFIUS), were part of the discussions with her Chinese counterpart.
CFIUS, chaired by the Department of Treasury, plays a crucial role in reviewing foreign investments in U.S. businesses and real estate, particularly those that raise national security concerns. Yellen indicated that Chinese investments were part of the broader dialogue between Washington and Beijing, recognizing the importance of addressing such matters for the mutual benefit of both nations.
During the interview, Yellen highlighted that the leaders of the United States and China recognize the potential for collaboration and working together, especially in the aftermath of the recent meeting between President Biden and President Xi Jinping. The acknowledgment of the opportunity for collaboration suggests a diplomatic approach to addressing bilateral concerns and fostering a cooperative relationship between the two economic powerhouses.
As the U.S. government grapples with issues related to privacy, social media, and foreign investments, the status of TikTok remains a significant focal point. Yellen’s comments indicate that the resolution of these concerns is an ongoing process, subject to legal considerations and diplomatic discussions. The outcome will likely shape the trajectory of U.S.-China relations in the realm of technology and national security.
