"Yellen warns of economic disaster if US decouples from China, while Biden-Xi summit offers last chance for stability"

Treasury Secretary Janet Yellen stated that a complete decoupling of the US and Chinese economies would be economically disastrous for both countries and the world. Despite recent tensions, Yellen highlighted the progress made in communication between the two nations. She emphasized the need for both countries to lead on global economic issues and expressed the US's commitment to using its economic power for national security purposes. Yellen's remarks come ahead of a high-stakes meeting between President Biden and Chinese President Xi Jinping, where they will discuss various concerns and grievances between the two nations.