Yellen Holds ‘Frank’ Discussion With Chinese Envoy as Beijing Curbs Metal Exports

Treasury Secretary Janet Yellen testifies about the Biden administration's FY2024 federal budget proposal before the Senate Finance Committee in the Dirksen Senate Office Building on Capitol Hill in Washington on March 16, 2023. Chip Somodevilla/Getty Images

Treasury Secretary Janet Yellen met with China’s ambassador on Monday amid an intensifying chip war between the United States and China as Beijing imposed new restrictions on metal exports.

China’s Ministry of Commerce said Monday that items related to gallium and germanium, which are crucial to making semiconductors, will be subject to export controls starting Aug. 1 in order “to safeguard national security and interests.”