What to Know in Washington: Yellen Plans to Visit China in July

Treasury Secretary Janet Yellen plans to visit Beijing in early July for the first high-level economic talks with her new Chinese counterpart, Vice Premier He Lifeng.

Her trip was long anticipated but was put off until “the appropriate time,” Yellen said in April. People familiar with the trip discussed its timing and purpose on condition of anonymity, because the details haven’t been officially announced.

The Treasury chief would be the second cabinet official to travel to Beijing after relations between the world’s two biggest economies soured earlier this year. Secretary of State Antony Blinken just wrapped up his trip to China, where he met with his counterpart and also had a short audience with Chinese President Xi Jinping. US and Chinese officials described the Blinken visit as productive and said the two sides had candid conversations on a range of issues.

President Joe Biden is still due to speak with Xi, but a date hasn’t been set. Biden said last week he anticipates a meeting with the Chinese leader in the near future.

In addition, a Biden administration executive order that would regulate and potentially cut off certain US investments in China is nearing completion and officials are aiming to have it ready as soon as late July, people familiar with the internal deliberations said.

An administration official said yesterday that Yellen’s travel to China isn’t confirmed yet, while the executive order hasn’t been finalized and doesn’t yet have a timeline for issuance. Jenny Leonard and Annmarie Hordern have more on the administration’s approach to China.

BIDEN’S AGENDA

• Biden will participate in campaign receptions in Chevy Chase, Maryland at 5:15 p.m. and at 6:45 p.m.
• Deputy Press Secretary Olivia Dalton holds a briefing at 1 p.m.

Fallout of Russia Rebellion

Putin Blasts Wagner ‘Traitors’ as Prigozhin Defends Revolt

Russian President Vladimir Putin condemned leaders of the Wagner mercenary group as traitors to Russia in a late-night speech to the nation, his first public comments since the weekend mutiny that posed the most serious threat to his nearly quarter-century rule.

Xi’s Bet on Putin Looks Even More Risky After Russian Mutiny

Ever since Russia invaded Ukraine last year, Xi’s gamble on a “no limits” friendship with Putin has looked like it could backfire. This weekend’s brief uprising against Moscow again underscored the risks facing the Chinese leader.

Coming Up on Capitol Hill

How PGA-LIV Union Will Work Revealed in Filing to Congress

The PGA Tour will maintain a controlling voting interest in the new entity formed by its surprise union with Saudi-backed LIV Golf, according to the provisional agreement between the two circuits filed to lawmakers. PGA Tour Chair Jay Monahan will be chief executive, while the Saudi Arabia Public Investment Fund’s governor, Yasir Al-Rumayyan, will head the board of the combined entity.

Open Free Filing Tool to More Taxpayers, Lawmakers Ask IRS

Lawmakers led by Sen. Elizabeth Warren (D-Mass.) and four other Democrats want IRS Commissioner Danny Werfel to make the agency’s free pilot electronic tax filing system available to more taxpayers next filing season.

Politics, Probes, and 2024

What Student Loan Relief Looks Like in Countries Outside the US

The US joins other countries that have proposed support for borrowers struggling to pay down their debts, but from Sweden to New Zealand, even nations that promise free tuition still expect school attendees to pay something. Examples around the world show that forgiveness early in the repayment cycle isn’t likely.

Trump Discusses ‘Secret’ Iran Plan in Leaked Recording From 2021

Former President Donald Trump is heard discussing what he calls “secret information” that he says he doesn’t have the power to declassify in an audio recording of a 2021 meeting after he had left the White House. The recording includes a moment when Trump appears to indicate he was holding a document regarding possible military action against Iran, according to reports.

Trump Witness List in Records Case Can’t Be Sealed, Judge Says

The judge overseeing the criminal case against Trump over his handling of classified documents denied a government request to file under seal a list of dozens of potential witnesses who the former president has been barred from speaking to about the case.

More News We’re Reading

EPA Plans Waters of US Rule By September to Comply With Ruling

The EPA will revise its existing federal waters and wetlands regulation by Sept. 1 to comply with a May Supreme Court ruling that restricted which water bodies the federal government can regulate, the agency said yesterday.

SVB Financial Creditors OK’d to Probe BlackRock, McKinsey, FDIC

Creditors of Silicon Valley Bank’s bankrupt parent obtained court approval to serve subpoenas on a bevy of people and entities tied to the fallen bank, including 30 current and former directors and officers, and consultants McKinsey, BlackRock, and Goldman Sachs.

Heavy Metals Still Problem for Baby Food Brands Five Years Later

Heavy metals in baby foods discovered through a study conducted five years ago still exist in some of the same brands retested in 2023, Consumer Reports found in a study published today.

Pregnancy Bias Law Now Enforceable Despite Lack of EEOC Guidance

A new law that provides unprecedented federal job protections for pregnant workers has spurred employers to focus on achieving compliance even as some regulations relevant to the statute’s enforcement have yet to be issued.

To contact the reporter on this story: Brandon Lee in Washington at blee@bgov.com

To contact the editor responsible for this story: Kayla Sharpe at ksharpe@bloombergindustry.com