Last week, the U.S. Department of Treasury penalized two dozen Chinese entities for engaging in transactions with Iranian firms that fall under existing sanctions. Some of these transactions were indirectly tied to Russian attacks in Ukraine, according to the U.S. government.

A bipartisan group of members of Congress in both the House and the Senate introduced legislation earlier this week that would cut off Huawei and other Chinese 5G companies from U.S. banks.

Last week, the U.S. Treasury Department announced that it would sanction certain Chinese distant water fishing fleets for various abuses, including their labor and environmental practices.

In November, the U.S. Treasury Department issued its biannual report to Congress on "Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States." China was not found to be a currency manipulator, but was kept on a "monitoring list."

In a letter to the Commerce Department as part of an annual countervailing duty (CVD) review, the Treasury Department has determined that the Chinese currency was undervalued during the review period, but that this undervaluation was not the result of government action.

In a speech in South Korea on July 18, U.S. Treasury Secretary Janet Yellen explained various aspects of the Biden administration's views on trade policy.

At a Senate Finance hearing today, Senator James Lankford (R-OK) had an exchange with U.S. Treasury nominee Jay Shambaugh on several issues related to the World Bank and China.