Exclusive-Deputy Treasury chief Adeyemo says US well-prepared to weather China headwinds

By David Lawder

PROVIDENCE FORGE, Virginia (Reuters) – U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday that China’s economic weakness may cause difficulties for some developing economies and regions that depend on it for growth, but added the U.S. economy is well positioned to weather headwinds this will create.

Adeyemo told Reuters during a visit to the Chickahominy Tribe in southeastern Virginia that the Treasury is closely monitoring economic developments in China, where growth is faltering amid a worsening property slump, weak consumer spending and tumbling credit growth.

“You’re seeing the Chinese economy demonstrate weakness that has global implications. Because of the decisions we’ve made, we’re probably best prepared to deal with the headwinds that this has created,” Adeyemo said, referring to the United States.

“I am worried about other countries that are reliant…