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• She said the measures don’t indicate that US is withdrawing from global trade
US Treasury Secretary Janet Yellen reiterated the need for the US and its trade allies to boost supply chain resilience through “friend-shoring.”
“Working with allies and partners through friend-shoring is an important element of strengthening economic resilience while sustaining the dynamism and productivity growth that comes with economic integration,” Yellen said at South Korean conglomerate LG’s Science Park in Seoul.
Yellen said these measures do not indicate the U.S. is withdrawing from global trade. “We do not want a retreat from the world, causing us to forgo the benefits it brings to the American people and the markets for businesses and exports,” Yellen said, about deepening ties with South Korea.
Yellen drummed up support from allies of the U.S. to work together in carving up more resilient supply chains. “Supply chain resilience is a key focus of the Biden-Harris administration. And the necessity of this work has been illustrated clearly by the events of the past two years, first by Covid-19 and our efforts to fight the pandemic and now by Russia’s brutal war of aggression in Ukraine,” Yellen said.
Yellen outlined Hyundai’s electric vehicle and battery manufacturing facilities in Georgia and Samsung’s semiconductor chip plant in Texas.
Source - Treasury Department
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