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Thursday, August 11, 2022

Yellen calls for China’s business dealings in South Korea visit

Treasury Secretary Janet Yellen said the US and South Korea should deepen their trade ties to avoid working with countries that use their market positions to unfair advantage – calling China by name .

According to excerpts provided by the Treasury Department, Yellen said in remarks slated for delivery on Monday, “We encourage countries like China to sell key raw materials, technologies or products to disrupt their economies or take undue geopolitical advantage.” Cannot allow you to use your market position.”

He is a member of LG Corp. in South Korea. She is about to give a speech in a factory. LG announced plans in April to build a $1.4 billion battery plant in Queen Creek, Arizona.

Yellen represented the US at a group of 20 finance ministerial meetings on the Indonesian resort island of Bali and stayed in Tokyo, Japan and Seoul, South Korea. She refrained from visiting China but called with China’s deputy prime minister earlier in the month.

Yellen has been critical of China’s economic ties with Russia – urging the Asian superpower to use “its special relationship with Russia” to persuade Russia to end its invasion of Ukraine.

“Employing a number of unfair trade practices to achieve this position, China has directed significant resources to obtain a leading position in the manufacturing of certain advanced technologies, including semiconductors,” China said in its prepared speech.

Citing “unfair Chinese practices that harm our national security interests”, Yellen called on countries to engage in “friend-shoring” as a means of mitigating economic risks to the participating economies.

Friend-shoring, which Yellen brought up in several speeches, refers to countries with shared values ​​that agree to trade practices that encourage manufacturing and reduce risks to supply chains.

The global economy has been devastated by the effects of the war in Ukraine and the shutdown due to COVID-19. Skyrocketing energy costs and high inflation have touched every part of the world.

The Indo-Pacific region is seeing the game in Sri Lanka, which is grappling with the island nation’s worst economic crisis.

Yellen is set to make his statement ahead of Tuesday’s meeting with South Korean President Yoon Suk Yeol to conclude his first visit as Treasury Secretary to the Indo-Pacific region.

This article is republished from – Voa News – Read the – original article.`

World Nation News Desk
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