U.S. Treasury Secretary Janet Yellen calls out China trade practices in South Korea visit
“We cannot allow countries like China to use their market position in key raw materials, technologies, or products to disrupt our economy or exercise unwanted geopolitical leverage,” Yellen said in remarks at an LG Group-run research and development complex in Seoul.
Yellen has been a critic of China’s economic relationship with Moscow — urging the Asian superpower to use its “special relationship with Russia” to persuade it to end its invasion of Ukraine. Friend-shoring, which Yellen has brought up in several speeches, refers to countries with shared values agreeing to trade practices that encourage manufacturing and reducing risks to supply chains.
“All responsible countries must unite in opposition to this war and work together to end it swiftly,” Yellen said. “And that’s why the United States and other responsible allies and partners are seeking to reduce Russia’s revenue to wage its war without causing a necessary volatility in global energy markets.”
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