Yellen calls out China trade practices in South Korea visit

SEOUL, South Korea –

U.S. Treasury Secretary Janet Yellen said TuesdayThe U.S. South KoreaShould be able to deepen their trade ties to avoid letting other countries use their market positions to unfair advantage — calling out ChinaName.

“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 inComments at an LG GroupComplex for research and development in Seoul.

LG, one of the most important business groups in South Korea, in AprilPlans to build a US$1.4 million battery plant in Queen Creek, Arizona.

YellenAt the GroupThe meeting was attended by 20 finance ministers Indonesia’s resort island of BaliAnd made stops in TokyoAnd Seoul. SheIt didn’t visitBut, she held a phone call with China’s vice premier inCharge of trade inIt is best to start early July.

YellenHas been a critic China’s economic relationship with Moscow — urging the AsianSuperpower to put it to good use “special relationship with Russia”to persuade them to stop their invasion Ukraine.

China “has directed significant resources to seek a dominant position inCertain advanced technologies such as semiconductors are manufactured using unfair manufacturing methods. trade practicesTo achieve this position”, she said.

Citing “the unfair Chinese practices that damage our national security interests,” YellenAppelled on countries to engage inWhat she called “friend-shoring,”Participating economies are less likely to be exposed to economic risk.

Friend-shoring is which Yellenarose inMultiple speeches refer to countries that share common values and agree to. trade practicesThat encourages manufacturing and reduces risks for supply chains.

“The purpose is to lower risks for our economy and theirs,” Yellen said. “In doing so, we can help to insulate both American and Korean households from the price increases in disruptions caused by geopolitical and economic risks and facilitate our businesses access to vital inputs and products from medicine to semiconductors to electric vehicle batteries.”

SheAlso, a price cap was pushed again RussianSayings about oil exports RussiaNow, the threat of a global food crises is real. They are blocking ports in UkraineAfter its invasion, energy prices rose dramatically.

“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.”

TheThe war has had devastating effects on the global economy in UkraineCOVID-19 can cause shutdowns. SkyrocketingAll parts of the globe have been affected by rising energy costs and high inflation.

The Indo-PacificThis play is currently being played in this region out in Sri Lanka, which is struggling through the island nation’s worst economic crisis.

Later Tuesday, YellenIt is to be at the top South KoreanThese officials include President Yoon Suk YeolShe wraps up her first visit as treasury secretary. Indo-Pacific region.

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HusseinReport from Washington.