Yellen specifically mentioned China, saying that the United States and other countries should reduce dependence on China."We cannot allow countries like China to use their market position in key raw materials, technology or products to disturb our economy, or use geopolitics that should not be used."
(Seoul Composite Electric) U.S. Treasury Minister Yelun warns that the United States will take severe actions against countries that abuse or undermine international economic order.She called on the allies to deepen the trade relations with the United States to consolidate the supply chain and respond to inflation.
Yellen, who visited South Korea on Tuesday (July 19), delivered a major policy speech in the East Asian itinerary in Seoul, calling on the "credible" American allies to strengthen trade relations to strengthen the interruption due to the epidemic, UkraineThe war chain that worsen the war and faces threats for a long time because of dependence on China.
Yellen specifically mentioned China, saying that the United States and other countries should reduce dependence on China."We cannot allow countries like China to use their market position in key raw materials, technology or products to disturb our economy, or use geopolitics that should not be used."
She said in a public speech in this longest public speech that she advocated the concept of "Friend-SHORING", which can reduce the fragility of the supply system that has been seriously struggling in the past two years, and also reduce the United States and the United States and and the United States and and the United States and the United States and and the United States and the United States and andA mechanism of inflation elsewhere.
Refers to Russia's weapons of economic integration
Yellen gave a speech at the Seoul R & D Center of LG Group.According to a speech provided by the US Treasury Department, she said: "Youkan outsourcing is to deepen the relationship with more credible partners, so that our supply chain is diversified to reduce the risk of us and their economy ... Through this kind of ...Methods, we can help American and Korean families from prices and interference caused by geopolitics and economic risks. "
She also pointed out that Russia has armed economic integration, and she called on all responsible countries to unite and show to Russia that they oppose Russia to launch the Ukrainian war.
Yellen also on the 19th of Seoul with South Korea's Deputy Prime Minister and Minister of Finance, Qiu Qinghao, and the president of South Korea ’s Central Bank of South Korea, Li Changzheng.The Treasury Secretary of the two countries agrees to implement various cooperation plans such as foreign exchange liquidity supply when necessary.
She also emphasized the necessity of setting the price limit for Russia's oil and fighting for South Korean support.Qiu Qinghao expressed his intention to participate.He pointed out that the upper limit of crude oil prices should contribute to stabilizing international oil prices and prices.Yellen said that she and Korean colleagues discussed the upper limit of Russian oil prices, which made her deeply encouraged.
Yellen pointed out on the way to South Korea that her plan to restrict Russian oil income can overcome potential partners' concerns about Russian President Putin.If the price limit plan is not implemented, she will solve these concerns through alternatives.
Yellen and the US Ministry of Finance have always pushed a plan that allows Russian oil exports that do not exceed a protocol price limit to obtain insurance and financing. Exports that exceed the upper price limit shall implement insurance and financial services ban.The upper limit of this price has not yet been set, but supporters suggest that the price is slightly higher than the production cost of Russia.
The plan aims to greatly reduce the oil income of Moscow, while allowing Russian oil to continue to flow into the global market.The U.S. Treasury estimates that completely embargoing Russian oil will cause global oil prices to soar to about $ 140 per barrel (S $ 195).
Yellen went to East Asia to visit East Asia after attending the G20 Group (G20) Finance Minister in Indonesia.South Korea is the last stop of Yellen's 11 -day Indian -Pacific trip.
During the period in Tokyo last week, she also condemned Beijing's failure to coordinate with other major creditors to help high -debt countries such as Sri Lanka.She said that China is a "very important" creditor country in Sri Lanka. If China participates in the debt reorganization of Sri Lanka, it is in line with the interests of China and Sri Lanka.
