US Treasury Secretary Janet Yellenat an event of Bretton Woods Committee On Wednesday it was said that the United States was working to strengthen and protect itself from its supply chains “geopolitical coercion” by Russia, China and others. She also noted that the global economy is facing “significant headwinds.”
Integration: Yellen noted that the US is trying to deepen integration with the US European Union and Indo-Pacific countries, along with many emerging and developing countries, and is developing more layoffs in its supply chains, reported Reuters.
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“We know the cost of Russia’s arming of trade as a tool of geopolitical coercion, and we need to mitigate vulnerabilities similar to those in countries like China,” she said.
Extreme dependency: Yellen spoke about how the US was working to reduce its companies’ “extreme reliance” on Taiwanese semiconductors and other technologies, including solar panels or critical components for electric vehicle batteries, made in China and some other countries.
“Friend shoring is not meant to be a small handful of countries. It’s not supposed to be protectionism. It’s something that’s meant to be [gain] Diversity…but still reaping the benefits of trade,” Yellen said, according to the report.
Chip related stocks, including apple inc AAPL-Offerer Taiwan Semiconductor Mfg. Co.Ltd. TSM and samsung electronics co ltd SSNLFhad eased this week as traders and investors digested the Biden administration’s new restrictions on China’s access to China US semiconductor technology.
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