Yellen says U.S. Will Take Tough Measures Against Countries Abusing Economic Order

On Tuesday, July 19th, Treasury Secretary Janet Yellen said that the United States would impose strict sanctions on countries that disrupt the international economic order.

“Economic integration has been weaponized by Russia,” she said, calling on all responsible countries to unite against Russia’s invasion of Ukraine.

U.S. was pushing for stronger trade ties with South Korea and other trusted allies to improve supply chain resilience, she told Reuters on Monday, and to avoid possible manipulation by geopolitical rivals.

In remarks prepared for the event, Yellen said she was encouraged by conversations with South Korean counterpart about the Russian oil price cap proposal.

Yellen has said she would discuss the proposed oil price cap with senior officials in Seoul.

She was accompanied by LG Chem (051910.KS) CEO Hak Cheol Shin and toured the LG plant in Seoul on Tuesday morning.

Yellen, an enthusiastic rock collector, listened intently as Shin explained the process of manufacturing electric cars, including the need for lithium. LG Chem also has battery materials and petrochemicals businesses, in addition to being the parent company of electric vehicle battery maker LG EnerSolution (373220.KS).

This is her last stop in South Korea of an 11-day Indo-Pacific tour.