It is reported on July 18th that the U.S. Treasury Secretary Janet Yellen said America wants to end its “excessive reliance” on Communist China’s rare earths, solar panels and other key commodities to prevent Beijing from cutting off supplies like it does to other countries.
Yellen, who arrived in Seoul late Monday, told the media that she was pushing for stronger trade ties with South Korea and other trusted nations to better supply chain resilience and avoid the possibility of manipulation by geopolitical opponents as well as security threats. Yellen will make a strong push to “friend-shoring” and promote diversification of the U.S. supply chain to rely more on trusted trading partners. She said the measure would also fight inflation and help counter the “unfair trade practices” against the Chinese Communist Party (CCP).
A senior U.S. Treasury official said reducing U.S. dependence on certain Beijing’s exports is critical because the Communist Government once cut off exports to countries like Japan in the past, as well as putting pressure on Australia and Lithuania.
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