Yellen Escalated U.S.-South Korea Relations and Slammed CCP for Using Unfair Trade to Gain Dominant Advantage

According to comprehensive media reports on July 19th, U.S. Treasury Secretary Janet Yellen said in Seoul on Tuesday that the U.S. and South Korea should deepen trade ties to avoid allowing the Chinese Communist Party (CCP) to use its market position to unfair advantage. South Korean President Yoon Suk Yeol called for international cooperation on stabilizing energy prices and easing supply chain disruptions.Yellen wrapped up her 11-day trip across the Indo-Pacific. During her stay in Seoul, she spoke at LG Chem, noting that Russia’s blockade of Ukrainian ports could trigger a global food crisis. She called on all responsible countries to work together to end the war as soon as possible. That’s why the U.S. and allies have sought to reduce Russian revenue, she said.South Korean Deputy Prime Minister and Minister of Economy and Finance, Choo kyung-ho, said South Korea was willing to join in the development of the plan, stressing that the plan must help stabilize global oil and consumer prices.“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, directly accusing the CCP. China “has directed significant resources to seek a dominant position in the manufacturing of certain advanced technologies, including semiconductors, while employing a range of unfair trade practices to achieve this position,” She also said “the unfair Chinese practices” damage the U.S. “national security interests” and weakens the ability of countries in the region to compete fairly.

 LG announced a plan in April to build a $1.4 billion battery plant in Queen Creek, Arizona. U.S. welcomed the investment plan to reduce American reliance on supply chains. The supply chains were vulnerable to political antagonisms or disruptions, as they were affected by the pandemic.