US Treasury Secretary Janet Yellen called on “trusted” US allies to strengthen trade relationships to shore up global supply chains disrupted by the pandemic, worsened by Russia’s war in Ukraine and threatened longer term by a reliance on China.
The Treasury chief singled out China, which has come in for increasing criticism from the Biden administration over a number of issues, as a country on which the US and others should be less reliant.
“We cannot allow countries like China to use their market positions in key raw materials, technologies or products to disrupt our economy or exercise unwanted geopolitical leverage,” she said.
While in Tokyo last week, she also castigated Beijing for failing to coordinate with other major creditors to help heavily indebted countries, like Sri Lanka, that are struggling with a slowing global economy, high inflation and a strengthening dollar.
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