Supports strengthening supply chain with allies.
The Department of the Treasury released excerpts from a speech that Treasury Secretary Janet Yellen gave in South Korea on Tuesday. The Treasury secretary has called on the United States to leverage its economic connections with its allies to create supply chains unlinked to China, the dominant presence in many key industries.
“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,” Secretary Yellen stated. The United States and much of the world previously experienced electronic parts shortages due to supply chain issues caused by the pandemic, showing officials just how reliant they have become on technologies exported by China.
As the Lord Leads, Pray with Us…
- For Secretary Yellen to seek God’s wisdom as she heads the Treasury Department.
- For U.S. trade officials as they consider strengthening trade relationships with allies as an alternative to China.
- For the president and secretary of state as they navigate the tensions with China.
Sources: The Hill, Reuters
