ESSENTIAL Relationships
In addition to US-China relations, Yellen argued that closer economic ties with the Asia-Pacific area are beneficial for trade, employment, and security both domestically and abroad.
Our method to the Indo-Pacific is supported by our economic relations, according to Yellen.
In order to maintain a US rely on Asia, US Secretary of State Antony Blinken is scheduled to visit Japan, South Korea, and India after his most recent crisis excursion to the Middle East.
With nearly a third of US global exports now going to the Asia-Pacific area, Yellen stated that the Biden administration is dedicated to fostering trade and investment with these nations.
She argued in favor of business expansion, arguing that it increases domestic production and enables US companies to grow their procedures and add more jobs.
She cited the strategy of” friendshoring ,” or diversifying US supply chains among allies and partners, as evidence that economic engagement is also essential for enhancing supply chain security in the US.
We’re beginning to notice the effects in the information, Yellen continued.
The US is less reliant on one country, in this case China, and is importing more from important lovers like India and Vietnam, as well as from Mexico, across industries from car parts to devices, according to her.
The US is” pursuing economic integration while still protecting our national security interests through targeted actions where necessary ,” according to Yellen.