Treasury Secretary Janet Yellen called for a reorientation of the world’s trading practices in the wake of Russia’s invasion of Ukraine, pushing for countries to be less reliant on China for critical components
SEOUL—Treasury Secretary Janet Yellen called for a reorientation of the world’s trading practices in the wake of, pushing again for countries to become less reliant on China for critical components like semiconductors.
Speaking at an LG Group research facility in South Korea’s largest city and capital, Ms. Yellen explored so-called “friend-shoring,” a proposed paradigm shift that would have the U.S. and its allies trade more closely with one another and less with geopolitical rivals. Supply disruptions during the Covid-19 pandemic, as well as the war in Ukraine, have exposed the danger of depending too heavily on a single producer, Ms. Yellen said.
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