Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China's dominance in global manufacturing.Still, U.S. efforts to diversify supply chains with 'trusted partners and allies'...
WASHINGTON — Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China’s dominance in global manufacturing.
The heads of state of Peru, Chile, Ecuador, Uruguay, the Dominican Republic and Costa Rica will be in attendance for both events. “Medical equipment and pharmaceutical companies can grow and innovate to meet increased demand,” Yellen says, and skilled workers can produce automotive chips necessary for electric vehicles.
In 2022, Latin American and Caribbean trade with China rose to record levels, exporting roughly $184 billion in goods to China and importing an estimated $265 billion in goods, according to a Boston University Global Development Policy Center analysis. “Whenever we have a U.S. company in the bidding process, the probability of winning is 70 to 80%," he said."So what we need is more U.S. companies involved. But if you’re not involved, this opens the door for anybody” to invest in Latin America.
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