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
FILE - Treasury Secretary Janet Yellen listens during a meeting with President Joe Biden, European Council President Charles Michel and European Commission President Ursula von der Leyen in the Cabinet Room of the White House, Oct. 20, 2023, in Washington. 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.
Yellen, who regularly talks about her friendshoring strategy for increasing supply chain resilience by working primarily with friendly nations as opposed to geopolitical rivals like China, will lay out her vision of new U.S. investment in South America at the development bank on Thursday. The Inter-American Development Bank, which is the biggest multilateral lender to Latin America, would support new projects through grants, lending and new programs. The U.S. is the bank's largest shareholder, with 30% of voting rights.
And diplomatic relations between Latin America and China have also increased. In March, Honduras cut diplomatic ties within favor of China, following the steps of El Salvador, Nicaragua, Panama and the Dominican Republic in turning their backs on Taiwan. China claims Taiwan as its own territory and has been increasingly sending ships and warplanes across the Taiwan Strait in an effort to intimidate the population of 23 million, who strongly favor the status quo of de-facto independence.
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