Treasury Secretary Janet Yellen said the U.S. and Europe should seek to end their reliance on China and Russia for commodities, calling more broadly for Western countries and their allies to shift trading relations away from potential global rivals
Treasury Secretary Janet Yellen on Tuesday in Brussels, where she said Europe and the U.S. should collaborate closely on how to pressure China to change its economic behavior.BRUSSELS—Treasury Secretary Janet Yellen said the U.S. and Europe should seek to end their reliance on China for commodities such as rare-earth minerals, calling more broadly for Western countries and their allies to shift trading relations away from potential global rivals.
In a speech at the Brussels Economic Forum on Tuesday, Ms. Yellen pointed to Russia's invasion of Ukraine as she argued that countries shouldn't make themselves beholden to Russia or China for critical commodities such as oil. The U.S. and European Union are still grappling with how to best free the European economy of itsMs. Yellen has previously called for the U.S.
She called out China's status as a major producer of rare-earth minerals, as well as its efforts to become a major manufacturer of semiconductors. Europe and the U.S. should collaborate closely on how to pressure China to change its economic behavior, Ms. Yellen said. Responding to the war in Ukraine has helped knit the, potentially bolstering efforts to address China's role in emerging technologies, among other issues.
"China is more likely to respond favorably if it cannot play one of us off against the other,” she said. “We should all aspire to encouraging China to drop objectionable practices."
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