U.S. Treasury Secretary Janet Yellen called on ¡°trusted¡± U.S. allies to strengthen trade relationships to shore up global supply chains disrupted by the pandemic, worsened by Russia¡¯s war in Ukraine and threatened longer term by a reliance on China.
In her longest public address during a three-stop tour of East Asia, Yellen touted her ¡°friend-shoring¡± concept as a way to reduce the vulnerabilities of a supply system badly strained over the past two years, and as a mechanism for reducing inflation in the U.S. and elsewhere.
¡°Friend-shoring is about deepening relationships and diversifying our supply chains with a greater number of trusted partners to lower risks for our economy and theirs,¡± Yellen said, in a speech delivered Tuesday at a research-and-development facility in Seoul run by South Korean conglomerate LG.
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