Yellen vows tough US measures against countries abusing economic order

Yellen vows tough US measures against countries abusing economic order
US Treasury Secretary Janet Yellen speaks during a news conference, ahead of the G20 Finance Ministers and Central Bank Governors Meeting, in Nusa Dua, Bali, Indonesia, Jul 14, 2022. (File photo: Made Nagi/Pool via REUTERS)

SEOUL: The United States will impose harsh consequences on countries that break the international economic order, Treasury Secretary Janet Yellen said on Tuesday (Jul 19).

“Economic integration has been weaponised by Russia,” she said, calling for all responsible countries to unite in opposition to Russia’s war in Ukraine.

The United States is pushing for increased trade ties with South Korea and other trusted allies to improve the resilience of supply chains, and avert possible manipulation by geopolitical rivals, Yellen told Reuters on Monday.

Yellen said in remarks prepared for the event she was heartened by conversations with Korean counterparts on a proposed cap on the price of Russian oil.

Yellen has said she will discuss the oil price cap proposal with top officials in Seoul.

On Tuesday morning, Yellen was hosted by LG Chem CEO Hak Cheol Shin in a tour of LG facilities in Seoul.

Yellen, an avid collector of rocks, listened attentively as Shin explained the process of building electric vehicles, including the need for lithium.

LG Chem, besides being the parent company of electric vehicle battery maker LG Energy Solution, also has battery materials and petrochemical businesses.

Yellen is in South Korea on the final leg of her 11-day visit to the Indo-Pacific region.

Source: Reuters/fh