Yellen also recalled the global food crisis caused by the war of the Russian Federation against Ukraine.
US Treasury Secretary Janet Yellen criticized economic China's relations with the Russian Federation. She also urged Beijing to use its “special relationship with Russia” to persuade the Kremlin to end its war against Ukraine. Yellen said this during a visit to South Korea, reports AP News.
The US Treasury Secretary also added that America and South Korea should deepen their trade ties to prevent other countries from using market influence for unfair advantage, pointing to China.
“We cannot allow countries like China to use their positions in key raw materials, technologies or products to undermine our economy or exert unwanted geopolitical leverage,” Yellen said.
Yellen criticized China's economic relationship with Moscow, urging Beijing to use its “special relationship with Russia” to persuade it to end its invasion of Ukraine.
“China has directed significant resources to seek a dominant position in the production of certain advanced technologies including semiconductors, using a number of unfair trade practices to achieve this position,” she noted.
Citing China's “unfair practices that harm U.S. national security interests,” Yellen urged democratic nations to engage in what she called “supporting friends” to reduce economic risks to allied economies.
The “support of friends,” which Yellen referred to in several speeches, involves countries with shared values agreeing to trade practices that encourage production and reduce risks to supply chains.
“The goal is to reduce the risks to our economy and their economy,” Yellen said.
She also pushed again for a cap on Russian oil prices, saying Russia is now threatening to ignite a global food crisis by blocking Ukrainian ports after its invasion of Ukraine caused energy prices to spike.
“All responsible. countries must unite to oppose this war and work together to end it quickly. And that is why the United States and other allies and partners seek to reduce Russia's income for waging war,” Yellen said.
The global economy suffered as a result of the Russian Federation's war against Ukraine and the COVID-19 pandemic. The rapid rise in energy prices and high inflation affected almost all countries.
Read also: The head of the Chinese Foreign Ministry said that the country “will contribute to the advancement of negotiations between the Russian Federation and Ukraine”
Earlier it was reported that China continues to supply Russia with microcircuits, electronic components and raw materials for military needs, complicating the efforts of the US and its allies to isolate the Russian economy and weaken its military potential.
The Ukrainian authorities, together with American, European and Asian partners, tried to persuade the official Beijing to play a constructive role in ending the war of the Russian Federation against our country. Recently, President Zelenskyi admitted that China has chosen a policy of being aloof. From the article by Natalia Butyrska, find out “Why China does not want Ukraine to defeat Russia”.
See the special topic: The confrontation between the USA and China The Pentagon will analyze the military interaction of the US and China in recent years – CNN The US is concerned about China's actions in the Indo-Pacific region. The United States will not allow Russia or China to dominate the Middle East – Biden The American president has no intention of weakening the influence of the United States in the region. Blinken and the Chinese Foreign Minister declared their readiness for dialogue After the G20 summit, Blinken personally met with the Chinese Foreign Minister for the first time since last October. China called NATO's new strategic concept “irresponsible” According to a representative of the Chinese Foreign Ministry, NATO's new strategy misidentifies Beijing as a strategic challenge. Taiwan reports 29 Chinese planes in its air defense zone – Reuters China's latest “mission” included 17 fighter jets and six H-6 bombers, as well as radio electronic struggle
