Washington DC, May 17th– U.S. Secretary of the Treasury Yellen criticized China’s current economic and trade practices in her speech at the Brussels Economic Forum. At the same time, Yellen also called on the United States and its allies to jointly deal with the CCP and diversify the supply chain. Yellen emphasized that Westerners have common interests and that countries need to trade on a level playing field, which will benefit all businesses and consumers. She urged relevant countries should avoid CCP’s harmful economic policy and strongly urge the CCP to abandon such offensive behavior.
In addition, Yellen also warned Western countries to avoid overdependence on the CCP in rare-earth minerals. To date, the CCP has a huge market share in some production industries. It covets to control the global semiconductor production industry. However, once the CCP’s ambitions succeed, market-based democracies will be more vulnerable to the CCP’s geographical influence. Therefore, Yellen suggests that supply chain risks, including key minerals, can be reduced if the countries concerned to adopt a “friendly” approach.
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