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Yellen urged the EU to reduce vulnerability to China

May, 17 2022
watermark Economic news

US Treasury Secretary Janet Yellen, during her speech at the economic forum in Brussels, called on the United States and the European Union to coordinate steps to reduce vulnerability from China. 

The minister believes that by joint efforts it is necessary to convince China to refrain from economic activities that would put America and Europe at a disadvantage.

According to Yellen, China's undesirable activity concerns trade, investment and climate policy, where, in order to achieve a leading position in the market, «China uses various unfair trade practices.» If China abandons its tactics, European countries and the United States will have more chances to compete with China on an equal footing, which will benefit businesses and consumers.

The head of the US Treasury also noted that today the West has become «too vulnerable» to countries that use their positions in the markets as geopolitical levers, as well as to undermine markets for their own benefit.

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