Janet Yellen in South Korea: “supporting friends” and reducing dependence on China and Russia
U.S. Treasury Secretary Janet Yellen said Monday in Seoul that the United States is going to prevent countries with “dictatorial policies,” such as China, from gaining dominance over certain resources and products and advocated stronger economic cooperation with South Korea.
During a visit to South Korea, U.S. Treasury Secretary Janet Yellen said the United States wants to end its unwarranted dependence on rare-earth metals, solar panels and other goods from China.
She explained that such a dependence would be dangerous if Beijing decided to stop supplying. She also noted that she is pushing for more trade ties with South Korea.
According to the minister, this would increase the sustainability of supply chains, and prevent possible manipulation by geopolitical rivals and security threats.
Janet Yellen said the U.S. is diversifying its supply chains so that it only relies on reliable partners. This will help combat inflation and China’s trade practices, which she called “unfair.
Yellen noted that South Korea has enormous advantages regarding resources, technology and capabilities, and that its companies are investing in the U.S. She also attributed an important role to semiconductor manufacturing.
The Minister recalled that earlier Beijing had stopped supplies to Japan and had tried to put pressure on Australia and Lithuania. The USA didn’t approve of such behavior.
At the same time, Janet Yellen admitted that China listened to the USA’s concerns in other areas.
She said that the United States had real concerns about China, but urged it not to create a picture of escalating hostilities with China.
U.S. Treasury Secretary Yellen threatened violators of the “world economic order
U.S. Treasury Secretary Janet Yellen said during a speech in Seoul that Russia is using economic integration “as a weapon” and threatened harsh consequences for those countries that violate the global economic order.
Yellen indicated that Washington was going to expand trade ties with South Korea and other reliable allies to improve supply security and avoid “possible manipulation by geopolitical rivals.” However, she did not specify which rivals she was referring to.
Before that, the U.S. threatened China with consequences because of possible circumvention of sanctions against Russia or provision of arms to it.
– We have publicly voiced the message that providing arms or any assistance from China to circumvent Russia’s unprecedented sanctions, export controls, or other financial measures imposed against Moscow would be very costly. Not just on the U.S. side, we are working with dozens of countries around the world,” said Ned Price, the head of the State Department press office.
South Korea is Ready to Participate in Measures to Restrict Russian Oil Prices
Chu Gen-ho, South Korea’s deputy prime minister for economics and part-time minister of strategy and finance, said in a meeting with U.S. Treasury Secretary Janet Yellen on Monday that the country is ready to join measures to curb the price of Russian oil, Renhap news agency reported.
Yellen is visiting Seoul on July 19-20. She also met with President Yoon Seok-El and is scheduled to meet with Bank of Korea Governor Lee Chang-Yong.
During her meeting with Chu Gen-ho, she reiterated the need for a price cap on Russian oil and asked South Korea to get involved.
“We are sympathetic to the goal of imposing (a restriction on the price of Russian oil – ed) and are ready to join it. The oil price restriction should be effectively designed to contribute to the stability of international oil prices and consumer prices,” Chu Gen Ho responded.
The head of the U.S. Treasury Department thanked the South Korean side for its understanding and looked forward to Seoul’s participation in developing a concrete cap system.
Also, the two sides agreed on the importance of strategic economic cooperation between South Korea and the United States in a difficult environment, including amid supply chain disruptions, soaring inflation and commodity prices due to the Ukraine crisis, and financial market volatility. Cooperation in clean energy, climate change, and health care was also discussed.
ITB (International Trading Brachium) Broker Announced Its YouTube channel
(Mahe, Seychelles-March 08, 2023) – ITB BROKER, LLC, an international forex broker, has announced that with our community growing, we believe that this will be the most effective medium to communicate with and so, we’re proud to announce the launch of ITB YouTube channel .
When a picture speaks a thousand words, How about a video?
- Throughout our community building initiative, we strongly believe in video as our means of communication. Video has played a pivotal role in describing our futuristic services to our audience and in communicating our disruptive vision to potential traders or investors.
- Over the next few weeks, we will be launching interesting videos on upcoming ITB features, bonuses, partnership or IB announcements and financial market expert interviews.
- YouTube is a great place to pick up forex trading tips and learn how to use them in the real world.
There are a number of YouTubers that make great educational videos, perfect for beginners or those considering taking up forex trading. ITB group with over 10 years of financial experience provides you with useful tips and hints of forex trading via its YouTube channel.
ITB Broker or ITBFX is a leading provider of online foreign exchange (FX) trading, CFD trading, and related services.
Founded in 2017, the company’s mission is to provide enthusiastic traders with access to the world’s largest and most liquid market by offering innovative trading tools, applying excellent trading platform, meeting strict financial standards, and striving for the best online trading experience in the market.
In addition, ITB offers educational courses on FX trading and Cryptocurrencies on academy section of ITBFX website.
U.S. budget deficit totaled $262 billion in February
According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
The EU has agreed to reduce energy consumption by 11.7% by 2030
The European Union has agreed to reduce the bloc’s energy consumption by 11.7 percent by 2030, Reuters reported.
“This will mean a real change in favor of the climate and to the detriment of Putin,” the Danish Niels Fulsang, the European Parliament’s lead negotiator, told the agency.
Initially, in 2021, the EU proposed to reduce consumption by 9%, but in May 2022, against the background of events in Ukraine, increased the target to 13% to quickly abandon Russian energy, writes Forbes. The European Parliament considered it necessary to reduce consumption by 14%. The DAX Index also had problems.
Some EU countries have continued to insist on a 9% cut. An all-night negotiation between the EU and the European Parliament resulted in a compromise: the energy consumption of EU end-users, such as households and businesses, must be 11.7 percent lower than expected in 2030.
The agreement must pass final approval by the European Parliament and EU countries before it can become legally binding.
Earlier, we reported that consumers expect lower inflation in the eurozone, higher wages.
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