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Yellen Touts ‘Friend-Shoring’ as Global Supply-Chain Fix

In a speech in South Korea, U.S. Treasury Secretary Janet Yellen singled out China that the U.S. and others should be less reliant on.

By Christopher Condon, Heejin Kim & Sam Kim | July 19, 2022 at 04:42 PM
Photo: U.S. Secretary of the Treasury Janet Yellen. U.S. Secretary of the Treasury Janet Yellen. Credit: Federal Reserve via Wikimedia Commons.

U.S. Treasury Secretary Janet Yellen called on “trusted” U.S. allies to strengthen trade relationships to shore up global supply chains disrupted by the pandemic, worsened by Russia’s war in Ukraine and threatened longer-term by a reliance on China.

In her longest public address during a three-stop tour of East Asia, Yellen touted her “friend-shoring” concept as a way to reduce the vulnerabilities of a supply system badly strained over the past two years, and as a mechanism for reducing inflation in the United States and elsewhere.

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