© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File Photo
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday said the global economy was facing “significant headwinds” and the United States was working to shore up its supply chains and guard against “geopolitical coercion” by Russia and others.
Yellen told an event hosted by the Bretton Woods Committee, a booster group, that Washington was working to deepen integration with the countries it could count on, including many emerging markets and developing countries, while building in more redundancies in its supply chains.
“We know the cost of Russia’s weaponization of trade as a tool of geopolitical coercion, and we must mitigate similar vulnerabilities to countries like China,” Yellen said.