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Yellen promises tough US measures against countries that abuse economic order




US Treasury Secretary Janet Yellen speaks at a press conference, ahead of the G20 meeting of finance ministers and central bank governors, in Nusa Dua, Bali, Indonesia, July 14, 2022. Made Nagi / Pool via REUTERS

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SEOUL, July 19 (Reuters) – The United States will impose severe consequences on countries that violate international economic order, Finance Minister Janet Yellen said on Tuesday.

“Economic integration has been armed by Russia,” she said, urging all responsible countries to unite in opposition to Russia’s war in Ukraine.

The United States is pushing for increased trade ties with South Korea and other trusted allies to improve the resilience of supply chains, and avert possible manipulation from geopolitical rivals, Yellen told Reuters on Monday. read more

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Yellen said in comments prepared for the event that she was encouraged by talks with Korean colleagues about a proposed ceiling on the price of Russian oil.

Yellen has said that she will discuss the proposal for an oil price cap with top officials in Seoul.

On Tuesday morning, Yellen was hosted by LG Chem (051910.KS) CEO Hak Cheol Shin on a tour of the LG facility in Seoul.

Yellen, an avid collector of stones, listened intently as Shin explained the process of building electric vehicles, including the need for lithium.

LG Chem, in addition to being the parent company of the battery manufacturer LG Energy Solution (373220.KS), also has battery materials and petrochemical activities.

Yellen is in South Korea on the final leg of his 11-day visit to the Indo-Pacific region. read more

(History is archived to remove repeated sentences)

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Reporting by Andrea Shalal; Author by Joyce Lee; Edited by Himani Sarkar and Stephen Coates

Our standards: Thomson Reuters Trust Principles.



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