Yellen Urges Less Dependence on Other Nations for Key Supplies – by Christopher Condon and Danielle Bochove (Yahoo Finance/Bloomberg – June 20, 2022)

(Bloomberg) — Treasury Secretary Janet Yellen said the US should work on shifting its dependence away from some rival nations for supplies of critical inputs as global supply-chain logjams have hurt the domestic economy.

“We saw during the pandemic that our supply chains were very brittle and really lacking in resilience,” she said Monday.

Yellen repeated her support for so-called friend-shoring, saying “countries that espouse a common set of values about international trade and conduct in the global economy should trade and get the benefits of trade so we have multiple sources of supply and are not reliant excessively on sourcing critical goods from countries where, especially, we have geopolitical concerns.”

“A friend-shoring group could be a reasonable large set of countries,” she added. Yellen made the comments during a trip to Toronto where she appeared alongside Canadian Finance Minister Chrystia Freeland.

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