MNI POLITICAL RISK - Sullivan Outlines International Economic Strategy

US President Joe Biden's National Security Advisor, Jake Sullivan, has delivered a major address at an event hosted by the Brookings Institution think tank in Washington DC, outlining the Biden Administration’s international economic strategy and building upon a speech from Treasury Secretary Janet Yellen last week at John Hopkins University which was widely seen as presenting a more conciliatory message on China.

• Sullivan: "Secretary Yellen gave a very important speech on our economic policy in respect to China. Today, I'd like to zoom out to our broader international economic policy."
• Sullivan outlines five steps being pursued by the Biden administration to protect foundational technologies, move beyond traditional trade deals, and target investment to secure critical supply chains.
• Sullivan: “We are leveraging the Inflation Reduction Act to build a clean energy manufacturing ecosystem, rooted in supply chains here in North America, extending to Europe, Japan, and elsewhere. This is how we will turn the IRA from a source of friction into a source of strength and reliability.”