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Yellen: US-China Separation Would Have Disastrous Effects

US-CHINA

Treasury Secretary Janet Yellen, speaking on Indo-Pacific policy at the Asia Society Policy Institute, has outlined "three priorities" that are "shaping [US] economic strategy in the [Indo-Pacific]," which she says will be advanced through, "strategic and intensifying multilateral and bilateral engagements."

  • "1: Increasing trade and investment. 2: Bolstering economic resilience 3: Cooperating of global challenges."
  • Yellen: "The US started as an Atlantic nation but has long been a Pacific nation too... The Indo-Pacific region is at the center of the 21st century global economy."
  • Yellen says that it is "wholly untrue" that the US is "turning away" from the Indo-Pacific, rather Washington is, "deepening ties across the region."
  • Yellen: "We know the US-China relationship is among the most consequential in the world and we need to get it right."
  • Yellen: "The United States does not seek to decouple from China. A full separation of our economies, or an approach, including where those in the Indo-Pacific, are forced to take sides, would have significant negative global repercussions and we have no interest in such a divided world and its disastrous effects."
  • Yellen: "Given the extent of economic linkages within the Indo-Pacific region and complexities of supply chains, it's simply not practical. Instead we are derisking and diversifying by investing at home and strengthening linkages with allies and partners around the world."
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