U.S. Treasury Secretary Janet Yellen revealed at a press conference, that members of the Group of Seven (G7) are discussing how to respond to China’s use of “economic coercion” against other nations. The G7 countries, which include Canada, France, Germany, Italy, Japan, the U.K., and the European Union, share similar concerns. Furthermore, they are looking for ways to counter China’s actions. Emphasizing that any action by the U.S. will be “narrowly scoped and targeted at technologies where there are clear national security implications,” Yellen spoke. The press conference took place in Niigata, Japan. It was ahead of the G7 meeting of finance ministers and central bank governors, which Yellen attended. Lastly, Japan holds the G7 presidency this year.
U.S. and G7 Allies Discuss Restricting Investment to China
Janet Yellen recently discussed the U.S.’s plans to impose restrictions on outbound investment to China with other members of the G7. What’s more, Yellen stated that many of the G7 members shared a “common concern” over the matter. Moreover, were exploring what joint action could be taken. The G7, have been having discussions on the matter and Yellen anticipates this to continue in some form. As the U.S. and its G7 allies look to respond to the recent investment activity from China, it is clear that concrete action is likely to follow in the near future.
US Government Mulls Action on Foreign Investment: Treasury Secretary Yellen Speaks Out
Janet Yellen has recently revealed that the US government is actively discussing ways to strengthen its scrutiny of investments. American companies and individuals in foreign countries make this. With lawmakers pushing the Biden administration to take a firmer stance, Yellen clarified that any action would be “narrowly scoped and targeted at technologies where there are clear national security implications.” She also advocated for a coordinated effort between like-minded countries, with agreement that such an approach would be beneficial. Moreover, there is yet to be a definitive plan of action put in place. Meanwhile, the US government is actively considering ways to protect its national security and supply chain matters.
Treasury Secretary Yellen Discusses G7 Work to Protect National Security
At a recent press conference, U.S. Treasury Secretary Janet Yellen discussed the G7’s work to protect national security. Yellen emphasized the importance of having a broad suite of tools to counter economic coercion and mitigate geostrategic risks. She suggested that any restrictions on outbound investment should be narrowly focused on national security. Moreover, it should not be used as a way to undermine other countries’ economic advancement. Yellen’s comments highlight the importance of protecting America’s national security. Meanwhile, also respecting the rights of other countries to economically advance.
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