China uses 'unfair trade practices' to gain 'dominant' advantage, Yellen says in South Korea
Yellen also called on countries to support Ukraine in its war with Russia
Treasury Secretary Yellen holds a press conference in advance of the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Indonesia
Treasury Secretary Yellen holds a press conference in advance of the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Indonesia.
United States Treasury Secretary Janet Yellen called out China’s "unfair" trade practices during a stop in Seoul, South Korea Tuesday, concluding her 11-day trip across the Indo-Pacific region.
"We cannot allow countries like China to use their market position in key raw materials, technologies, or products to disrupt our economy or exercise unwanted geopolitical leverage," Yellen said at an LG Chem facility, during a tour hosted by LG Chem CEO Hak Cheol Shin.
China "has directed significant resources to seek a dominant position in the manufacturing of certain advanced technologies, including semiconductors, while employing a range of unfair trade practices to achieve this position," the senior U.S. official added.
U.S. Treasury Secretary Janet Yellen speaks during a news conference in Nusa Dua, Bali, Indonesia on Thursday, July 14, 2022. (AP Photo/Firdia Lisnawati / AP Newsroom)
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She also said "the unfair Chinese practices" damage the U.S. "national security interests" and weakens the ability of countries in the region to compete fairly.
A staff member counts and sorts RMB cash deposited by customers at a bank in Haian, East China's Jiangsu Province, July 12, 2022. (Photo credit should read CFOTO/Future Publishing via Getty Images / Getty Images)
During her remarks, Yellen called on the international community to assist Ukraine in its war with Russia by limiting their export of Russian oil.
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"All responsible countries must unite in opposition to this war and work together to end it swiftly," Yellen said. "And that’s why the United States and other responsible allies and partners are seeking to reduce Russia’s revenue to wage its war without causing a necessary volatility in global energy markets."
FILE - Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee on Capitol Hill in Washington, on June 8, 2022. (AP Photo/Jose Luis Magana, File / AP Newsroom)
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In addition to Seoul, Yellen visited Tokyo and represented the U.S. at the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Indonesia.
The Associated Press contributed to this report.