U.S. Treasury Secretary Janet Yellen has reiterated the need for the United States and its trusted trading partners to boost supply chain resilience through “friend-shoring,” but said this does not mean the U.S. is retreating from the rest of world.
In a speech made at South Korean conglomerate LG’s Science Park in Seoul on Tuesday, Yellen drummed up support from allies of the U.S. to work together in carving up more resilient supply chains among trusted partners through “friend-shoring.”
In a speech made at South Korean conglomerate LG’s Science Park in Seoul on Tuesday, Yellen drummed up support from allies of the U.S. to work together in carving up more resilient supply chains among trusted partners through “friend-shoring.”
Key Points
- In
a speech made at South Korean conglomerate LG’s Science Park in Seoul
on Tuesday, U.S. Treasury Secretary Janet Yellen drummed up support from
allies of the U.S. to work together in carving up more resilient supply
chains among trusted partners through “friend-shoring.”
- The
term draws on the concepts of “onshoring” and “nearshoring,” which refer
to the transferring of supply chains back home or closer to home, as
opposed to having them in foreign countries. “Friend-shoring” goes
beyond that but limits supply chain networks to allies and friendly
countries.
- But Yellen said these measures do not indicate the U.S. is withdrawing from global trade.
RSK: You go Janet...and remember...trucks run on diesel fuel to haul those goods and at $6/gal they can`t afford to be in business.
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- - Volume: 10 - WEEK: 31 Date: 7/26/2022 10:37:16 AM -