Economic system

Yellen promises strong US action against countries that abuse the economic system

U.S. Treasury Secretary Janet Yellen speaks during a press conference ahead of a G-20 finance ministers and central bank governors meeting in Nusa Dua, Bali, Indonesia, July 14, 2022 Made Nagi/Pool via REUTERS

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Treasury Secretary Janet Yellen said on Tuesday that the United States would impose severe consequences on countries that break the international economic order.

Economic integration is a weapon of Russia,” she said, and called on all responsible nations to unite in the face of Russia’s war in Ukraine.

Yellen told Reuters on Monday that the United States was pushing to strengthen trade ties with South Korea and other trusted allies to improve the resilience of supply chains and avoid possible manipulation by foreigners. geopolitical rivals. Read more

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Yellen said in prepared remarks for the event that she was relieved by talks with her Korean counterparts about setting a proposed cap on Russian oil prices.

Yellen said she would discuss the proposed oil price cap with senior officials in Seoul.

Tuesday morning, LG Chem Yellen hosted (051910.KS) CEO Hak Cheol Shin during a tour of LG facilities in Seoul.

Yellen, an avid rock collector, listened intently to Shane explain the process of building electric cars, including the need for lithium.

LG Chem, in addition to being the parent company of electric vehicle battery maker LG Energy Solution (373220.KS)also has battery materials and petrochemical businesses.

Yellen is in South Korea for the final leg of his 11-day Indo-Pacific tour. Read more

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(reports by Andrea Shalal). Written by Joyce Lee; Editing by Himani Sarkar and Stephen Coates

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