U.S. Treasury Secretary Janet Yellen speaks during a news conference ahead of the meeting of G20 finance ministers and central bank governors in Nusa Dua, Bali, Indonesia July 14, 2022. By Nagi/Pool via REUTERS
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SEOUL, July 19 (Reuters) – The United States will impose severe consequences on countries that violate the international economic order, Treasury Secretary Janet Yellen said on Tuesday.
“Economic integration is weaponized by Russia,” she said, calling on all responsible countries to unite in opposing Russia’s war in Ukraine.
The United States is pushing for stronger trade ties with South Korea and other trusted allies to improve the resilience of supply chains and prevent possible manipulation by geopolitical rivals, Yellen told Reuters on Monday. Read more
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Yellen said in remarks prepared for the event that she was encouraged by talks with Korean counterparts about the proposed cap on the price of Russian oil.
Yellen said she would discuss the oil price cap proposal with senior officials in Seoul.
On Tuesday morning, Yellen was hosted by LG Chem ( 051910.KS ) Chief Executive Hak Cheol Shin on a tour of LG facilities in Seoul.
Yellen, an avid rock collector, listened intently as Shin explained the process of building electric vehicles, 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 on the last leg of her 11-day visit to the Indo-Pacific region. Read more
(The story has been padded to remove the repeating sentence)
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Reporting by Andrea Shallal; Written by Joyce Lee; Editing by Himani Sarkar and Stephen Coates
Our standards: The Thomson Reuters Trust Principles.
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