© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen addresses a files conference all over a G20 finance ministers’ and Central Financial institution governors’ assembly at Gandhinagar, India, July 16, 2023. REUTERS/Amit Dave/File Direct
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen said on Tuesday the US has change into overly reckoning on China for vital provide chains, particularly in shapely vitality products and must expand out sources of provide.
Yellen, talking at a Fortune CEO occasion in Washington, repeated her longstanding scrutinize that the US would now not decide to decouple economically from China.
She said that she has no longer been „a solid believer” in industrial policy, but that the US had stood by for too lengthy whereas a range of international locations built up semiconductor industries with big subsidies.
The U.S. would face national security concerns with out a sturdy semiconductor sector of its have, she said, in conjunction with that remaining year’s Chips and Science Act will again reverse that construction.
„We’re fooling ourselves if we focus on that abandoning, for all sparkling functions, semiconductor manufacturing, is a trim technique for the US,” Yellen said.