Yellen vows tough US action against countries that abuse the economic system

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

Treasury Secretary Janet Yellen said Tuesday that the United States will 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 is pushing for increased trade ties with South Korea and other trusted allies to improve the resilience of supply chains and avoid potential manipulation by geopolitical rivals. Read more

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

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

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

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

LG Chem, besides being the parent company of electric vehicle battery manufacturer LG Energy Solution (373220.KS)also has battery materials and petrochemical business.

Yellen is in South Korea on the last leg of her 11-day visit to the Indo-Pacific. Read more

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

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