Pak Sahafat – The US Treasury Secretary acknowledged that the country has become too dependent on China for critical supply chains, especially in clean energy products, and needs to expand resources.
According to the report of Pak Sahafat International News Agency, while American officials claimed that China’s economy was shaky and headed for collapse a few weeks ago, now they acknowledge the dependence of their economy on Beijing.
U.S. Treasury Secretary Janet Yellen said Tuesday evening that the country has become too dependent on China for critical supply chains, particularly in clean energy products.
According to “Reuters” news agency, during a speech at an economic conference in Washington, Yellen, while emphasizing the need to expand sources of supply for America, repeated his long-standing view that Washington does not want to be economically separated from China.
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He said that he does not believe much in “industrial policy”, but he clarified that America stood idle for a long time while other countries created their semiconductor industries with huge subsidies.
According to this report, the US Treasury Secretary stated: “The United States will face national security concerns without a strong semiconductor industry of its own. The Chips and Science Act passed last year will help reverse this trend.
According to Reuters, Yellen also added: “If we think that abandoning semiconductor production is, for all practical purposes, a smart strategy for the United States, we are fooling ourselves.”
Earlier, after returning from a trip to Beijing, American Commerce Secretary Gina Raimondo claimed that China’s economy has faced a serious challenge and is slowing down.
After that, China’s Foreign Ministry rejected Western claims that the country’s economy is in decline and emphasized that Beijing’s economic structure is flexible and resilient.