Reported 5 months ago
U.S. Treasury Secretary Janet Yellen is advocating for a united front among market-driven countries, particularly the G7, to oppose China's state-driven industrial policies at a finance meeting in Italy. Yellen seeks agreement on unlocking $300 billion in frozen Russian assets to support Ukraine beyond 2025. She highlights concerns from countries such as Mexico, India, and South Africa regarding China's excessive investments in strategic sectors. Yellen calls for unified messaging to China without necessarily aligning trade policies, following the U.S.'s recent tariffs on Chinese goods. Additionally, Yellen rejects Brazil's proposal for a global wealth tax on the super-rich to fund clean energy transitions in developing countries.
Source: YAHOO