The United States is now working hard to improve its supply chain and contain geopolitical threats from Russia and China, Treasury Secretary Janet Yellen said.
Speaking at an event organized by the Bretton Woods Committee on Wednesday, Yellen said America is working to deepen cooperation with the European Union (EU) as well as emerging markets and developing countries.
At the same time, Washington is also trying to build more diversity in its supply chain.
Meanwhile, Yellen said the US needed to weaken China as it did Russia, emphasizing Washington's actions in imposing early sanctions and holding Moscow accountable for its aggression in Ukraine.
Even before, the Biden administration has been outspoken about the importance of reducing US dependence on China's supply chain and countering its dominance in the global economy.
For now, the country is trying to reduce US companies' "overdependence" on semiconductors from Taiwan and other technologies, including solar panels or critical components for electric vehicle batteries made in China and some other countries.
Earlier, the Biden administration had announced a ban on the sale of computer chip technology to Chinese firms to curb the progress of the country's military.
In effect, it will make it difficult for China to obtain advanced chips for the latest technology.
