Yellen promotes bloc economics in Vietnam as US destabilizes region

By Al Mayadeen English
Source: Agencies
21 Jul 2023 10:30

The US Treasury Secretary says "friend-shoring" is inclusive and not limited to historic allies.

US Treasury Secretary Janet Yellen in Hanoi, Vietnam, on July 20, 2023 (AFP)

The United States eyes to integrate developing economies in international trades as Washington increases efforts to diversify supply chains over fears that some market routes might be disrupted in case a geopolitical security event hampered the delivery of critical cargo.

During her visit to Vietnam this week, US Treasury Secretary Janet Yellen said cooperation between countries to create a resilient global economy and strengthen trade relations on the basis of "friend-shoring" is not limited to historic allies.

"As we undertake these supply chain efforts, let me be very clear: friend-shoring is not for an exclusive club of countries," she said.

"It is open; it is inclusive of advanced economies, emerging markets and developing countries alike."

Yellen's Vietnam trip comes following her trip to China earlier this week in hopes to calm disputes between the two countries and stabilize bilateral relations.

But her statements do not reflect US actions in the past few years.

Washington has been ramping up its anti-China campaign and pushing for regional tensions with Beijing in the South China Sea, as part of its plans to target the industrial sector of the world's second-largest economy over fears that China's exponential economic growth could challenge America's global hegemony and position.

Furthermore, the United States' efforts to hyper-militarize its Asian allies near Chinese borders risk a security incident that could hinder the market's largest semiconductor manufacturer TSMC located in Taiwan from delivering chips to consumers, heavily impacting one of the most demanded products in the world today amid the AI and tech rush.

The US deepened its trade ties with Vietnam, a key manufacturing hub for American companies and businesses, in recent years.

"The United States is working to strengthen -- not to weaken -- our ties with the emerging and developing world, as demonstrated by our partnership with Vietnam."