In a significant address at the Council on Foreign Relations, U.S. Treasury Secretary Janet L. Yellen discussed the Biden-Harris Administration’s international economic policy, emphasizing its critical role in supporting American families and businesses.
According to a press release, she stressed the importance of global economic collaboration to navigate current challenges and enhance domestic growth.
Yellen highlighted the administration's domestic economic successes and pointed to the strong economic recovery characterized by low unemployment rates and declining inflation, affirming that the administration is committed to policies that lower costs for American families.
“More prime-age Americans are participating in our labor force than at any point over the past two decades,” Yellen said.
Yellen underscored the interconnectedness of the U.S. economy with the global market and emphasized the need for international cooperation.
“We believe that America’s economic well-being depends on a global economy that’s growing and secure,” Yellen said. “American businesses and families have a tremendous amount to gain from our connections to the global economy and from U.S. global economic leadership.”
Yellen cautioned against isolationist policies and argued that protectionist measures could hinder U.S. competitiveness and prevent the country from effectively addressing significant global challenges, such as climate change and supply chain disruptions.
“Sweeping, untargeted tariffs would raise prices for American families and make our businesses less competitive,” Yellen said.
Discussing supply chains, Yellen outlined the administration’s efforts to strengthen American manufacturing and enhance resilience through international partnerships and highlighted initiatives aimed at promoting sustainable economic growth.
“We launched the Nairobi-Washington Vision to accelerate investments toward clean and resilient economies and supply chains,” Yellen said.
Yellen also addressed the pressing issue of global health and pandemic preparedness and emphasized the importance of addressing global health infrastructure gaps to protect American interests and improve overall economic security.
“No matter what we do at home, without addressing critical gaps in the global health infrastructure to strengthen global preparedness, preparation, and response, a future pandemic could negatively impact many economies, with significant spillovers to ours,” Yellen said.
On the topic of national security, Yellen called for a balanced economic relationship with China and reiterated the need for coordinated international action to counteract these challenges and foster fair competition.
“China’s barriers to market access and unfair trade practices currently cause challenges for American firms and workers and for other foreign businesses looking to operate in China,” Yellen said.
Yellen concluded by affirming the necessity of strategic global engagement for U.S. economic prosperity and underscored her belief that international cooperation is vital for addressing shared challenges.
“This means that helping countries around the world mitigate and adapt is crucial, including to protect American businesses and families” Yellen said.
