Yellen, US Treasury Secretary, to Visit President Yoon on the 19th... Discussing Supply Chain Issues

[Image source=Yonhap News]

[Asia Economy Reporter Lee Hyun-woo] U.S. Treasury Secretary Janet Yellen is scheduled to visit South Korea on the 19th and meet with President Yoon Seok-yeol, the U.S. Treasury Department announced. Secretary Yellen is expected to discuss supply chain issues with President Yoon.

On the 17th (local time), the U.S. Treasury Department stated that Secretary Yellen plans to meet President Yoon on the 19th (Korean time) to discuss economic issues. She is also scheduled to meet with Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong on the same day.

The Treasury Department said that during her visit to Seoul, Secretary Yellen will continue to push for the introduction of a price cap on Russian crude oil and discuss ways to resolve supply chain bottlenecks through "friendshoring." Friendshoring refers to restructuring supply chains and trade relationships primarily among allied countries.

Secretary Yellen will also hold separate meetings with leading female economists and business leaders in South Korea to discuss how increased female labor force participation can boost the economy. Additionally, she is expected to visit LG Group, which had announced plans to invest in electric vehicle battery manufacturing facilities in the U.S., to tour the related facilities.

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