United States Treasury Secretary Janet Yellen said on Monday that the country is focused on making supply chains more "resilient" as global supply-chain bottlenecks have harmed the domestic economy by shifting its reliance away from some rival nations for supplies of critical inputs, APA reports citing Teletrader.
"We saw during the pandemic that our supply chains were very brittle and really lacking in resilience," said Yellen during her visit to Toronto, accompanied by Canadian Finance Minister Chrystia Freeland. The Treasury Secretary emphasized that Washington is "enormously dependent" on Beijing for rare-earth metals, which are critical components in lithium-ion batteries used in electric vehicles.
According to Freeland, Canada could be a source of some products that countries have purchased from China and Russia for many years, noting that Ottawa can "contribute in a world of friend-shoring is critical metals and minerals and energy" needed by the US industries.
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