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But it does acknowledge the existence of a political economy in which free trade can only really be free if countries are operating with shared values, and an even playing field. This isn’t America Alone or even America First. It would also seek to create principles-based alliances in areas like digital services and technology regulation, similar to last year’s global tax deal (which she spearheaded).
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The US would now favour “the friend-shoring of supply chains to a large number of trusted countries” that share “a set of norms and values about how to operate in the global economy”.
Yellen coined a new word for this post-neoliberal era: “friend-shoring”. But it does acknowledge the existence of a political economy in which free trade can only really be free if countries are operating with shared values, and an even playing field That was clearly a nod to Russian petropolitics but could just as easily cover Taiwanese chip manufacturing or China’s hoarding of rare earth minerals or, during the pandemic, personal protection equipment. As she put it, America’s objective should be not just “free but secure trade”.Ĭountries shouldn’t be allowed to use their “market position in key raw materials, technologies or products to have the power to disrupt our economy or exercise unwanted geopolitical leverage”. In the future, US trade policy would no longer involve merely leaving markets to their own devices, but rather would uphold certain principles – from national sovereignty and a rules-based order to security and labour rights. She also made clear that Vladimir Putin’s war in Ukraine and China’s failure to join the US and more than 30 other nations in sanctions on Russia was a pivot point for the global economy. In an address at the Atlantic Council in Washington, the secretary called for a new Bretton Woods framework and a revamp of the International Monetary Fund (IMF) and World Bank institutions, both of which are holding their annual meetings this week. Janet Yellen, the US Treasury secretary, did something important and, for the most part, underreported last week.