United States Treasury Secretary Janet Yellen conveyed that there was a massive change in policy in the US. The officials responsible for President Joe Biden’s economic agenda have set principles that differ from the priorities of the previous administration.
Improving Relations with China
Quoting from CNBC, Tuesday (6/4/2021), the current government will replace policies that attack China as implemented by President Donald Trump. Instead, the policies to be taken are competitive and collaborative, and only ‘hostile’ where they should be.
Trump and his financial leader Steven Mnuchin have been ‘fighting’ not only with his traditional enemy China but also with allies such as Germany.
“America first must not mean America itself,” said Yellen.
Yellen also stated that diversity and climate change will be a priority. So, it’s not only for the US social agenda but also for the economy.
Drawing a line between the past and the present, Yellen emphasized in his speech at the Chicago Council on Global Affairs there was a fundamental difference.
“The most important difference today is a fundamental recognition that our policies at home and abroad must be designed to be inclusive, tackle inequality and respect our environment,” he said.
The US Role Must Return to Popular
The rhetoric isn’t ordinary speech. Rather, it is basically the opening act for this week’s World Bank / IMF spring meetings. The message, globalization and the role of the US which is considered the center of the mission is back in popularity.
“Over the past four years, we have seen firsthand what happens when America steps back from the global stage. America first must not mean America itself. Because in today’s world, no country alone can provide a strong and sustainable economy for its people, “said Yellen.
That’s not the only thing Yellen has to say. Without naming Trump, he criticized the previous administration for being slow to tackle the COVID-19 pandemic.
He said the White House failed to get involved early to tackle the crisis that was making the economy worse. He also stressed the importance of stopping the virus in other countries.
