US Treasury sec Yellen: US overdependent on China for critical supply chains

US Treasury Secretary Janet Yellen spoke on Tuesday at a Fortune CEO event in Washington, reiterated her view that the US would rather not economically decouple from China.

Key quotes

“The US has become overly dependent on China for critical supply chains, particularly in clean energy products and needs to broaden out sources of supply.”

“The US does not want to decouple economically from China.”

“US would face national security concerns without a robust semiconductor sector of its own.”

"We're fooling ourselves if we think that abandoning, for all practical purposes, semiconductor manufacturing, is a smart strategy for the United States,"

Market reaction

These comments do not seem to have a major influence on risk mood. As of writing, the US Dollar Index (DXY) is trading at 107.06, down 0.01% on the day.