US Treasury secretary Janet Yellen has called for “co-ordinated action” by G7 nations against Beijing’s use of economic coercion, as Washington finalises a new outbound investment-screening mechanism aimed at China.
Speaking in Niigata, central Japan, where she is attending a meeting of G7 finance ministers, Yellen said the new US investment restrictions would be “narrowly scoped” and “targeted at technologies where there are clear national security implications”.
“Obviously, it would be most effective if there’s co-ordinated action by a group of like-minded countries and agreement that this is a useful approach,” she said on Thursday, adding she would continue “informal” discussions on the measures with other G7 members.
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