Bloomberg Talks US Treasury Secretary Janet Yellen Talks Tariffs, Russian Sanctions
Dec 11, 2024
Janet Yellen, the US Treasury Secretary with a vast background in economics, discusses vital issues like broad-based tariffs and their potential impact on international trade. She highlights the significance of sanctions on Russia, particularly concerning oil exports and their military powers. Yellen also details the $20 billion aid package for Ukraine, funded by frozen Russian assets. Additionally, she addresses the U.S.-China relationship and the critical role of the U.S. dollar as a global currency, emphasizing strategies for maintaining economic stability.
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Impact of Sanctions on Russia
- The US aims to weaken Russia's ability to wage war by denying it military equipment.
- They focus on reducing Russia's oil revenue, a crucial part of its budget.
Price Cap on Russian Oil
- Yellen recalls the price cap on Russian oil as a creative policy success.
- This avoided price spikes and kept Russian oil flowing, while increasing costs for Russia.
US Loans to Ukraine
- The US provided $20 billion in loans to Ukraine, funded by interest on frozen Russian assets.
- This strengthens Ukraine's defense and ability to negotiate peace.