Treasury Secretary Yellen sees no need for China sanctions as U.S. tries to deter aid to Russia

The Treasury Secretary does not believe that the U.S. should impose sanctions on China because of its ties to Russia.

The Treasury secretary doesn't think that that's necessary or appropriate.

She said that they would be very concerned if they were to supply weapons to Russia.

NATO leaders are stepping up their efforts to warn China against allowing Russia to assault Ukraine.

U.S. Secretary of the Treasury Janet Yellen speaks to employees after touring The Denver Mint, One of the two locations manufacturing coins for the new American Women Quarters Program, which includes the Maya Angelou quarter dollar coin, in Denver, Colorado, March 11, 2022.

The U.S. and its allies have warned Beijing that it would face severe consequences if it aided Moscow with arms, alternative trade routes or propaganda.

Russia's unprovoked attack on its neighbor has not been fully denounced by China and Putin has complained about NATO's expansion. Both countries deny that Russia has asked for military and economic assistance.

If Beijing supports Moscow in its effort to capture the Ukrainian capital of Kyiv, President Joe Biden warned Chinese leader Xi Jinping.

The Treasury Department would likely expand its economic sanctions if the White House were to penalize Beijing.

The importance of securing U.S. supply chains has been emphasized by both Russia's invasion of Ukraine and the Covid-19 epidemic.

She said that American businesses have focused on efficiency and organizing supply chains in ways that lower costs but impair resilience.

The European war and global supply concerns have caused havoc in several key commodities markets. After trading under $90 in January, the price of West Texas crude oil futures jumped above $130 per barrel in March.

The national average price of gasoline went up to its highest level ever earlier in the month at $4.33 a gallon.

The price of wheat is 25% higher than it was two months ago.

She disagrees with the claims that trade globalization is ending.

She said that she had to push back on that. It has brought benefits to the United States and many other countries around the world.

She views the asset class through her duty to safeguard American consumers and investors. She said that she is focused on people who would think cryptocurrencies is a good investment.

There are valid concerns around it, and I have a bit of skepticism.