Yellen promotes 'friend-shoring' to reduce reliance on China

Treasury Secretary Janet Yellen embraced a new term for trade policy in arguing the United States and its allies should lean more heavily on one another to protect fragile global supply chains.

Yellen backed the notion of “friend-shoring” Tuesday in a speech at an LG Group research facility in Seoul, South Korea. Friend-shoring builds off the concepts of onshoring or nearshoring, which is when supply chains are moved to, or moved nearer to, the U.S. — as opposed to offshoring.