Treasury Secretary Janet Yellen expressed her concern about the increasing global food insecurity stemming from the ongoing Russia-Ukraine war.
While speaking at a press conference prior to the G7 Finance Ministers and Central Bank Governors meeting in Bonn, Germany today, Yellen addressed some of the key issues affecting the global economy now, especially food security in emerging and developing countries.
She claimed that the rising market prices for food and fertilizers will lead to more people starving around the world. This will also result in harming the government’s fiscal and external positions.
Yellen claimed that it would be helpful to bring down the tariffs that “were imposed by President Trump in retaliation for China’s unfair trade practices” as those did more harm to the consumers and businesses than good. She said that it will also benefit the consumers and help to bring down inflation.
Discussions are going on among the Western allies on how to build back Ukraine and whether Russia’s frozen assets could be used in the reconstruction process of the country ravaged by the war.