READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Republic of Korea President Yoon Suk Yeol

SEOUL — Today, Secretary Yellen met with Republic of Korea President Yoon Suk Yeol.  They affirmed the importance of the U.S.-Korea Alliance as essential for peace and prosperity in the Indo-Pacific region and beyond, and emphasized the close friendship between the two countries based on shared values and mutual respect.  Secretary Yellen and President Yoon discussed ongoing efforts to hold Russia accountable for its brutal and illegal war against Ukraine—including through a price cap on Russian oil to reduce the impact of Putin’s war on global energy prices while limiting revenue for Russia’s war machine.

Secretary Yellen and President Yoon also underscored the importance of bolstering supply chain resiliency to protect against costly disruptions that lead to higher prices and adversely impact American and Korean workers, consumers, and businesses.  The Secretary emphasized that the United States and the Republic of Korea have a joint stake in confronting non-market economic practices that disadvantage the American and Korean economies and create an unfair playing field for U.S. and ROK workers and businesses.  Secretary Yellen and President Yoon also shared views on supporting financial market developments, elevating women in the workforce, and deepening economic security across the Indo-Pacific.