[Asia Economy Reporter Kim Bo-kyung] U.S. Treasury Secretary Janet Yellen (photo) stated on the 18th that there are additional sanctions to pressure North Korea to abandon its nuclear weapons program.
In an interview with foreign media aboard a military plane heading to Seoul, Secretary Yellen said she would discuss "sanctions on North Korea" during a meeting scheduled for the 19th with senior South Korean government officials.
The U.S. operates a sanctions program targeting North Korea and others through the Treasury Department's Office of Foreign Assets Control (OFAC).
Secretary Yellen is scheduled to meet President Yoon Suk-yeol on the 19th, as well as Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong. Attention is focused on whether additional sanctions to cut off North Korea's funding sources will be discussed at this meeting.
Additionally, in the interview, she stated that efforts are underway to strengthen trade relations and supply chains with trusted allies such as South Korea. This is to reduce dependence on China for key products like rare earth elements and solar panels.
The Treasury Department announced that she plans to emphasize this message in a speech at LG Science Park, which she will visit on the 19th.
According to Treasury Department materials, Secretary Yellen plans to call for the U.S. and South Korea to engage in "friendshoring," building supply chains with reliable countries, in her speech.
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