WASHINGTON — President Joe Biden is attempting to boost trade with Latin America, conference on Thursday with the heads of the Dominican Republic and Chile as part of a wider effort to interrupt China’s supremacy in international production.
“There’s truly is no factor why this hemisphere shouldn’t be the most flourishing Democratic hemisphere in the world,” Biden informed Chilean President Gabriel Boric Font. “We have all the makings of that.”
The U.S. president on Friday will welcome nationwide leaders from throughout the Western Hemisphere for the veryfirst Americas Partnership for Economic Prosperity Leaders’ Summit. The occasion was revealed last year at the Summit of the Americas in Los Angeles as Biden hasactually made it a concern to broaden U.S. alliances to counter rivals such as China and competitors such as Russia.
“The Dominican individuals are your buddies. The Dominican individuals are your allies,” Dominican President Luis Abinader informed Biden in the Oval Office.
Chilean President Boric stated he would talkabout migration and advancement concerns with Biden, stating that they both shared the objectives of “respecting human rights and battling for democracy.”
Treasury Secretary Janet Yellen detailed the Biden administration’s objectives in a Thursday speech at the Inter-American Development Bank. The U.S. desires to diversify supply chains with “trusted partners and allies,” a technique that she stated had “tremendous capacity advantages for fueling development in Latin America and the Caribbean.”
Yellen, who frequently talks about her “friendshoring” technique for increasing supply chain durability by working mainly with friendly countries as opposed to geopolitical competitors like China, laid out her vision of brand-new U.S. financialinvestment in South America at the advancement bank o