Remarks by Secretary of the Treasury Janet L. Yellen Ahead of Bilateral Meeting with Chancellor of the Exchequer Rachel Reeves of the United Kingdom

As Prepared for Delivery

It is a pleasure to meet with Chancellor Reeves for the first time in person since her recent appointment as the United Kingdom's Chancellor of the Exchequer. I look forward to furthering the U.S. and UK's deep, longstanding, and special relationship, including advancing our joint work on shared international economic priorities.

Treasury continues to work closely with the UK on strengthening our sanctions against Russia to reduce the Kremlin's revenues and disrupt Russia's ability to get the critical goods it needs, including through third countries like China, to prosecute its war of choice against Ukraine. The UK will also be an essential partner as we build on the G7 Leaders' Apulia Summit commitment to unlock the value of immobilized Russian sovereign assets to help secure economic and security assistance for Ukraine.

Building on concerns G7 Leaders raised while in Apulia, the United States also hopes to collaborate with G7 allies, including the UK, to warn countries and businesses of the risk of negative spillovers from China's macroeconomic imbalances and large-scale government over-investment in specific industrial sectors.

The Biden Administration has taken strategic and targeted action to address China's state-sponsored overcapacity and nonmarket practices, including through Section 301 tariffs. We are committed to protecting American workers and businesses from the price distortions created by Chinese overcapacity.

The UK is also a crucial partner in using economic tools to promote stability in the Middle East. We share significant concerns about the deteriorating economic situation in the West Bank and the threat it poses to both Palestinians and Israelis. We are grateful for the UK's collaboration in encouraging the Israeli government to maintain correspondent banking relationships with West Bank-based financial institutions, as that connectivity is critical for economic stability and security in the West Bank.

I look forward to discussing these and other priorities in my meeting with Chancellor Reeves today.

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