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U.S. to review supply chains, Yellen urges collective efforts in containing Covid-19, Hong Kong's Jan. exports surge most on 1992 Updated: 2021-02-26 10:19:58 KST

Joe Biden's executive order mandates a 100-day review of supply chains for four key sectors - semiconductors, large-capacity batteries, pharmaceuticals and rare-earth elements.
Semiconductors are used in products from cars to phones, while large-capacity batteries are used in electronic vehicles.
Rare-earth elements are key components in high tech products such as smartphones and drones.
The review is to strengthen vulnerabilities in supply chains across critical sectors in the U.S.
The order does not mention China, but dependence upon strategic competitor nations will be among the risks to be evaluated.
As of now, the country imports about 80% of its rare earths from China, and relies on the country for as much as 90% of some medical products.
The U.S. is projected to pursue partnerships with Australia for rare earths, and with Taiwan, Japan and South Korea for semiconductors.
Janet Yellen, in her letter to G20 finance officials Thursday local time, asked for economic support for low-income countries.
She stressed that these countries have been particularly hit hard by COVID-19, and, without proper help, they face further loss of life and delayed economic recovery.
She suggested an allocation of Special Drawing Rights as a means of providing liquidity to poorer countries.
The SDR is an international reserve asset created by the IMF.
Members of the IMF can convert the reserve asset into hard currency upon request.
Hong Kong's exports surged 44 percent in January on year.
It is the biggest increase since 1992.
A rebound in exports to Taiwan and China has been attributed to the substantial pick up.
SEO Eunkyung, Arirang News.


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