Janet Yellen praises ties with Chile, a vital part of EV supply chain
- The Biden administration has been pursuing a ‘friendshoring’ agenda to make US supply lines less dependent on China
- Chile has the world’s largest reserves of lithium, and two-thirds of exports of the key metal were bought by China last year
US Treasury Secretary Janet Yellen championed robust US relations with Chile on Saturday, saying that the two nations could help one another achieve goals involving climate and energy.
Yellen’s comments, delivered after a visit to Albemarle Corp’s lithium processing facility in the northern Chilean city of Antofagasta, punctuated a trip intended to strengthen ties with an ally rich a mineral essential to the Biden administration’s electric vehicle vision.
“As we accelerate toward a clean energy future, our already strong economic relationship is poised for further strengthening,” Yellen said, according to prepared remarks.
The US Treasury chief met top officials in Santiago on Friday including President Gabriel Boric, Finance Minister Mario Marcel and Rosanna Costa, president of the central bank.
Chile has the world’s largest reserves of lithium – a key metal for making batteries that power EVs – and is the No 2 supplier after Australia.