“Even though these policies may have economic impacts, they’re driven by straightforward national security considerations, and we will not compromise on these concerns even when they make those tradeoffs with our economic interests,” Yellen said. She echoed warnings made against China from US officials such as Secretary of State Antony Blinken that the country should not assist Russia in its war with Ukraine, otherwise “the consequences of any violations would be severe.
A study published last month showed that China spent $240 billion to bail out 22 countries between 2008 and 2021, including Argentina, Pakistan, Kenya and Turkey. That’s in addition to the loans China has given to countries in Asia, Africa and Europe to fund infrastructure megaprojects.