Janet Yellen Waves White Flag on Globalism as ‘Made in America’ Companies Thrive in Supply Chain Crisis
United States Treasury Secretary Janet Yellen, an economic globalist, is seemingly waving the white flag on globalism, suggesting that economic nationalist policies will be “necessary” to reshoring supply chains to the U.S. from overseas.
During an online conference this week, Yellen admitted that it is so-called “protectionist” policies that will be vital in reshoring supply chains back to the U.S. to avoid the current ongoing crisis where supply chains have significantly disrupted the American economy.
“It’s possible that policies that people will describe as protectionist are going to be necessary in order to create the appropriate incentives to produce things at home,” Yellen said, according to Bloomberg.
Though admitting that an economic nationalist approach to supply chains will be necessary, Yellen stuck to her globalist mantra, suggesting that not all goods can be made in America:
The Treasury chief also said, “certainly we want to work with other countries — with our allies and partners — to address supply-chain resilience on a collective basis,” in remarks aired Tuesday. “So, I don’t think this is just about the United States making everything at home, but in some cases that may be part of the answer.” [Emphasis added].
The remarks come after Yellen claimed to Reuters in an interview last week that U.S. tariffs on China-made products were contributing “to higher prices in the United States” though, again, admitting that cutting tariffs would have a minimal impact on inflation.
“It’s not a game-changer but I think the tariffs do contribute to higher prices in the United States and the Trump tariffs that were put in place, some of them create problems without having any real strategic justification,” Yellen said.
As the Coalition for a Prosperous America recently noted, a number of multinational corporations who make their products overseas are currently hard at work trying to convince President Joe Biden’s administration to reward them with waivers to avoid tariffs.
Meanwhile, American companies that manufacture in the U.S. are skirting much of the supply chain issues facing multinational corporations who make their products in countries like China, Bangladesh, Vietnam, and India.
“For businesses that rely on the global supply chain, this holiday season has become particularly stressful,” the New York Times reported last week. But at manufacturers like Nanotronics, a science technology company in the Brooklyn Navy Yard that sources most of its components locally, things are going swimmingly.
In Business Insider, executives with U.S. manufacturers like American Giant, Liberty Tabletop, the Vermont Flannel Company, and Arrow + Phoenix said that while they are having a hard time finding workers, inflation, and filling demand, they are avoiding much of the supply chain woes that corporate outsourcers are struggling to grapple with.
“We don’t spend any time talking about supply chain stuff internally,” American Giant CEO Bayard Winthrop said.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter here.
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