![]() The difference, to put it in perspective, would be cooking all your meals on your cooktop vs. Transcript provided by NPR, Copyright NPR.EGM Built has dedicated itself to converting state-of-the-art Mercedes Benz Sprinter vans with the biggest solar array on a 144 wheelbase, nearly double in size to the industry average. Secretary, thank you very much for the time. So I believe that it is possible to avoid recession, to maintain a good, strong labor market while gradually bringing inflation down to the Fed's target. ![]() And this has already happened to some extent without seeing waves of layoffs or anything of the sort. But we can still see some of the pressure come out of the labor market. That may be one source of inflationary pressure. You know, the labor market is about as strong as it's ever been. It is certainly not something that is inevitable. YELLEN: Well, I don't think Americans should anticipate that we have to have a recession. That wouldn't be desirable for us or for them. We don't seek to sever our trade and investment relations with China. ![]() But I would refer to this as de-risking and not decoupling. But the concern is broader if we have overdependence on any single country for critical goods that we need, whether it's equipment related to dealing with health threats like the coronavirus, or it's overdependence on goods like solar panels or rare earths or critical minerals that go into electric vehicle batteries. We are concerned about overdependence on China. And we have put in place export controls, for example, on advanced semiconductors. We will certainly take actions, for example, to protect our national security. But there are areas where we have concerns. Trade and investment - open trade and investment - I think is a win-win. YELLEN: Well, I think decoupling would be disastrous. But aren't the two economies too tied together for them to even think about decoupling? and China are doing what sometimes, I think, Secretary, seems and looks like it's a perilous, dangerous dance. MARTÍNEZ: I also asked the secretary about U.S.-China relations. The World Bank has always had a country-by-country focus, and a challenge like climate change is really a global challenge. In the last eight months, we've achieved some significant success changing the way that they operate, and they've already agreed to changes that at the World Bank will unlock $50 billion in additional lending capacity over the next decade. And we think that they need to evolve in order to accomplish that. YELLEN: We see a need - and this is a priority of ours at this summit - for the World Bank, the IMF and the multilateral development banks to play leadership roles here. MARTÍNEZ: I spoke with Secretary Yellen yesterday, and I asked her what it's going to take to make that happen. JANET YELLEN: We have several goals to rally world leaders to take concrete actions with developing and emerging economies that will spur growth, address challenges that are global in nature, like climate change, pandemics, fragility and conflict, and to generally deepen economic ties. Treasury Secretary Janet Yellen is in Paris this week, meeting with world leaders to try and ease the debt load of developing nations, particularly those coping with climate disasters.
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