Yellen, Canada’s Freeland Presents United Front on Ukraine and Economic Challenges

Canadian Foreign Minister Chrystia Freeland speaks to reporters outside the U.S. Trade Representative’s office in Washington, U.S., August 28, 2018. REUTERS/Chris Wattie/File Photo

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TORONTO, June 20 (Reuters) – U.S. Treasury Secretary Janet Yellen met with Canadian Finance Minister Chrystia Freeland on Monday, pledging to cooperate on issues ranging from sanctions against Russia to boosting production energy and strengthening supply chains.

Treasury said Yellen during the visit will highlight the strong economic ties between the two North American allies, visiting a business incubator and participating in a public forum at the University of Toronto.

“I very much look forward to discussing with Secretary Yellen the common economic challenges facing our two countries,” Freeland said as the two finance ministers began a bilateral meeting.

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Issues include tightening sanctions on Russia and pursuing global tax reform, Freeland said.

“We can also work together to boost energy production which European countries and other countries badly need,” Yellen said, adding that they would also discuss medium-term plans to switch to energy sources. cleaner.

The two finance ministers will discuss efforts to reduce inflation, the Treasury said in a statement.

“They will also discuss joint efforts to mitigate the global consequences felt as a result of Russia’s aggression, including the need to increase fossil fuel production in the near term to meet high gas and oil costs. energy, and will reiterate the importance of adopting clean energy technologies that break our dependency in the medium term,” the Treasury said.

This visit is Yellen’s first to Canada as Treasury Secretary. On Tuesday, Yellen will visit the Rosebud Sioux Tribe in South Dakota to discuss the impact of $20 billion in funding for tribal communities made available under the US Rescue Plan COVID-19 relief legislation. ‘last year. Read more

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Reporting by David Lawder; Editing by Sam Holmes and Richard Pullin

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