Secretary Freeland discusses global inflation with her US counterpart

Canadian Treasury Secretary Chrystia Freeland and US Treasury Secretary Janet Yellen said on Monday that the two countries were working together to tackle rising inflation by securing more resilient supply chains.

The two talks spoke about the global economic turmoil at a joint news conference in downtown Toronto on Monday afternoon, which marked Mrs Yellen’s first trip to Canada as finance minister.

At a press conference, Ms Freeland said both countries were facing an important period for the global economy, which came with a historic opportunity to ensure the resilience of supply chains in order to prevent future shocks in the future.

Ms Freeland and Yellen said during the meeting that they discussed how to reduce costs for families on both sides of the border at soaring consumer prices, as well as how countries could continue to stand united against the Russian invasion of Ukraine.

In her speech on Friday, Freeland said that the current volatile and uncertain economic times can be largely attributed to the challenging global environment. She called soaring inflation a “global phenomenon” driven by the enduring effects of the COVID-19 pandemic, the ongoing blockades in China and the Russian invasion of Ukraine.

Last month, the Canadian Bureau of Statistics announced that annual inflation reached 6.8% in April. This is the highest level since January 1991, but Canadian inflation is still lower than in the United Kingdom, Germany and the United States.

Elliot Frost

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