Canadian Finance Minister Chrystia Freeland and US Treasury Secretary Janet Yellen said on Monday the two countries were working together to tackle rising inflation by ensuring supply chains are more resilient.
Posted at 5:30 p.m.
The two officials spoke about the turbulence in the global economy during a joint press conference in downtown Toronto on Monday afternoon, which marked Ms.me Yellen in Canada as Treasury Secretary.
During the press conference, Mr.me Freeland said the two countries face an important period for the global economy, which comes with a historic opportunity to ensure the resilience of supply chains to try to prevent future shocks in the future. .
During their meeting, Mr.my Freeland and Yellen said they discussed how to reduce costs for families on both sides of the border amid soaring consumer prices, as well as how countries can continue to stand united against the Russian invasion of Ukraine.
During a speech on Friday, Mr.me Freeland said the current volatile and uncertain economic times were largely attributable to a challenging global environment. She called skyrocketing inflation a “global phenomenon” that is fueled by the lasting effects of the COVID-19 pandemic, ongoing lockdowns in China and Russia’s invasion of Ukraine.
Last month, Statistics Canada reported that annual inflation hit 6.8% in April. This is its highest level since January 1991, but Canadian inflation still remains lower than that of Great Britain, Germany and the United States.