U.S. Treasury Secretary Janet Yellen will meet with Canadian Finance Minister Chrystia Freeland in Toronto on Monday where they will discuss the Ukraine war and joint efforts to deal with the food and fuel price inflation it is causing.
The Treasury said that Yellen during the visit will highlight strong economic ties between the two North American allies, visiting a business incubator and participating in a public forum at the University of Toronto.
"Throughout, Secretary Yellen will reinforce the common priorities shared by the U.S. and Canada in securing global stability and prosperity," the Treasury said in a statement, adding that this includes cooperation to strengthen supply chains and bring down inflation.
The two finance ministers will discuss sanctions and other joint efforts to increase economic pressure on Russia to end its war in Ukraine, the Treasury said.
"They'll also discuss joint efforts to mitigate the global consequences being felt because of Russia's aggression, including the need to boost production of fossil fuels in the short term to address high gas and energy costs, and reiterate the importance of adopting clean energy technologies that break our dependence over the medium-term," Treasury said.
The visit is the first to Canada for Yellen 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 in last year's American Rescue Plan COVID-19 aid legislation.
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