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Both have sought to reduce America’s reliance on Chinese factories and have encouraged companies to shift away from China to other countries - so-called “friend-shoring.”

Both have sought to reduce America’s reliance on Chinese factories and have encouraged companies to shift away from China to other countries — so-called “friend-shoring.”

She repeated her desire to diversify supply chains to countries in the region through "friend-shoring" or using trusted allies as sources of supply.

Beijing will most likely look to leverage trilateral trade cooperation to counterbalance the U.S. friend-shoring strategy, promote people-to-people exchanges, and enhance communication and dialogue with Seoul and Tokyo on security and defence matters, said Tong Zhao, senior fellow at the U.S.-based Carnegie Endowment for International Peace.

"The Biden-Harris administration views Vietnam as a key partner in our 'friend-shoring' approach to deepen integration with a broad set of partners and allies to create diverse, resilient, and sustainable supply chains in key industries," Yellen said.