Yellen to G7: U.S. is back at the global table

U.S. Treasury Secretary Janet Yellen is taking her call for hefty government spending to boost economies out of the doldrums caused by the health crisis - on the road.

In a Friday video meeting with her peers from the Group of Seven rich nations, or G7 as it is called, Yellen called for continued fiscal support to bolster the global economy, saying "the time to go big is now."

Going big, however, doesn't mean going it alone.

Yellen said the U.S. was ready to re-engage the global body - which includes Britain, Japan, France, Germany, Italy and Canada - as it helps steer the global economy out of the worst slump since the Great Depression.That is in contrast to the solitary approach taken by the Trump administration.

The G7 was thrown into chaos during the Trump years, including a 2018 incident when Trump refused to sign on to a joint communique after a leaders' summit because of a trade dispute between the U.S. and Canada.

Yellen is promising a more cooperative tone under the Biden administration.

The U.S. is now signaling an openness to support G7 efforts to have the International Monetary Fund provide help to low-income countries hit by the health crisis.

Other topics on the table included: inequality, vaccines, climate change and an international solution to the tax challenges resulting from the digital economy.

Yellen and her counterparts are laying the groundwork for leaders from the G7, who are expected to hold their first in-person summit in two years at a British seaside village in June.

Video Transcript

- US Treasury Secretary Janet Yellen is taking her call for hefty government spending to boost economies out of the doldrums caused by the health crisis on the road. In a Friday video meeting with her peers from the Group of Seven rich nations, or G7 as it is called, Yellen called for continued fiscal support to bolster the global economy, saying, quote, "The time to go big is now."

Going big doesn't, however, mean going it alone. Yellen said the US was ready to re-engage the global body, which includes Britain, Japan, France, Germany, Italy, and Canada, as it helps steer the global economy out of the worst slump since the Great Depression. That is in contrast to the solitary approach taken by the Trump administration. The G7 was thrown into chaos during the Trump years, including a 2018 incident when Trump refused to sign on to a joint communique after a leaders' summit because of a trade dispute between the US and Canada.

Yellen is promising a more cooperative tone under the Biden administration. The US is now signaling an openness to support G7 efforts to have the International Monetary Fund provide help to low-income countries hit by the health crisis. Other topics on the table included inequality, vaccines, climate change, and an international solution to the tax challenges resulting from the digital economy. Yellen and her counterparts are laying the groundwork for leaders from the G7, who are expected to hold their first in-person summit in two years at a British seaside village in June.