U.S. Treasury Secretary Janet Yellen said on 5 November 2025 that the department will make tech-competition with China a strategic priority, linking finance policy with national security. Speaking at a trade-policy forum, she emphasised safeguarding supply chains for semiconductors, rare earths and critical components, and indicated possible coordinated export controls and investment screening. Markets reacted to the linkage of fiscal-finance policy with industrial strategy — with global tech stocks dipping and defence-linked companies gaining. The remarks underscore growing alignment between economic and geopolitical strategy in shaping global capital flows.