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US Secretary of Commerce Gina Raimondo said President Biden had told her the administration would seek “tough, swift and immediate economic retaliation” if Russia invaded Ukraine amid rising tensions along the Ukrainian border.
“As for using any of our economic means, I want to say that the President has been very clear to me, Secretary Yellen, if that happens, we want a tough, quick and immediate economic revenge. “And the way to make it effective and also not to hurt our economy is to work with our allies,” Raimondo said in an interview with Punchbowl News on Wednesday.
This follows Biden’s comments on Tuesday in which he called for diplomacy to continue as the world watches whether Russian President Vladimir Putin orders an invasion of neighboring Ukraine, but also warned that a Russian attack on Ukraine “will face overwhelming international condemnation.” ”. . ”
Raimondo also noted on Wednesday that if Russia invaded, “there would be a rift in the global economy, not just the US economy” and that the Biden administration was “doing everything it can to avoid this.”
Raimondo added that “it is difficult to know exactly how devastating it would be for our economy”, pointing to concerns about possible increases in fuel prices.
“We are already starting to think about what we can do to increase capacity, working with our allies, working with companies to make sure we are ready to increase supply if needed,” Raimondo said in an interview.
Asked about the dangers of cyberattacks and the potential impact on US businesses, Raimondo said the Biden administration “is monitoring this every minute of every day.”
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