President Biden and other world leaders announced a new corridor to link India with the Middle East and Europe. It's one of several initiatives aimed at countering China's Belt and Road Initiative.
The announcement came at the opening of the G20 summit, one that comes as growing global rifts and the absence of key players threatened to make reaching consensus on the thorniest issues elusive.
President Biden is using the G20 summit to push for a bigger, better World Bank as an alternative to China's massive lending programs, which have left some low-income countries with massive debt.
India wants to steer talks away from Russia, with which it's maintained ties despite the Ukraine invasion. Russia's top diplomat walked out of a previous G-20 summit over criticism of the war.
President Biden leaves Thursday for a series of major summits with foreign leaders. And in Bali, he'll meet face-to-face with Chinese President Xi Jinping.
Yellen's counterparts from the U.K. and Canada joined the walkout to protest Russia's invasion of Ukraine.
Announced at the G-20 Summit in Rome, the deal is meant to protect American producers but tamp down on the cost increases that the original tariffs have led to.