🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

US commerce secretary to visit China next week for talks

Published 08/22/2023, 05:43 AM
Updated 08/22/2023, 05:56 PM
© Reuters. FILE PHOTO: U.S. Commerce Secretary Gina Raimondo testifies during a Senate Appropriations Committee hearing titled "A Review of the President’s Fiscal Year 2024 Budget Request: Investing in U.S. Security and Competitiveness, and the Path Ahead for the
MSFT
-

By David Shepardson

WASHINGTON (Reuters) -U.S. Commerce Secretary Gina Raimondo will travel to China next week for meetings with senior Chinese government officials and U.S. business leaders, the department said on Tuesday, marking the latest in a recent series of high-level visits.

Last month, Raimondo vowed to go forward with the visit despite the reported Chinese hacking of her department's emails.

U.S. national security adviser Jake Sullivan said Raimondo will carry a message that the U.S. is not seeking to decouple from China, but will protect its national security. She will reinforce that the U.S. is focused on sustaining an economic relationship with China, he added.

Raimondo met with Xie Feng, China's ambassador to the United States, on Tuesday ahead of the trip.

Raimondo "raised issues of importance to the United States and American businesses and workers and discussed issues relating to the U.S.-China commercial relationship, challenges faced by U.S. businesses, and areas for potential cooperation," the Commerce Department said.

On Tuesday, China welcomed the department's decision to lift export control restrictions on 27 Chinese entities, saying it is conducive to normal trade between Chinese and U.S. firms. The U.S. Commerce Department on Monday removed the 27 Chinese companies from its "Unverified List."

Companies are given that designation if the U.S. cannot complete on-site visits to determine if they can be trusted to receive sensitive U.S. technology exports. Companies on the list cannot use license exceptions for exports.

Commerce said the removal "demonstrates the concrete benefit companies receive when they or a host government cooperates" to complete checks.

Raimondo "looks forward to constructive discussions," during the visit to Beijing and Shanghai from Aug. 27-30, the department said in a statement.

Last week, China said it welcomed Raimondo's expected visit.

Raimondo said recently that she wanted to raise "really serious concerns about the way they are targeting U.S. tech companies, about the way they don't respect intellectual property but also try to find lanes of commerce."

Her trip follows a four-day visit last month by Treasury Secretary Janet Yellen, who held more than 10 hours of meetings with senior officials in Beijing.

The U.S. and China agreed this month to approve twice the number of passenger flights now permitted by air carriers between the two countries, in a rare sign of cooperation between the world's largest two economies.

Raimondo was among a group of senior U.S. officials whose emails were hacked this year by a group Microsoft (NASDAQ:MSFT) said was based in China, according to a person briefed on the matter.

Earlier, China's embassy in Washington said that identifying the source of cyber attacks was complex and warned against groundless speculations and accusations.

In July, Raimondo said the Biden administration was seeking to carefully target U.S. controls on exports to China.

© Reuters. FILE PHOTO: U.S. Commerce Secretary Gina Raimondo testifies during a Senate Appropriations Committee hearing titled

Raimondo met Chinese Commerce Minister Wang Wentao in May, discussing trade, investment and export policies in what was until then the first U.S.-China cabinet-level exchange in months, after a string of trade and national security disagreements derailed plans for re-engagement.

In April, Raimondo warned Chinese cloud companies could pose threats. Some Republican senators want her to add such companies to the entity list that imposes U.S. export controls on foreign companies.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.