Monday, May 29, 2023

US and China address trade concerns


US Commerce Secretary Gina Raimondo and her Chinese counterpart Wang Wentao exchanged concerns on Thursday, the first over Chinese incursions into US consulting firms and the second over Washington’s limitations on semiconductor technology exports, according to their governments.

Both sides announced no progress in the disputes over technology and security issues, although they noted that Raimondo and Wang had committed to strengthening trade talks.

Companies in both countries have been affected by trade pressure in the semiconductor industry and other security measures. Political relations between the two governments are at their lowest level in decades due to disputes over technology, security, China’s territorial claims and Beijing’s negotiations over Hong Kong and ethnic minorities.

Raimondo “raised concerns” about China’s actions against US companies in that region, the official said in a statement. Both about the scope of trade and investment, as well as “areas of possible cooperation”, Raimondi’s office said without elaborating.

The Chinese police disclosed the consulting services of Bain & Co. and Capvision and the auditing firm, Mintz Group, according to the enhancement of national security and intelligence laws. The Chinese authorities did not explain the reason for the raids.

These police actions have worried foreign companies, which the British Chamber of Commerce in China said this week wanted “more transparency” about the compliance required of them. Chinese authorities said the companies were required to obey the law, but without indicating whether they had warned of possible violations.

Wang “raised concerns” about US semiconductor policies, exports and trade, his ministry said without elaborating.

Chinese President Xi Jinping said in March that Washington was slowing China’s development by blocking China’s access to technology such as advanced microprocessors and blocking the ruling Communist Party’s efforts to develop its own semiconductor manufacturers, which would be used in smartphones, artificial intelligence and other advanced technologies. useful

President Joe Biden has imposed restrictions by his predecessor Donald Trump on access to design, manufacturing and other technologies that Washington and its allies say Beijing could use to improve China’s weapons, as China threatens to attack Taiwan and is embroiled in territorial disputes. other neighbors

The two governments have not yet resumed direct talks to end the war-torn Trump’s move to lift tariffs on Chinese goods imported over complaints about Beijing’s theft of industrial policy and technology.

Wang is scheduled to meet with US Trade Representative Catherine Tai later, according to the Chinese government.

The Chinese minister went to the United States of America to meet the Asia-Pacific Economic Cooperation in Detroit.

Nation World News Desk
Nation World News Desk
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