Wednesday, October 27, 2021

US commerce major will boost investment in domestic economy

WASHINGTON — US Commerce Secretary Gina Raimondo plans to in a speech on Tuesday outlined her vision for US investments in her domestic economy and to do more to compete with China.

“For America to compete globally, we must invest domestically — in American workers, American businesses, and American innovation,” Raimondo will say at the Washington Economic Club, according to excerpts from the speech.

Congress is considering giving the Commerce Department tens of billions of dollars to expand broadband services in areas lacking high-speed Internet and $52 billion to boost US semiconductor chip production.

Raimondo’s prepared excerpt says she would argue that China’s R&D spending requires a response: “We must expand R&D investment and move innovations from laboratory to market at the pace of the 21st century.” needed.”

In a roundtable media interview on Friday, Raimondo lashed out at China, saying it was stealing cheap and dumping aluminum and was not meeting a 2020 trade deal to buy American products.

“We are going to work with our allies to counter China’s anti-competitive behavior,” Raimondo said. “It’s a big difference between the previous administration’s approach and our administration’s approach.”

She said tariffs on steel and aluminum imposed by the Trump administration “worked” to increase US production, but added that national security tariffs imposed on allies “were not the right way to go … And now we’ve got to clear it up… Of course the enemy isn’t European. The enemy is China’s extra supply of cheap steel dumping into Europe.”

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EU trade chief Valdis Dombrowski said on Monday he was “moderately optimistic that the US and the EU can resolve their dispute over steel and aluminum tariffs.

In June, President Joe Biden withdrew executive orders issued by former President Donald Trump that sought to ban new downloads of WeChat, TikTok and other Chinese-owned apps and called on the Commerce Department as of October. Until the beginning, it was directed to make recommendations on how to make US data accessible. Companies controlled by foreign adversaries.

Raimondo said “we are in the middle of a TikTok review” and added that she was limited about what she could say.

She said the Biden administration is “very serious about protecting Americans’ data” and is working with allies. “It’s really tough work,” Raimondo said.

by David Shepardson



This News Originally From – The Epoch Times

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