Secretary Raimondo says 'we have a long way to go' on U.S.-China business relations

In a Tuesday interview with CNBC’s Jim Cramer, U.S. Secretary of Commerce Gina Raimondo mentioned there may be a long street forward to enhance the financial relationship between the U.S. and China.

She mentioned President Joe Biden’s November meeting with Chinese President Xi Jinping, saying the 2 leaders took a step in the appropriate route and have been in a position to have “a very productive, constructive, candid, direct” dialog.

“We started the dialogue, which is a good step. Nothing good will occur if we do not even discuss,” Raimondo mentioned. “But we have a long way to go.”

However, she mentioned actions communicate louder than phrases, and he or she wants to see the Chinese authorities take steps to defend U.S. mental property, allow a honest regulatory setting and never goal U.S. corporations. She mentioned she speaks with many CEOs who say it is getting increasingly troublesome to conduct business in China, however mentioned she is going to proceed to try to enhance circumstances.

“I’m a canine on a bone. U.S. business deserves an advocate, they deserve a honest shake,” Raimondo mentioned. “We’re not asking for any particular therapy, we simply need a degree enjoying discipline, and we’re going to hold making the case.”

Raimondo additionally mentioned the federal government’s relationship with semiconductor large Nvidia, saying they’re in frequent dialogue with the corporate. The Department handed regulations that prohibit the export of superior synthetic intelligence chips to China, probably chopping off a giant and rising market.

“It’s the U.S. non-public sector innovation ecosystem that enables us to lead the world in AI,” she mentioned. “But we additionally have to allow them to be aggressive, be productive, make cash, promote what they will to different nations, together with China, as long because it does not intervene with our nationwide safety.”

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia.