U.S., China’s top commerce officials meet to discuss trade concerns

U.S. Secretary of Commerce Gina Raimondo sat down together with her Chinese counterpart Wang Wentao in Washington D.C. on Thursday to discuss “concerns” surrounding bilateral trade.

Marking the primary cabinet-level change between the 2 international locations in months, the U.S. talked about American corporations working in China.

According to a readout by the Commerce Department, “The two had candid and substantive discussions on points relating to the U.S.-China industrial relationship, together with the general setting in each international locations for trade and funding and areas for potential cooperation.”

Raimondo additionally “raised concerns in regards to the current spate of PRC [People’s Republic of China] actions taken in opposition to U.S. corporations working within the PRC,” it stated.

The bilateral change between Raimondo and Wang comes as market observers preserve an in depth eye on whether or not the U.S. will curb American investments into China, as relations between the world’s largest economies bitter.

The Group of Seven leaders met Hiroshima over the weekend, and vowed to “de-risk and diversify” from Chinese reliance, including that a few of Beijing’s practices “distort the worldwide economic system.”

The high-level talks come as China reportedly conducted inspections on U.S. audit firms within the mainland over nationwide safety breaches.

Earlier this week, China announced it will ban some purchases of merchandise from U.S. reminiscence chipmaker Micron — barring operators of “vital info infrastructure” in China after a safety evaluation carried out by the Cyberspace Administration of China.

In response, the U.S. Commerce Department’s spokesperson stated, “We firmly oppose restrictions that don’t have any foundation the truth is.” He stated the division will interact with the Chinese authorities to “element” its place and search readability.

In the discharge revealed by China’s Ministry of Commerce after his assembly with Raimondo, Wang additionally raised concerns over U.S. insurance policies on semiconductors and export controls.

“The two sides agreed to set up communication channels to keep and strengthen exchanges on particular financial and trade concerns and cooperation issues,” it stated.

Wang is anticipated to meet U.S. Trade Representative Katherine Tai throughout his go to to the U.S. the place he’s set to attend the Asia-Pacific Economic Cooperation trade ministers’ assembly.