US Commerce Secretary Gina Raimondo is expected to visit China from August 27 to discuss resolution of economic and trade disagreements between the two countries.
During the four-day visit, Ms Raimondo will visit Beijing and Shanghai, where she will hold discussions with senior host country officials and US business leaders, the Commerce Department said in a statement.
Ms. Raimondo looked forward to a constructive discussion on bilateral trade relations, challenges facing American businesses, and potential areas of cooperation.
US officials say Raimondo will send a message to China that Washington is not trying to isolate the host country economically. However, the message also emphasized that the US would defend national security.
Meanwhile, Chinese officials said the two sides would hold in-depth discussions on challenges in bilateral trade relations.
Mr. Wei Zongyou, an expert from Fudan University (China) commented on the paper China Daily Businesses on both sides will wait to see if Raimondo’s visit helps Beijing and Washington move closer to resolving issues such as additional tariffs, policies blocking US investment in high-tech in China. …Or not.
US Commerce Secretary Gina Raimondo is scheduled to visit China from August 27 to 30. Photo: Reuters
The visit comes at a time when the US and China are slowly drifting apart economically and strengthening trade ties with their closer countries.
Washington and Beijing were once each other’s largest trading partners. However, the US now trades more with its neighbors Canada and Mexico. Meanwhile, Beijing is also strengthening its trade ties with Southeast Asia.
According to data from Washington, two-way merchandise trade between the US and China in the first half of 2023 is set to decline by 19.6% compared to the same period last year. Last year, this figure reached a record high of $690 billion.
Analysts say it is an emerging trend of trade regionalization in the Eastern and Western Hemispheres that threatens to pose a risk to global growth. Neil Thomas, an expert at the Asian Institute of Social Policy (USA), said economic sanctions imposed on each other by the US and China started to turn trade around.
This may contribute to the trend of regionalization of international trade, which will lead to inflation and hinder the development of countries in conflict.
US-China trade relations deteriorated after President Donald Trump’s administration imposed additional tariffs on imports from China in 2018. Then it was the turn of Joe Biden’s successor and some of his aides. The US restricted the export of advanced semiconductors and manufacturing equipment to China.
This month, the White House president also issued an executive order restricting US investment activities in China in certain high-tech areas, such as advanced computer chips, artificial intelligence, information technology. Meanwhile, Beijing has also issued a series of countermeasures. Recently the export of two metals used in the production of semiconductors has been banned.
Several other factors are also affecting the US-China trade relationship. For example, high interest rates in the US have led to a decline in demand, including demand for products from China. Meanwhile, the Chinese economy is currently facing several challenges from weak domestic consumption, real estate crisis, high debt, etc.
Raimondo will be the latest senior US official to visit China this year. Earlier, Secretary of State Antony Blinken, Treasury Secretary Janet Yellen and US Special Envoy for Climate John Kerry visited Beijing in June and July.
According to expert Wei Zongyu, the Biden administration seeks to promote high-level exchanges and dialogues between the two sides to reduce misunderstandings and miscalculations, manage differences, improve relations and seek harmony. practical work.