The tolerance of American industry was “wearing thin,” warned U.S. Commerce Secretary Gina Raimondo in interviews that were televised on Sunday, adding that American businesses wanted a “predictable environment and a level playing field.”
The world’s two greatest economies were once each other’s top trading partners, but now Washington trades more with nearby countries like Canada and Mexico, while Beijing trades more with Southeast Asia. While recently in China, Raimondo stated that despite some of the Chinese government’s positive acts, the reality needed to match the rhetoric because there was a great desire among American firms to make the partnership work.According to a pre-broadcast transcript, Raimondo said on CBS’s Face the Nation, “China is making it more difficult.” “I made it very plain to China that we must do so because American business is running out of patience. They require and are entitled to a stable environment with fair conditions. And perhaps China will take note of that message so that our business partnership can be both solid and expanding.
Raimondo said that U.S. corporations are facing new difficulties, such as hefty fines that go unjustifiably unpaid, business raids, and amendments to the counterespionage statute. In all of my conversations with my Chinese counterparts, I was very direct, clear, and firm, she told CNN. “I didn’t mince words. I was honest about everything.
In addition, Raimondo said that she informed Chinese officials of the hacking of her email before her trip to China in late August. CNN quoted her as saying, “They suggested that they were unaware of it and that it wasn’t intentional.” However, I believe it was crucial that I lay everything out there and inform them of the fact that when someone takes such actions, it’s difficult to earn their trust.
Global markets have been spooked by China’s slowdown, and struggling developer Country Garden’s spiraling debt crisis in a sector that makes up to a quarter of the GDP is now the center of attention. There is no doubt, in my opinion, about the slowdown of the Chinese economy. In the real estate business, they undoubtedly face serious obstacles, she said on Face the Nation. China’s economy, according to Raimondo, performed better when it was more open and market-based.
The economy is facing significant difficulties, she noted, as a result of their closures and increased arbitrariness in how they enforce regulations.
