Commerce Secretary Gina Raimondo is set to travel to China at a time when U.S. executives and investors are facing increasing uncertainty and risk doing business there.
Raimondo's trip, which is scheduled from Sunday to Wednesday, comes at a tricky moment. On top of the trade tensions with the U.S., China is facing a slowing economy.Tensions are having a 'chilling' effect
A resident looks through a hole from inside a locked-down area in Beijing on June 30, 2022. China implemented a"zero-COVID" policy that was disorienting and disruptive for global companies.A resident looks through a hole from inside a locked-down area in Beijing on June 30, 2022. China implemented a"zero-COVID" policy that was disorienting and disruptive for global companies.
That announcement came a few weeks after China adopted an expanded counterespionage law that leaves some U.S. companies vulnerable — especially those that collect and retain a lot of customer data.Secretary of State Antony Blinken shakes hands with China's President Xi Jinping at the Great Hall of the People in Beijing on June 19, 2023. Visits by U.S. government officials like China showcase how both countries still need each other despite the worsening trade ties.
U.S. companies have been trying to ascertain what sectors and products are"safe." But Ashton says there is still a lot of ambiguity.And even traditional investments in China are being reconsidered. Still, many companies plan, or at least hope, to stay put — given how much they have invested in manufacturing facilities already, and the time it takes to adjust supply chains.
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