Gina Raimondo, the US Commerce Secretary, engaged in substantive discussions with China’s Commerce Minister Wang Wentao during their recent meeting. Notably, Raimondo expressed concerns about several pressing issues concerning American businesses, among them, the situations involving tech giants Intel and Micron. This exchange took place as part of a wide-ranging conversation that covered various economic matters.
Raimondo’s talks with Wang encompassed China’s recent limitations on the export of gallium and germanium. These restrictions have garnered global attention due to China’s position as a dominant producer, contributing over 60% of the world’s germanium supply. The curbs, which have invoked national security reasons, impact the production of semiconductors, a critical component in modern technology.
One of the pivotal subjects discussed was the United States’ firm stance against China’s de facto embargo on purchasing Micron Technology memory chips. Raimondo had previously emphasised that this form of “economic coercion” wouldn’t be tolerated, and collaborative efforts were being pursued with international partners to counter such actions.
Raimondo earlier disclosed that both countries have agreed to establish a novel formal working group to tackle commercial issues. This forum, comprising government officials from the US and China, as well as private sector representatives, will facilitate constructive dialogues concerning trade and investment. Its overarching objective is to bolster American commercial interests in China’s market.
Further emphasising their commitment to address intricate trade matters, the two nations are also set to facilitate technical discussions involving specialists from both sides, Reuters reported. These dialogues will be instrumental in enhancing the protection of classified trade secrets and confidential business data, a crucial facet of contemporary global business interactions.
Raimondo’s discussions with Wang, spanning more than two hours, underscore the intricacies of the economic interdependence between the United States and China, as they navigate issues pertinent to technology, trade, and investment.
(With Reuters inputs)