U.S. Commerce Secretary Gina Raimondo has warned China that American businesses’ patience is “wearing thin,” stating that they deserve a predictable environment and a level playing field. Raimondo highlighted challenges faced by U.S. firms in China, such as unexplained large fines, raids on businesses, and changes to a counterespionage law. Raimondo also brought up the hacking of her email before her trip to China and emphasized the importance of trust-building. She noted that China’s economy is slowing down and facing significant challenges in the real estate sector. Raimondo emphasized the need for transparency and a market-oriented approach for China’s economy to improve. In terms of trade, Raimondo stated that the U.S. wants to limit China’s military capacity and will not sell sophisticated American chips for their military use.
