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U.S., China’s top commerce officials meet to discuss trade concerns

The U.S. and China flags stand behind a microphone on the U.S. Embassy in Beijing on April 9, 2009.

Frederic J. Brown | AFP | Getty Photographs

U.S. Secretary of Commerce Gina Raimondo sat down together with her Chinese language counterpart Wang Wentao in Washington D.C. on Thursday to debate “issues” surrounding bilateral commerce.

Marking the primary cabinet-level trade between the 2 international locations in months, the U.S. talked about American corporations working in China.

In line with a readout by the Commerce Division, “The 2 had candid and substantive discussions on points regarding the U.S.-China industrial relationship, together with the general surroundings in each international locations for commerce and funding and areas for potential cooperation.”

Raimondo additionally “raised issues in regards to the current spate of PRC [People’s Republic of China] actions taken towards U.S. corporations working within the PRC,” it mentioned.

The bilateral trade between Raimondo and Wang comes as market observers preserve a detailed eye on whether or not the U.S. will curb American investments into China, as relations between the world’s largest economies bitter.

Learn extra about China from CNBC Professional

The Group of Seven leaders met Hiroshima over the weekend, and vowed to “de-risk and diversify” from Chinese language reliance, including that a few of Beijing’s practices “distort the worldwide financial system.”

The high-level talks come as China reportedly carried out inspections on U.S. audit companies within the mainland over nationwide safety breaches.

Earlier this week, China introduced it would ban some purchases of merchandise from U.S. reminiscence chipmaker Micron — barring operators of “important info infrastructure” in China after a safety overview carried out by the Our on-line world Administration of China.

In response, the U.S. Commerce Division’s spokesperson mentioned, “We firmly oppose restrictions that haven’t any foundation in actual fact.” He mentioned the division will interact with the Chinese language authorities to “element” its place and search readability.

Within the launch printed by China’s Ministry of Commerce after his assembly with Raimondo, Wang additionally raised issues over U.S. insurance policies on semiconductors and export controls.

“The 2 sides agreed to ascertain communication channels to take care of and strengthen exchanges on particular financial and commerce issues and cooperation issues,” it mentioned.

Wang is anticipated to fulfill U.S. Commerce Consultant Katherine Tai throughout his go to to the U.S. the place he’s set to attend the Asia-Pacific Financial Cooperation commerce ministers’ assembly.