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By Joe Money
BEIJING (Reuters) -China’s commerce minister expressed concern over U.S. curbs on semiconductor exports to China, in addition to sanctions on Chinese language companies and tariffs on Chinese language imports, when he met U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry stated Friday.
Wang Wentao instructed Raimondo in San Francisco: “it is rather necessary the 2 sides focus on the boundary between nationwide safety considerations and commerce and financial cooperation,” a press release learn.
The world’s two greatest economies was once one another’s largest buying and selling companions, and whereas each governments publicly oppose decoupling, China is now buying and selling extra with Southeast Asia and the U.S. with neighbouring Canada and Mexico.
“Wang Wentao expressed concern in regards to the remaining guidelines of the U.S. semiconductor export controls towards China, sanctions towards Chinese language corporations, two-way funding restrictions, and Part 301 tariffs,” based on China’s commerce ministry.
U.S. President Joe Biden has retained further tariffs positioned on a plethora of Chinese language exports below the earlier Trump administration and added new restrictions prohibiting the export of superior semiconductors and the gear to make them, citing safety considerations.
Two-way commerce hit a file $690 billion final 12 months, as U.S. demand for Chinese language client items rose and Beijing’s demand for U.S. farm merchandise and power grew.
This 12 months is off to a considerably slower tempo, nevertheless, with two-way commerce flows by September down $104 billion, or 19%, from the primary 9 months of 2022, based on U.S. Census Bureau information.
Wang and Raimondo additionally agreed to carry the primary assembly of a commerce working group on the vice minister stage within the first quarter of 2024, China’s commerce ministry stated.
(Reporting by Joe Money; Enhancing by Christopher Cushing and Mark Potter)
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