US isn’t seeking to sever economic ties with China

WASHINGTON – America isn’t seeking to sever economic ties with China — whilst Washington takes steps to defend America’s technological and army prowess from Beijing, U.S. Commerce Secretary Gina Raimondo stated.

Talking to reporters prematurely of a speech Wednesday on the Biden administration’s China coverage, Raimondo stated: “We’re not seeking the decoupling from China. We wish to promote commerce and funding in areas that don’t threaten our core economic and nationwide safety pursuits or compromise human rights values.’’

Relations between the world’s two largest economies have chilled over the past decade, partly as a result of the communist authorities in Beijing has cracked down on dissent in Hong Kong and on Muslims within the northwestern area of Xinjiang.

President Donald Trump imposed large taxes on Chinese language imports in a dispute over the strong-arm ways — together with the alleged theft of commerce secrets and techniques — that Beijing has used to problem America’s edge in know-how.

The Biden administration has saved Trump’s tariffs and has stepped up a marketing campaign to preserve the Chinese language from buying delicate know-how that would pace its army buildup. Most notable was the choice final month to block exports of superior pc chips to China.

The administration has additionally sought to make the US extra aggressive by investing in infrastructure and pouring greater than $50 billion into the semiconductor business.

For years, Raimondo stated, the US “pursued a coverage of engagement with China,’’ hoping that Beijing would open its financial system to international competitors.

“However China took a distinct path,’’ she stated. “China’s leaders have made it very clear they don’t plan to pursue political and economic reform and opening. As a substitute, they’re dedicated to rising the position of the state within the Chinese language society and financial system, constraining the free circulate of capital and knowledge. Additional, they’re accelerating their efforts to fuse their economic and know-how insurance policies with their army ambitions.’’

The outcome, she stated, was that “interdependence with China introduces vital new dangers for our nationwide safety.’’

However Raimondo rejected the concept the US ought to search to isolate its financial system fully from China’s.

“We want to proceed to do enterprise with China,’’ she stated. “Commerce with China helps American jobs.’’

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