• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
China

‘Entire world’ needs U.S. and China to manage relationship ‘responsibly,’ commerce secretary Raimondo says ahead of Beijing trip

By
Will Weissert
Will Weissert
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Will Weissert
Will Weissert
and
The Associated Press
The Associated Press
Down Arrow Button Icon
August 27, 2023, 7:24 PM ET
U.S. Commerce Secretary Gina Raimondo is heading to China.
U.S. Commerce Secretary Gina Raimondo is heading to China.Evan Vucci—AP Images
Add Fortune on Google for similar content.

Commerce Secretary Gina Raimondo is the latest member of President Joe Biden’s Cabinet to visit China as his administration tries to mend the deteriorating ties between the world’s two largest economies. She promises to be “practical” without compromising the U.S. push to “responsibly” manage that economic relationship.

Raimondo plans meetings with Chinese officials and U.S. business leaders in Beijing and Shanghai in an effort to “promote a healthy competition, a competition on a level playing field, playing by the rules.”

“I’m also very realistic and clear-eyed about the challenges. And the challenges are significant,” she told reporters before leaving Washington on Saturday on a trip that ends Wednesday.

The secretary said she wants to find “actionable, concrete steps where we can move forward on the commercial relationship,” but she offered few details. One matter to be discussed is promoting Chinese travel and tourism to the United States, with Raimondo noting the recent easing of restrictions on large Chinese groups visiting the U.S.

Raimondo’s visit, like the July trip by Treasury Secretary Janet Yellen, is meant to show the administration’s willingness to partner with China on economic development at a time of escalating tensions on foreign policy and national security and as Washington bolsters alliances with Japan, South Korea, Australia and the European Union.

Secretary of State Antony Blinken made a two-day stop in Beijing in June, the highest-level meetings in China in the past five years. Blinken met with President Xi Jinping and the two agreed to stabilize U.S.-China ties, but better communications between their militaries could not be agreed upon.

There are divisions around the economy, too, particularly after the imposition of U.S. foreign investment controls that have stung numerous Chinese companies. China has accused the U.S. of “using the cover of ‘risk reduction’ to carry out ‘decoupling and chain-breaking,’” and has increased its own trade in Asia.

The controls pertain to advanced computer chips, microelectronics, quantum information technologies and artificial intelligence. The U.S. says the effort stemmed from national security goals rather than economic interests, and that the categories covered were intentionally narrow.

The U.S. moves are meant to blunt China’s ability to use American investments in its technology companies to upgrade its military, while preserving broader levels of trade that are vital to both nations. But China’s Ministry of Commerce said it has “serious concern” about Biden’s executive order.

Raimondo said the U.S. was not interested in “containing China’s economic development.”

“We want the Chinese economy to prosper. We do not want to contain or hold back China,” she said. “We do need to protect our national security, and we’re going to use our export controls to the fullest extent possible to do that.”

She said attempts to boost the U.S. economy by promoting manufacturing, a centerpiece of Biden’s 2024 reelection campaign, “does not mean, at all, that we want to decouple from China’s economy. And I plan to make that very clear in my meetings.”

“The U.S. and China share a large, dynamic, growing economic relationship,” Raimondo said. “And both of our countries — in fact, the entire world — need us to manage that relationship responsibly.”

Raimondo added that she is seeking “to have a stable commercial relationship, and the core to that is regular communication.”

“It’s hard to solve problems in any relationship if you don’t communicate. And lack of communication results in rising tensions and a spiral to a bad place,” Raimondo said.

China’s Ministry of Commerce has said Raimondo’s visit came at the invitation of Minister Wang Wentao. China Foreign Ministry spokesperson Wang Wenbin said at Friday news conference, when asked about Raimondo’s travels, that “China and the US are in touch about bilateral engagement and exchange.”

Biden said at a recent fundraiser in Utah for his reelection campaign that China was a “ticking time bomb.”

“They have got some problems. That’s not good because when bad folks have problems, they do bad things,” the president said, pointing to China’s recent declines in growth rates.

Raimondo said she spoke with Biden before leaving for China and that he asked her to convey the message that there’s “benefit to communicating to reduce tensions.”

“That does not mean compromise,” said Raimondo, who added: “I’m not going to pull my punches, but I intend to be practical.”

The commerce secretary said she spoke before her trip with top U.S. labor leaders and more than 100 industry executives who are anxious to do business with China but were “increasingly concerned” by the country’s nonmarket practices, which makes competing for global business difficult.

“We all know that China has not followed through on the economic reforms that it has promised,” Raimondo said. “And it’s clearly continuously committed to using non-market trade and investment practices, and that forces us to defend our businesses and workers.”

About the Authors
By Will Weissert
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

U.S. military launches 10th straight night of airstrikes on Iran as Houthi allies threaten Red Sea, but glimmers of hope appear on diplomatic front
EnergyIran
U.S. military launches 10th straight night of airstrikes on Iran as Houthi allies threaten Red Sea, but glimmers of hope appear on diplomatic front
By Jon Gambrell and The Associated PressJuly 20, 2026
3 hours ago
Trump to impose 50% tariffs on most Canadian goods, invoking the ‘nuclear option’ that could unleash a new wave of economic chaos and inflation
EconomyTariffs
Trump to impose 50% tariffs on most Canadian goods, invoking the ‘nuclear option’ that could unleash a new wave of economic chaos and inflation
By Josh Boak and The Associated PressJuly 20, 2026
3 hours ago
Three women chop their way into the record books at Lumberjack World Championships
North AmericaWisconsin
Three women chop their way into the record books at Lumberjack World Championships
By The Associated Press and Ellen SchmidtJuly 20, 2026
4 hours ago
President Donald Trump walks down the steps from Air Force One.
PoliticsDonald Trump
Trump admin attempted to uncover phone records of NYT journalists and sources related to coverage of Qatari-gifted Air Force One
By The Associated Press, Eric Tucker and Jocelyn NoveckJuly 20, 2026
4 hours ago
Alaskan pilot Ken Jouppi sits in an aircraft hanger in front of a plane.
LawSupreme Court
A passenger brought a 6-pack of beer on an Alaskan pilot’s plane. He now has to defend his plane’s seizure in front of the Supreme Court
By The Associated Press and Michael KunzelmanJuly 20, 2026
5 hours ago
LaLiga president says tech is already making the fan experience better, and it could solve football’s money problem too
AISports
LaLiga president says tech is already making the fan experience better, and it could solve football’s money problem too
By Catherina GioinoJuly 20, 2026
5 hours ago

Most Popular

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
8 hours ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
12 hours ago
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
AI
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
By Jason MaJuly 18, 2026
2 days ago
Warren Buffett says his $147 billion investing career was an accident: ‘I may be one of the 10 luckiest in the world’
Future of Work
Warren Buffett says his $147 billion investing career was an accident: ‘I may be one of the 10 luckiest in the world’
By Sarah GlodekJuly 20, 2026
19 hours ago
Power companies are using eminent domain to seize land for data centers as 70% of Americans say not in my backyard
AI
Power companies are using eminent domain to seize land for data centers as 70% of Americans say not in my backyard
By Aaron Walayat and The ConversationJuly 19, 2026
2 days ago
It’s not just Taco Bell lettuce and possible glass in Pillsbury rolls: Food and drink recall events reached a 6-year year-over-year high
Retail
It’s not just Taco Bell lettuce and possible glass in Pillsbury rolls: Food and drink recall events reached a 6-year year-over-year high
By Sasha RogelbergJuly 20, 2026
16 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.