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☆ CNBC Daily Open: U.S. economy sparks optimism
▼ + stars: | 2024-02-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets tumbleWall Street closed lower Monday as investors awaited inflation data due later this week. It's real," Dimon told CNBC, calling himself a "big optimist" on the emerging technology. That's Super Micro Computer, a Nasdaq-listed company which makes AI systems and graphics processing unit servers, highlighted Louis Navellier, chairman and founder of Navellier & Associates.

Persons: bitcoin, Dimon, Jamie Dimon, Gina Raimondo, Louis Navellier Organizations: CNBC, Dow Jones, Nasdaq, Revenue, optimist, Nvidia, Navellier, Associates Locations: U.S

☆ Chipmakers Seek More Than $70 Billion in Federal Subsidies
▼ + stars: | 2024-02-26 | by ( Madeleine Ngo | ) www.nytimes.com time to read: +1 min

Companies that produce the most advanced semiconductors have requested more than $70 billion in federal subsidies, roughly twice the amount of funding that is available, Commerce Secretary Gina Raimondo said on Monday. In an effort to revitalize domestic manufacturing of semiconductors, the federal government is distributing $39 billion in subsidies as an incentive for companies to produce more of the tiny chips that power everything from smartphones to cars and fighter jets. The funding is meant to strengthen the U.S. supply chain and reduce the country’s reliance on foreign sources of chips. In a speech on Monday at the Center for Strategic and International Studies, Ms. Raimondo said her department had received more than 600 statements of interest. Federal officials have had to be “tough with companies,” Ms. Raimondo said, adding that she has pushed company executives to “do more for less.” She added that the level of interest also meant that officials would “have to say no to excellent companies.”

Persons: Gina Raimondo, Ms, Raimondo, ” Organizations: Center for Strategic, International Studies Locations: United States

☆ Commerce Secretary Raimondo: U.S. set to become a major hub of leading-edge logic chip manufacturing
▼ + stars: | 2024-02-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

"Our investments in leading-edge logic chip manufacturing will put this country on track to produce roughly 20% of the world's leading-edge logic chips by the end of the decade," Raimondo said during a speech at the Center for Strategic and International Studies. "It takes tens of thousands of leading-edge semiconductor chips to train a single large language model." The Taiwan Semiconductor Manufacturing Company, which manufactures chips for companies such as Apple and Nvidia , is currently the world's largest, most advanced contract chip maker. Chinese chipmaker Semiconductor Manufacturing International Corporation appears to have defied U.S. sanctions in recent months by manufacturing advanced chips and is preparing to produce five nanometer chips for technology corporation Huawei. "At the outset, we said we would invest about $28 billion of the program's $39 billion in incentives for leading-edge chip manufacturing," Raimondo added.

Persons: Gina Raimondo, WASHINGTON —, Biden, " Raimondo, Raimondo, SMIC Organizations: Science, Technology, Washington , D.C, WASHINGTON, Center for Strategic, International Studies, U.S . Department of Commerce, McKinsey & Company, McKinsey, Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, chipmaker Semiconductor Manufacturing International Corporation, Huawei, U.S, Commerce, CNBC PRO Locations: Rayburn, Washington ,, U.S, China

☆ Commerce Sec. Raimondo says she is confident U.S. will lead world in leading edge chip manufacturing
▼ + stars: | 2024-02-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerce Sec. Raimondo says she is confident U.S. will lead world in leading edge chip manufacturingU.S. Commerce Sec. Gina Raimondo joins 'Closing Bell Overtime' to talk the CHIPS Act, a wave of funding for GlobalFoundries, supply chain struggles and more.

Persons: Raimondo, Gina Raimondo Organizations: Commerce

WASHINGTON (AP) — The Biden administration said Monday that the government intends to provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont. The announcement is the third award of direct financial support for a semiconductor company under the 2022 CHIPS and Science Act. The law enables the government to invest more than $52 billion to revitalize the manufacturing of computer chips in the United States as well as advance research and development. “The chips that GlobalFoundries will make in these new facilities are essential,” Commerce Secretary Gina Raimondo said on a call with reporters. But Democrats have stressed their efforts to ease inflation and the long-term investments that they say will drive growth forward, such as the investments in computer chip production and infrastructure.

Persons: —, Biden, Gina Raimondo, GlobalFoundries, Chuck Schume, ” Schumer, Joe Biden’s, Schumer, ” Organizations: WASHINGTON, ”, General Motors, Associated Press, White House Locations: New York, Vermont, United States, Malta , New York, Malta, Burlington , Vermont, U.S, China, Russia

☆ Joe Biden is looking for ways to get his message to break through. He’s hoping his Cabinet can play a key role.
▼ + stars: | 2024-02-10 | by ( Betsy Klein | Camila Dechalus | ) edition.cnn.com time to read: +12 min

Nevertheless, the Biden White House and legal team has taken pains to ensure compliance – an effort to highlight its commitment to ethics and draw a sharp contrast with Trump, who skirted the rule with abandon. And the Biden White House has issued “extensive guidance to and conducts trainings for agencies” on the Hatch Act and how to avoid potential missteps, the official said. Secretary of State Mike Pompeo, for instance, delivered a speech to the Republican National Convention while on official travel in Jerusalem. “Voters of color can see themselves in leaders like Secretary Cardona, Secretary Fudge, and (EPA) Administrator (Michael) Regan. President Biden was intentional about assembling a Cabinet that reflects the diversity of America, and we continue to see how that diversity translates into real political strength,” he told CNN.

Persons: Washington CNN — Janet Yellen isn’t, Joe Biden’s, Biden, SSRS –, Donald Trump, Trump, ”, Yellen, Robert Hur’s, Pete Buttigieg, Gina Raimondo, Jennifer Granholm, Miguel Cardona, they’ve, “, Biden’s, they’re, Jeff Zients, “ Biden, ” Caitlin Legacki, Granholm, Buttigieg, Raimondo, “ We’re, ” Buttigieg, That’s, Mike Pompeo, Biden White, – you’ve, ” Legacki, Julie Su, Isabel Casillas Guzman, Marcia Fudge –, –, Marjory Stoneman, Gevin Reynolds, Kamala Harris, Secretary Cardona, Fudge, Michael, Regan, Young, Tom Vilsack Organizations: Washington CNN, CNN, Economic, of Chicago, Midwest, Treasury, White, Transportation, Democratic, GOP, Cabinet, Biden White, Republican National Convention, Coalition, SSRS, Biden, Trump, Labor, Democrats, Small, Urban, Alpha Kappa Alpha, Palmetto State’s, Education, Marjory Stoneman Douglas High School, “ Locations: Yellen, Wisconsin, New Hampshire, Michigan, Georgia, Florida, Tennessee , Louisiana , California, Delaware, New York, Jerusalem, American, Pacific Islander, Nevada, South Carolina, Iowa

WASHINGTON (AP) — The Biden administration on Friday will announce the investment of $5 billion in a public-private consortium aimed at supporting research and development in advanced computer chips. That 2022 law aims to reinvigorate the computer chip sector within the United States through targeted government support. The center would help to fund the design and prototyping of new chips, in addition to training workers for the sector. Companies say they need a skilled workforce in order to capitalize on the separate $39 billion being provided by the government to fund new and expanded computer chip plants. Labor Department data say that about 375,000 people are employed in the production of computer chips with an average income of $82,830.

Persons: —, Biden, Gina Raimondo Organizations: WASHINGTON, National Semiconductor Technology, Companies, Labor Department, Industry, White Locations: United States

That's because a subsidy that helps people with limited resources afford internet access is set to expire this spring. If the program expires, participating families, including nearly 900,000 in North Carolina, will either lose internet access or have to pay more to stay connected. Most of that money will be awarded to internet providers to build internet infrastructure in areas that need it most. Several states incorporated the ACP subsidies into those draft plans in ways that would lower the cost for internet access to zero for some customers. Report for America is a nonprofit national service program that places journalists in local newsrooms to report on undercovered issues.

Persons: Joe Biden, ” North Carolina Governor Roy Cooper, “, Shirleen Alexander of Charlotte, ”, Alexander, Biden, Franklin Roosevelt, Brian Vo, ” Vo, Nate Denny, he's “, ” Denny, Denny, Gina Raimondo, ” Cooper, ___ Organizations: ANGELES, Program, ” North, ” North Carolina Governor, Democrat, Administration, New, ”, Connect, Biden, Federal Communications Commission, Sense Media, Boston Consulting, Broadband Equity, National Telecommunications and Information Administration, Associated Press, America Statehouse News Initiative, America Locations: North Carolina, U.S, ”, ” North Carolina, America, Raleigh

☆ U.S. and China are working to make the business environment less volatile, Beijing says
▼ + stars: | 2024-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Aly Song | ReutersBEIJING — China and the U.S. are working toward creating a more stable and predictable environment for businesses, Chinese Commerce Minister Wang Wentao said Friday. U.S. and other foreign businesses in China have long complained of challenges to doing business in the Asian country, such as unequal treatment of foreign companies compared to local players. The move was widely seen as an improvement for foreign businesses, but no official policy has yet followed. When asked Friday for an update on data rules, Wang only said the "primary ministry is stepping up efforts to release them." When Raimondo visited China last year, she called for more action to improve predictability for U.S. businesses in China.

Persons: Aly Song, Wang Wentao, Gina Raimondo's, Wang, Raimondo, Biden Organizations: Chinese Communist Party, Reuters, Commerce, CNBC, Cyberspace Administration of China, CAC, of Commerce Locations: China, U.S, Yiwu, Zhejiang province, Reuters BEIJING, Washington, France

☆ Senator Warren, Other Democrats Ask Commerce to Extend Gun Export Pause, Increase Oversight - Letter
▼ + stars: | 2024-01-24 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

By Mike StoneWASHINGTON (Reuters) - Congressional Democrats, including Senator Elizabeth Warren, again asked the U.S. Commerce Department to curb assault weapon exports and increase oversight of gun exports after a Trump-era rule change eased firearms export laws, according to a letter sent on Tuesday and seen by Reuters. The Commerce Department began a 90-day pause in an October order to assess the "risk of firearms being diverted to entities or activities that promote regional instability, violate human rights, or fuel criminal activities." The Commerce Department could decide to make the halt on export licenses permanent, return to previous practices, or impose other permanent restrictions. The letter, which was signed by Warren and Senator Richard Durbin as well as U.S. It voiced support for returning export authority oversight to the Department of State from Commerce - something which changed under then-President Donald Trump's tenure.

Persons: Mike Stone WASHINGTON, Elizabeth Warren, Richard Durbin, Representatives Joaquin Castro, Norma Torres, Gina Raimondo, Donald Trump's, Mike Stone, Jonathan Oatis Organizations: Congressional, U.S . Commerce Department, Reuters, The Commerce Department, Commerce Department, Warren, Representatives, Department of State from, Commerce Locations: Department of State from Commerce, Washington

☆ Yellen to step up campaign touting Biden's economic record
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden delivers remarks alongside Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo during a Cabinet Meeting at the White House on June 06, 2023 in Washington, DC. The Biden administration is dispatching U.S. Treasury Secretary Janet Yellen to Chicago and Milwaukee this week as part of a stepped-up domestic travel schedule to sell Americans on the benefits of President Joe Biden's economic policies. Yellen will make the case in remarks to the Economic Club of Chicago on Thursday that the pandemic recovery was faster, fairer and more transformative than previous economic recoveries, the Treasury said late on Sunday. Yellen has previously touted Biden's investment legislation, taking trips to North Carolina and Boston in recent weeks, but has avoided direct comparisons with former President Donald Trump. After her speech in Chicago, Yellen will travel to Milwaukee on Jan. 26 to visit a worker training facility, partly funded by Biden's $1.9 trillion COVID-19 relief law, the American Rescue Plan Act.

Persons: Joe Biden, Janet Yellen, Gina Raimondo, Biden, Joe Biden's, Yellen, Donald Trump, Trump, Nikki Haley Organizations: White House, U.S, Treasury, Economic, of Chicago, Trump, Trump Administration, United Nations, University of, Biden's, American Locations: Washington ,, Chicago, Milwaukee, North Carolina, Boston, New Hampshire

☆ Trump is a 'transactional president' but may not rock the boat on China, Standard Chartered CEO says
▼ + stars: | 2024-01-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Bill Winters, chief executive officer of Standard Chartered, said the U.S. Federal Reserve looks set to pause its interest rate cycle in June get a better read on the latest inflation data. Former U.S. President Donald Trump would be a "transactional president" if he returns to power, but is unlikely to blow up the Biden administration's rebuilding of relations with China, according to Standard Chartered CEO Bill Winters. During his last term in office, Trump took a combative stance toward Beijing and triggered a trade war with a slew of tariffs on Chinese goods and constant threats of more economically punitive measures. President Joe Biden's administration has sought to repair the fragile relationship. U.S. Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo visited China last summer, and Biden met Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation leaders' meeting in San Francisco in November.

Persons: Bill Winters, Donald Trump, Trump, Joe Biden's, Janet Yellen, Gina Raimondo, Biden, Xi Jinping Organizations: Standard Chartered, U.S . Federal, Former U.S, Biden, Republican, Treasury, China, Economic Cooperation Locations: China, Beijing, Asia, San Francisco

☆ Workers Can't Get Hired for America's Semiconductor Jobs of the Future
▼ + stars: | 2024-01-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +17 min

But since completing Quick Start, Gardner has come to a worrying realization: There aren't enough semiconductor jobs to go around. The precedent is little solace for the many graduates of the Quick Start program who are stuck in limbo. In addition to no longer promising interviews with semiconductor companies, Quick Start has taken other steps to moderate candidates' expectations. Hurdles aboundBeyond short-term economics, Palmer believes there are two reasons semiconductor companies have been slow to hire, she said. In the years ahead, the artificial-intelligence boom could further boost the demand for chips and create more jobs in the semiconductor industry.

Persons: Collin Gardner, Gardner, Taco Bell, Taiwan's, Joe Biden, I'm, Lisa Strothers, Jacob Zinkula, Quick, Leah Palmer, who've, Palmer, Gary Burley, who's, they're, we're, It's, —, Gabriela Cruz Thompson, Biden, Gina Raimondo, he'd, hadn't, he's Organizations: Taco Bell, Business, Taco, Semiconductors, Semiconductor, Semiconductor Industry Association, Oxford Economics, Intel, Arizona Advanced Manufacturing, Mesa Community, Mesa Community College, Quick, Samsung, Bloomberg Locations: Arizona's Maricopa County, Arizona, chipmaking, China, Maricopa County, Ohio

☆ Why we see a way forward for Nvidia in China — plus our take on 2 other stocks in the news
▼ + stars: | 2023-12-13 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +8 min

Meanwhile, Jim Cramer's interview with an influential member of President Joe Biden's cabinet proved encouraging for Club holding Nvidia . It's been a two-session roller-coaster ride that illustrates the importance of staying disciplined and not chasing stocks while they're surging for non-fundamental reasons. Traders were trying to front-run the official announcement, pushing Linde stock up 4.53% Tuesday, to an all-time high of $426.72 per share. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Nvidia CEO Jen-Hsun Huang at the Consumer Elctronics Show (CES) in Las Vegas, USA, 04 January 2017.

Persons: Linde, Jim Cramer's, Joe Biden's, It's, Pfizer's, drugmaker Seagen, there's, Gina Raimondo, Jim, Biden, Raimondo, " Raimondo, Cigna, Humana's, —, Humana, Aetna's, Jim Cramer, Jen, Hsun Huang, Huang, Andrej Sokolow Organizations: Club, Nvidia, LIN, Linde, Nasdaq, Traders, . Commerce, U.S, Bank of America, Wall Street Journal, Humana, CNBC, Consumer, Audi, Getty Locations: China, U.S, Wall, Las Vegas, USA

☆ U.S. export controls need to 'change constantly' even if it's tough for businesses, Secretary Raimondo says
▼ + stars: | 2023-12-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — More controls on tech exports to China will be coming as needed, despite business concerns, U.S. Commerce Secretary Gina Raimondo told CNBC in an exclusive interview. "We have to change constantly," Raimondo told CNBC's Morgan Brennan over the weekend on the sidelines of the Reagan National Defense Forum. They want a clear line in the sand," the commerce secretary said. "The truth of it is though, technology changes, China changes and we have to keep up with it." In October 2022, the U.S. Department of Commerce's Bureau of Industry and Security announced sweeping export controls that restrict the ability of companies to sell certain advanced computing semiconductors or related manufacturing equipment to China.

Persons: Gina Raimondo, Raimondo, CNBC's Morgan Brennan, " Raimondo, it's Organizations: . Commerce, CNBC, Reagan National Defense, U.S . Department of Commerce's, of Industry, Security Locations: BEIJING, China

☆ Meta and IBM launch alliance advocating 'open science' approach to AI, putting them at odds with rivals like Google and OpenAI
▼ + stars: | 2023-12-05 | by ( Associated Press | ) www.businessinsider.com time to read: +7 min

Meta and IBM have launched an alliance that's calling for an "open science" approach to AI development. Facebook parent Meta and IBM on Tuesday launched a new group called the AI Alliance that's advocating for an "open science" approach to AI development that puts them at odds with rivals Google, Microsoft and ChatGPT-maker OpenAI. AdvertisementPart of the confusion around open-source AI is that despite its name, OpenAI — the company behind ChatGPT and the image-generator DALL-E — builds AI systems that are decidedly closed. An increasingly public debate has emerged over the benefits or dangers of adopting an open-source approach to AI development. Biden's order described open models with the technical name of "dual-use foundation models with widely available weights" and said they needed further study.

Persons: —, they're, That's, Darío Gil, Alliance —, Gil, OpenAI, Ilya Sutskever, there's, David Evan Harris, Harris, Oppenheimer, Camille Carlton, Yann LeCun, LeCun, fearmongering, Chris Padilla, Joe Biden's, Gina Raimondo Organizations: Meta, IBM, Google, Microsoft, Service, Tech, Alliance, Dell, Sony, AMD, Intel, Associated Press, Stanford University, University of California, for Humane Technology, Frontier Model, Windows, Commerce, European Locations: Berkeley

These two diverging camps — the open and the closed — disagree about whether to build AI in a way that makes the underlying technology widely accessible. "So it’s not like a thing that is locked in a barrel and no one knows what they are.”Political Cartoons View All 1277 ImagesWHAT'S OPEN-SOURCE AI? Part of the confusion around open-source AI is that despite its name, OpenAI — the company behind ChatGPT and the image-generator DALL-E — builds AI systems that are decidedly closed. An increasingly public debate has emerged over the benefits or dangers of adopting an open-source approach to AI development. Weights are numerical parameters that influence how an AI model performs.

Persons: they’re, That's, ”, Darío Gil, Alliance —, ” Gil, OpenAI, Ilya Sutskever, there's, David Evan Harris, Harris, “, Oppenheimer ’, Camille Carlton, Yann LeCun, LeCun, fearmongering, ” LeCun, Chris Padilla, Joe Biden's, Gina Raimondo Organizations: Tech, Meta, IBM, Alliance, Google, Microsoft, Dell, Sony, AMD, Intel, Associated Press, Stanford University, University of California, for Humane Technology, Frontier Model, Windows, Commerce, European Locations: Berkeley

☆ Sec. Gina Raimondo: Threat from China is large and growing, can't let it access top tier AI chips
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSec. Gina Raimondo: Threat from China is large and growing, can't let it access top tier AI chipsSecretary of Commerce Gina Raimondo sat down with CNBC's Morgan Brennan over the weekend to discuss semiconductor trade with China and how U.S. policy is impacting chip makers.

Persons: Gina Raimondo, CNBC's Morgan Brennan Locations: China

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. But the extent of the political and economic jitters merely mirrors other signs of a long-term China exit well beyond portfolio flows. Earlier this month, China recorded its first-ever quarterly deficit in "bricks and mortar" foreign direct investment (FDI). What's more, a multi-year aversion to China investments then risks colliding with deteriorating long-term economic growth dynamics - heightened by rising youth unemployment and dire demographics. Despite some recent upgrades of China growth forecasts, yet another business survey this week raised red flags.

Persons: Aly, Gina Raimondo, Nicholas Lardy, Xi, Lardy, What's, Morgan Stanley, Morgan Stanley's, Mike Dolan, Paul Simao Organizations: REUTERS, Official Monetary, Financial, Reuters, . Commerce, Peterson Institute for International Economics, Thomson Locations: Shanghai, Shenzhen, China, OMFIF, Europe, North America, India, Brazil, Beijing, U.S, Washington, San Francisco

☆ Henry Kissinger was so revered in China that Xi Jinping personally called him an 'old friend' while snubbing Biden officials
▼ + stars: | 2023-11-30 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Henry Kissinger was so well-loved in China that Xi Jinping called him an "old friend" in July. China re-affirmed Xi's exact words in response to Kissinger's death on Wednesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But it was Kissinger who was warmly received by China's Xi Jinping and his right-hand men in diplomacy, while top-level US officials came and went without a face-to-face meeting with the paramount leader. "The Chinese people never forget their old friends, and Sino-US relations will always be linked with the name of Henry Kissinger," Xi said.

Persons: Henry Kissinger, Xi Jinping, —, Biden, Kissinger, China's Xi Jinping, Xi, Antony Blinken, Janet Yellen, Gina Raimondo, John Kerry, Washington bristled, China's, Li Shangfu, Li, Lloyd Austin, John Kirby, Richard Nixon, Mao Zedong, Zhou Enlai Organizations: Service, State Department, of, National Security Locations: China, Beijing, Washington, United, Communist China

☆ Amkor to build $2 billion Arizona semiconductor packaging plant
▼ + stars: | 2023-11-30 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Nov 30 (Reuters) - Amkor Technology (AMKR.O) said Thursday it will spend $2 billion to build a new advanced semiconductor packaging and test facility in Arizona that will package and test chips for Apple (AAPL.O) produced at a nearby Taiwanese chipmaker TSMC (2330.TW) facility. Amkor said the facility will be the largest U.S. outsourced advanced packaging facility. Earlier this month, the Commerce Department disclosed details of its plans to spend $3 billion for advanced packaging. Advanced packaging is a high-tech method of placing multiple chips with a variety of functions in a densely interconnected “package." Commerce Secretary Gina Raimondo has made advanced packaging a priority and said earlier this year "the U.S. will develop multiple high-volume advanced packaging facilities, and become a global leader in packaging technologies."

Persons: TSMC, Amkor, Apple, Gina Raimondo, Mark Kelly, David Shepardson Organizations: Amkor, Apple, U.S, Commerce Department, Commerce, Thomson Locations: Arizona, U.S

BEIJING, Nov 17 (Reuters) - China's commerce minister expressed concern over U.S. curbs on semiconductor exports to China, as well as sanctions on Chinese firms and tariffs on Chinese imports, when he met U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry said Friday. "Wang Wentao expressed concern about the final rules of the U.S. semiconductor export controls against China, sanctions against Chinese companies, two-way investment restrictions, and Section 301 tariffs," according to China's commerce ministry. Two-way trade hit a record $690 billion last year, as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew. This year is off to a significantly slower pace, however, with two-way trade flows through September down $104 billion, or 19%, from the first nine months of 2022, according to U.S. Census Bureau data. Wang and Raimondo also agreed to hold the first meeting of a commerce working group at the vice minister level in the first quarter of 2024, China's commerce ministry said.

Persons: Gina Raimondo, Wang Wentao, Raimondo, Joe Biden, Trump, Wang, Joe Cash, Christopher Cushing, Mark Potter Organizations: U.S, Commerce, Southeast, China, Census, Thomson Locations: BEIJING, China, San Francisco, Southeast Asia, U.S, Canada, Mexico

Top business leaders in the U.S. meet Chinese President Xi Jinping in San Francisco, California on Nov. 15, 2023. Apple CEO Tim Cook, Tesla chief Elon Musk and Blackrock's Steve Schwarzman were among the guests Wednesday night at a gala reception and dinner in San Francisco for visiting Chinese President Xi Jinping. San Francisco Mayor London Breed also had a spot at the head table. According to the place cards, Cook was seated next to Chinese Minister of Commerce Wang Wentao. Event organizers said Musk attended the VIP reception, but did not stay for the dinner.

Persons: Xi Jinping, Tim Cook, Elon Musk, Steve Schwarzman, Xi's, Joe Biden, Biden, Xi, Marc Benioff, Stan Deal, Raj Subramaniam, Ryan McInerney, Ray Dalio, Albert Bourla, Janow, Larry Fink, Gina Raimondo, Nicholas Burns, Kurt Campbell, San Francisco Mayor London Breed, Cook, of Commerce Wang Wentao, Musk Organizations: Apple, Tesla, U.S ., China Business Council, National Committee, U.S, China Relations, United, Boeing, FedEx, Visa, Bridgewater Associates, Pfizer, Mastercard, BlackRock, Commerce, White House, San Francisco Mayor London, of Commerce Locations: U.S, San Francisco , California, San Francisco, United States, China, White House China

WASHINGTON (AP) — President Joe Biden is nurturing economic ties this week with Asia, but he's not signing any trade deals at a regional summit in San Francisco. This fact — no trade deals — reveals a lot about the status of U.S. politics, the evolving global economy and the Biden administration's own ambitions. The trade pillar is being overseen by U.S. Trade Representative Katherine Tai, while the other three are under Commerce Secretary Gina Raimondo. WHY TRADE DEALS ARE UNPOPULARIt's simple: Voters say past trade deals caused the loss of factory jobs that hollowed out their hometowns and the Biden administration agrees. In a June speech, Tai criticized past trade deals.

Persons: Joe Biden, he's, —, Biden, “, ”, Robert Holleyman, ” Biden, Katherine Tai, Gina Raimondo, Matthew Goodman, Sen, Sherrod Brown, Brown, ” Brown, Republican Donald Trump, Democrat Hillary Clinton, Trump, Tai Organizations: WASHINGTON, U.S, Economic Cooperation, Biden, U.S . Trade, ., Greenberg Center, Geoeconomic Studies, Council, Foreign Relations, White, Republican, Democrat, Pacific, China . Trade, Trump, ” Trade, South Locations: Asia, San Francisco, IPEF, U.S, Tokyo, Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, Ohio, Canada, Mexico, China

☆ Xi tells US firms China ready to be partner and friend
▼ + stars: | 2023-11-16 | by ( Michael Martina | ) www.reuters.com time to read: +5 min

Xi received a standing ovation as he entered the room, and two more before and after he took the stage to speak. "Whatever stage of development it may reach, China will never pursue hegemony or expansion, and will never impose its will on others. China does not seek spheres of influence, and will not fight a cold war or a hot war with anyone," Xi said. China and the U.S. reached an agreement to curb fentanyl production in earlier talks between Xi and Biden. Analysts have said Xi's speech alone is unlikely to dramatically alter U.S. business sentiment about China.

Persons: Xi Jinping, Carlos Barria, Xi, Joe Biden, Biden, Tim Cook, Laurence Fink, Broadcom's, Hock Tan, Ray Dalio, Albert Bourla, Gina Raimondo, Mike Gallagher, Gallagher, Gary Dvorchak, Dvorchak, Michael Martina, Valerie Insinna, Stephen Nellis, Lisa Baertlein, Niket, Ethan Wang, Liz Lee, Stephen Coates Organizations: National Committee, China Relations, China Business Council, Economic Cooperation, REUTERS, Apple, BlackRock, Pfizer, SAN FRANCISCO, U.S, Beijing, Congress, Bridgewater Associates, Commerce, U.S . House, Representatives, Muslim, U.S ., Communist Party, Thomson Locations: Asia, San Francisco , California, U.S, China, United States, San Francisco, Beijing, Washington, China . U.S, Iowa

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