Raimondo warns China that the patience of US companies “is running out”

The Secretary of Commerce of USA, Gina Raimondowarned China in interviews broadcast on Sunday that the patience of corporate America is wearing “running out”stating that they deserve a “predictable environment and a level playing field”.

The world’s two largest economies used to be its biggest trading partners, but Washington now trades more with neighbors Canada and Mexico, while Beijing does more with Southeast Asia.

During his recent visit to China, Raimondo said US companies are keen to make the relationship work and while some Chinese government moves are positive, the situation on the ground needs to live up to the rhetoric.

“China is making it more difficult”said Raimondo to the program “Face the Nation” from CBS, according to a pre-broadcast transcript. “I was very clear with China that (…) patience is running out among American companies. They need and deserve a predictable environment and a level playing field. And I hope that China will heed that message so that we can have a stable and growing business relationship.”

Raimondo has said that American companies face new challenges, including unexplained large fines, company raids and changes to a counterintelligence law.

“I was very clear, direct and firm in all my conversations with my Chinese counterparts,” he told CNN. “I didn’t beat around the bush. I didn’t sweeten anything.”

Raimondo also said he told Chinese officials that his email had been hacked before his trip to China in late August.

“They suggested that they did not know and that it had not been intentional”he told CNN. “But I think it was important that I put it on the table and let them know and that they know that it’s hard to build trust when things like that happen.”

Source: Reuters