U.S. Trade Secretary Gina Raimondo said the Biden administration would urge U.S. businesses trade with China even though Washington is taking an increasingly difficult stance on Beijing on human rights and national security.
Raimondo has promised to help U.S. businesses gain access to China’s markets, saying she will try to travel there herself once the coronavirus pandemic is eased. “There’s no point in talking about decoupling,” Raimondo said.
“As the President has said, we have no interest in a cold war with China. It’s too big an economy – we want access to their economy, they want access to our economy. ”
However, Raimondo stressed the need yesterday work with Europe to slow down China’s innovation. Her remarks come when Washington and Beijing mocked China’s military activities around Taiwan, the treatment of the Uighurs in the Xinjiang region and the fight against democracy in Hong Kong. (FT, CNBC)
What do you think of Raimondo’s comments? Let me know at firstname.lastname@example.org. As always, thank you for reading FirstFT Asia – Emily
Five more stories in the news
US shares suffer the biggest loss since May The sale of government bonds that began last week with the prospect of higher interest rates ricocheted on the US $ 51 tonne stock market, heavy on technology stocks. Jay Powell, chairman of the Federal Reserve, testified that the supply-side constraints, which kept US inflation above 5 percent, ‘bigger and longer lasting than expected’.
2. Oil prices rise above $ 80 a barrel Coal, carbon and European gas prices have all reached record highs While crude oil has pushed more than $ 80 a barrel into the clearest signs so far that the world is facing an energy crisis that could likely affect economic growth. Global inventory is drain quickly because supply does not keep pace with rising demand as economies reopen.
3. US military officials testify over withdrawal from Afghanistan Two top U.S. military officials have said they believe several thousand troops should have stayed in Afghanistan, and acknowledges other tactical and intelligence shortcomings during the chaotic withdrawal of armed forces from the country. Do you think the US should have maintained a troop stability in Afghanistan? Tell us in our latest poll.
4. Chinese developer Sunac tries to avoid Evergrande infection Shares in Chinese real estate developer Sunac China Holdings jumped yesterday after issuing a statement denying that it had officially sought help from the government as volatile trade fueled by a crisis at Evergrande showed signs of overflow in the sector.
5. Ford plans record investment in electric pickups Ford and South Korean battery maker SK Innovation have dedicated to spend $ 11 billion to build three plants in Kentucky and Tennessee to produce versions of the popular F-series trucks with batteries. The investment is the largest Ford has made in its 118-year manufacturing facilities.
In other news about electric vehicles: Sir Jony Ive, former Apple chief designer, is with Ferrari to help the supercar manufacturer develop its first electric vehicle.
The USA Centers for Disease Control and Prevention has raises health warnings for travelers to Singapore and Hong Kong amid outbreaks of Delta.
Victoria is offer grants up to $ 10,000 to doctors and pharmacists to help increase the Australian state’s vaccination rate.
In the USA, I and United Kingdom, Covid Support Schemes end without any clear sign that workers are emerging to alleviate the shortage of labor.
Portugal emerged as Europe’s forerunner for vaccination – with the help of a former submarine commander.
U.S. employers and health care unions appealed to the federal government crippling staff shortages, while a deadly wave of Covid-19 swept across the country.
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The days ahead
Japan’s LDP Holds Leadership Election The winner of the four-way battle to replace Yoshihide Suga as Prime Minister of Japan is being decided today. Here are the candidates fighting to lead the Liberal Democratic Party.
Labor conference concludes On the last day of the UK rally, attention will be drawn to the question of whether Labor leader Keir Starmer can clearly articulates his vision today in his speech to delegates.
EU-US Trade and Technology Council The group will holds its first summit in Pittsburgh to discuss the defense of critical supply chains and technologies, such as artificial intelligence.
Opinion: The US and the EU can find common ground by agreeing on 21st century economic rules, rather than committing themselves to China, writes Rana Foroohar.
What we still read
Afghan sportswomen fear for Taliban The Islamic group, which placed restrictions on sports when they ruled Afghanistan in the 1990s, made apparent support for athletes a foundation of their charm offensive. The question is: will women, who were banned from the sport when they were last in power, be admitted continue play at all?
China’s spending on pet care is expected to increase dramatically Goldman Sachs calls on investors to bet on China’s $ 30 billion pet market and the prospect that the city’s youth in the country will opt for well-fed cats and dogs because of a new baby.
Time to turn off Facebook’s digital fire hose How much control does the technology giant give users over advertising? The answer, despite his protest, almost does not look. Many of us have our own algorithm war stories. Sometimes they are relatively trivial, but other times they are cruel.
How Olaf Scholz won the German election From the start of the campaign, Scholz, the Social Democrats’ candidate for chancellor, stubbornly targeted the many Germans who supported Angela Merkel in the last four elections, but had no strong allegiance to her Christian Democratic Union. The approach has borne fruit, with spectacular results.
Jair Bolsonaro tests Brazilian democracy Shock and scandal have long been the favorite weapons in Jair Bolsonaro political arsenal. But his fiery rhetoric in recent months, coupled with the mobilization of his radical supporters, has caused a wave of concern for the country’s democracy. The question that puts the nation in jeopardy is where the Mercurial president will go from here.
What do you do after breaking records for the best-selling game series ever and redefining the idea of what a video game can be? If you are Will Wright, the creator of SimCity and The Sims, you lie low. Since the release of its most recent game in 2008, evolution simulator Track, enjoying the 61-year-old quiet time. But now this oldest statesman is at stake plans his return next month.