US Commerce Secretary Raimondo: Patience of US business is wearing thin, China is making it more difficult
"China is making it more difficult," US Commerce Secretary Gina Raimondo told CBS's Face the Nation per Reuters. The policymaker also added that she was very clear with China that they need it as patience is wearing thin among American businesses.
US Commerce Secretary Raimondo cited a lack of a predictable environment and a level playing field as the key catalysts hurting the US business in China. Also acting as the key challenges are unexplained large fines, raids on businesses and changes to a counterespionage law per the news.
The US Diplomat was on a trip to Beijing last week and raised concerns about the American businesses operating in China as she told CNN, "I was very clear, direct and firm in all of my conversations with my Chinese counterparts.”
The policymaker also cited China’s closing down the economy and being more arbitrary in the way they administer regulations as the reasons for the challenging performance of late.
Biden’s Comments
US President Joe Biden also crossed wires during the weekend while showing his disappointment with Chinese President Xi Jinping’s decision to remain absent from the summit of G20 leaders in India.
"I am disappointed ... but I am going to get to see him," Biden told reporters in Rehoboth Beach, Delaware, without elaborating per Reuters.
AUD/USD remains pressured
The news exerts downside pressure on the AUD/USD, around 0.6450 by the press time, probing the bulls even after the first weekly gains in seven.
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
