Stock Groups

U.S. Commerce chief to push investment in domestic economy By Reuters


© Reuters. FILE PHOTO – U.S. Commerce Secretary Gina Raimondo responds to a query during a Reuters interview in Washington U.S.A, September 23, 2021. REUTERS/Kevin Lamarque

By David Shepardson

WASHINGTON (Reuters) – U.S. Commerce Secretary Gina Raimondo plans to outline her vision for U.S. investment in its domestic economy and doing more to compete with China, in a speech on Tuesday.

“For America to compete globally, we must invest domestically − in American workers, American businesses, and American innovation,” Raimondo will say at the Washington Economic Club, according to excerpts from the speech.

Congress will consider granting the Department of Commerce billions of dollars for broadband expansion in areas without high-speed Internet and $52 million to increase U.S. production of semiconductor chips.

Raimondo’s prepared excerpts say she will argue China’s R&D spending requires a response: “We must expand R&D investments and move innovations from the lab to the marketplace at 21st century speed.”

Raimondo criticized China in Friday’s roundtable media interview. She said it was buying U.S. goods at a lower price and dumping steal.

Raimondo stated that “We will work together with our allies in order to counteract China’s anticompetitive behaviour.” That’s quite a difference from the old administration’s and ours.

The Trump administration imposed tariffs on steel, aluminum, and other materials to help increase U.S. manufacturing. However, the Trump administration’s national security tariffs were “not necessary” and “unnecessarily harmful to allies. Of course, the enemy is not Europeans. China’s excessive import of low-cost steel into Europe is the enemy.

Valdis Dombrovskis is the EU trade chief and he stated Monday that he believed “moderately optimistic” that the U.S./EU could settle their disagreement over tariffs on steel and aluminum.

Raimondo described the Trump administration’s efforts to resolve data security concerns surrounding TikTok as “hamhanded” and “ineffective.”

The executive orders of former President Donald Trump to stop new TikTok apps being downloaded were withdrawn by President Joe Biden in June. He directed Commerce Department staff to submit recommendations for protecting U.S. data from companies owned by foreign adversaries by the beginning of October.

Raimondo indicated that the TikTok review is in its midst and she had limited information to share.

She stated that Biden’s administration “very serious about protecting Americans’ data” and was working together with allies. Raimondo stated, “That’s really difficult work.” Doing an executive order which is meaningless on TikTok does not make sense.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.