Commerce Secretary Gina Raimondo is set to become the latest government official to travel to China amid rising tensions between the two countries. The worsening relations are leaving American companies facing an uncertain environment.
Companies like Apple, for example, faced delayed shipments as lockdowns disrupted their operations in China.A resident looks through a hole from inside a locked-down area in Beijing on June 30, 2022. China implemented a"zero-COVID" policy that was disorienting and disruptive for global companies. Most recently, President Biden, citing national security concerns, signed an executive order that will make it more difficult for U.S. firms to invest in certain Chinese companies. They'll be prohibited from investing in artificial intelligence and quantum computing — technologies that could be used by the military.
U.S. companies have been trying to ascertain what sectors and products are"safe." But Ashton says there is still a lot of ambiguity.U.S. companies have long based a substantial part of their production in China for everything from iPhones to sneakers. According to a recent survey by the American Chamber of Commerce in China, 74% of companies said they"are not considering relocating manufacturing or sourcing outside of China."
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