FirstFT: US pledges to access Chinese markets

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Gina Raimondo, US Secretary of Commerce, said the Biden administration would push US companies to trade with China, even as Washington takes an increasingly hard stance on Beijing on human rights and national security.

Raimondo has pledged to help U.S. companies access Chinese markets and said she will seek to get there herself once the coronavirus pandemic has abated. “There is no point in talking about decoupling,” Raimondo said.

“As the president said, we have no interest in a cold war with China. It’s too big an economy – we want to have access to their economy, they want to have access to our economy.

However, Raimondo yesterday stressed the need to work with Europe to slow down China’s innovation. His remarks come as Washington and Beijing clash with China’s military activity around Taiwan, its treatment of Uyghurs in the Xinjiang region, and its crackdown on democracy in Hong Kong. (FT, CNBC)

What do you think of Raimondo’s words? Let me know at [email protected]. As always, thanks for reading FirstFT Asia – Emily

Five other articles in the news

1. US stocks take the biggest loss since May The government bond selloff that began last week amid the prospect of rising interest rates ricocheted through the $ 51 billion U.S. stock market, weighing heavily on tech stocks. Testifying before Congress, Jay Powell, Chairman of the Federal Reserve, said the supply side constraints that kept US inflation above 5% were “bigger and longer lasting than expected.”

2. Oil prices exceed $ 80 per barrel European coal, carbon and gas prices have all hit record highs as crude oil surged above $ 80 a barrel, making it clear that the world is heading towards an energy crisis that could weigh on economic growth. . Global stocks are quickly depleting as supply does not keep up with growing demand as economies reopen.

3. US military officials bear witness to withdrawal from Afghanistan Two senior US military officials said they believed a few thousand troops should have stayed in Afghanistan and acknowledged other tactical and intelligence failures during the chaotic withdrawal of the armed forces from the country. Do you think the United States should have maintained a troop presence in Afghanistan? Let us know in our latest survey.

4. Chinese developer Sunac seeks to avoid Evergrande contagion Shares of Chinese real estate developer Sunac China Holdings surged yesterday after issuing a statement denying that it had formally sought government assistance as volatile trading fueled by a crisis in Evergrande showed signs of overflowing the sector.

5. Ford plans record investment in electric pickup trucks Ford and South Korean battery maker SK Innovation have pledged $ 11 billion to build three factories in Kentucky and Tennessee to produce battery-powered versions of the popular F-Series trucks. is the largest Ford has made in manufacturing facilities in its 118-year history.

  • In other news on electric vehicles: Former Apple designer Sir Jony Ive is teaming up with Ferrari to help the supercar maker develop its first electric vehicle.

Coronavirus digest

  • United States Centers for Disaster Control and Prevention has stepped up its health warnings for travelers to Singapore and Hong Kong amid outbreaks in Delta.

  • Victoria offers grants of up to A $ 10,000 to doctors and pharmacists to help increase the Australian state’s vaccination rate.

  • In the we, EU and UK, Covid support programs are ending with no clear signs of workers stepping forward to alleviate the labor shortage.

  • Portugal became the European leader in vaccination, with the help of a former submarine commander.

  • Health care employers and unions in the United States called on the federal government to tackle crippling staff shortages as a deadly wave of Covid-19 sweeps the country.

The demand for traveling nurses to the United States has skyrocketed in recent months;  Total number of open jobs ('000)

Subscribe to receive the road to recovery, our regular briefing on businesses and the economy in a world transformed by the pandemic.

The coming days

Japanese PLD holds leadership election The winner of the four-way battle to replace Yoshihide Suga as Japanese Prime Minister has to be decided today. Here are the candidates vying to lead the Liberal Democratic Party.

Labor conference ends On the final day of the rally in the UK, attention will be focused on whether Labor leader Keir Starmer can make his vision clear in his speech to delegates today.

EU-US Trade and Technology Council The group will hold its first summit in Pittsburgh to discuss the defense of supply chains and critical technologies, such as artificial intelligence.

  • Opinion: The US and the EU can find common ground by agreeing on rules for the 21st century economy, rather than allying against China, writes Rana Foroohar.

What else do we read

Afghan sportswomen living in fear of the Taliban The Islamist group, which imposed restrictions on the sport when it ruled Afghanistan in the 1990s, has made overt support for athletes the foundation of its charm offensive. The question is whether women, who were banned from sport when in power, will they be allowed to continue playing?

A cricketer practicing in Afghanistan

Female athletes in Afghanistan are bracing for the worst despite Taliban promises of a more moderate regime © Aref Karimi / AFP via Getty Images

Chinese pet care spending set to increase dramatically Goldman Sachs is urging investors to bet on China’s $ 30 billion pet market and the prospect that the country’s young city dwellers will opt for well-fed cats and dogs over a new baby boom.

It’s time to put out Facebook’s digital fire hose How much control does the tech giant give users over ads? The response, despite his protests, seems to be barely zero. Many of us have our own stories of algorithm wars. Sometimes they’re relatively insignificant, but other times they’re downright cruel.

How Olaf Scholz won the elections in Germany From the start of the campaign, the Social Democrats’ candidate for chancellor Scholz fiercely attacked the many Germans who had supported Angela Merkel in the last four elections but had no strong allegiance to her Christian Union. -democrat. The approach paid off, with spectacular results.

Jair Bolsonaro tests Brazilian democracy Shock and scandal have long been the favorite weapons in Jair Bolsonaro’s political arsenal. But his fiery rhetoric in recent months, coupled with the mobilization of his radical supporters, has generated a wave of concern for the country’s democracy. The question plaguing the nation is where the mercurial president will go from here.

Games

What do you do after you break records for the best-selling PC game series of all time and redefine the very idea of ​​what a video game can be? If you are Will Wright, creator of Simcity and The sims, you’re keeping a low profile. Since the release of its most recent game in 2008, the evolution simulator Spore, the 61-year-old had a quiet time. But now this old gaming statesman is preparing to return next month.

Will Wright, creator of

Will Wright, creator of “SimCity”, “The Sims” and a new project, “Proxi” © Ryan Anson / AFP / Getty Images

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