Secretary Raimondo says ‘we have a long way to go’ on U.S.-China business relations

In a Tuesday interview with CNBC’s Jim Cramer, U.S. Secretary of Commerce Gina Raimondo said there is a long road ahead to improve the economic relationship between the U.S. and China.

She discussed President Joe Biden’s November meeting with Chinese President Xi Jinping, saying the two leaders took a step in the right direction and were able to have “a very productive, constructive, candid, direct” conversation.

“We began the dialogue, which is a good step. Nothing good will happen if we don’t even talk,” Raimondo said. “But we have a long way to go.”

However, she said actions speak louder than words, and she needs to see the Chinese government take steps to protect U.S. intellectual property, enable a fair regulatory environment and not target U.S. companies. She said she speaks with many CEOs who say it’s getting more and more difficult to conduct business in China, but said she will continue to try and improve conditions.

“I’m a dog on a bone. U.S. business deserves an advocate, they deserve a fair shake,” Raimondo said. “We’re not asking for any special treatment, we just want a level playing field, and we’re going to keep making the case.”

Raimondo also discussed the government’s relationship with semiconductor giant Nvidia, saying they are in frequent dialogue with the company. The Department passed regulations that restrict the export of advanced artificial intelligence chips to China, potentially cutting off a large and growing market.

“It’s the U.S. private sector innovation ecosystem that allows us to lead the world in AI,” she said. “But we also have to enable them to be competitive, be productive, make money, sell what they can to other countries, including China, as long as it doesn’t interfere with our national security.”

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia.