The US and China agreed to set up new channels of communication for economic and commercial issues, US Commerce Secretary Gina Raimondo said Monday, including a new bilateral forum to discuss export control measures to reduce misunderstanding of national security policies, reports The Wall Street Journal. The agreement, reached during a four-hour meeting between Raimondo and Chinese Commerce Minister Wang Wentao, is aimed at easing tensions that followed Washington’s step to restrict China-bound exports of advanced semiconductors and equipment in October.
That action led to retaliation from Beijing, including a ban on some chip-making materials and the sale of products made by US chip maker Micron Technology.
“I want to be clear that we are not compromising or negotiating in matters of national security. Period,” Raimondo told US business representatives during a reception at the US ambassador’s residence. “But this is meant to be a dialogue, where we increase transparency, and when we are clear about what we are doing.”