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US Commerce Secretary Howard Lutnick on Monday asked businesses to manufacture in the US to access local markets and offered companies L-1 visas to bring employees to launch projects here. Addressing the SelectUSA Investment Summit at National Harbour in Maryland, Lutnick said the US has flipped the script and was now encouraging companies to set up shop in the US instead of outsourcing production to other countries. "If you want to successfully sell in the United States, build here. Build here. If you want to access our markets..., hire our workers and do it here," Lutnick said. He described it as the "old model" where the US exported its intellect and intellectual property and all other countries built the factories. "We sort of outsourced production everywhere else in the world, but with Advanced manufacturing, we can bring it back," he said. "Our trade agenda has made it clear. If you build here, and you hire here, and you strengthen our industrial base, we will help you. We w
Simmering tensions between Beijing and Washington remain the top worry for American companies operating in China, according to a report by the American Chamber of Commerce in China released Tuesday. The survey of US companies said inconsistent and unclear policies and enforcement, rising labour costs and data security issues were other top concerns. It also said that, despite the insistence of Chinese leaders that Beijing welcomes foreign businesses, many still are hindered from free competition. The Chinese government has stated that it encourages foreign direct investment, but many of our members continue to encounter barriers to investment and operations including policies that discriminate against them and public relations campaigns that create suspicion of foreigners, the report said. The report welcomed an improvement in relations in 2023 that was capped by summit meetings of Chinese leader Xi Jinping and President Joe Biden, but said the US presidential election in November w