Below is a transcript of a recent interview with Secretary of Commerce Gina Raimondo on “Face the Nation” that aired on September 3, 2023.
ROBERT COSTA: Our guest today is Secretary of Commerce Gina Raimondo. Good morning, Secretary. Thank you for joining us. Let’s begin by discussing the state of the economy. The Bureau of Labor Statistics recently released the jobs report for August, which showed the addition of 187,000 jobs, surpassing expectations. However, there has been an increase in the number of people working multiple jobs. How concerned are you about this trend?
SECRETARY GINA RAIMONDO: Good morning, and thank you for having me. The latest jobs report is exactly what we want to see at this stage of the recovery. Not only are we creating more jobs, but we are also witnessing a significant increase in labor force participation. It is encouraging to see more people entering the job market and finding employment opportunities. While it is true that some individuals are working multiple jobs, it is important to note that wages are also rising. Nonetheless, President Biden is dedicated to creating manufacturing jobs with higher wages and providing the necessary skills training to secure well-paying jobs. We acknowledge that there is still work to be done to ensure every American has access to stable and supportive employment, and we are actively addressing this issue. Overall, the jobs report gives us plenty of reasons to be optimistic.
ROBERT COSTA: Despite the administration’s efforts and confidence in the economy, our CBS News polling indicates that 65% of Americans still perceive the economy as being in a poor state. Why do you think the Biden administration has struggled to reassure the public about its economic policies?
SEC. RAIMONDO: It is interesting to note the disparity between the economic indicators and public perception. One contributing factor to this perception is the existence of inflation. People encounter rising prices when they go shopping, pay rent, or manage their mortgages on a daily basis, and it understandably concerns them. Nevertheless, if we compare the current state of the economy to when President Biden assumed office, the progress made is remarkable. Even as Commerce Secretary, I would not have believed we could achieve such significant strides considering the initial state of the economy, high unemployment rates, and disrupted supply chains. The fact that we now find ourselves with a strong and thriving economy, outperforming other major economies that also faced the challenges of COVID-19, speaks volumes. While we don’t want to downplay the concerns of the American people, it’s important to recognize that our economy is performing exceptionally well and exceeding expectations.
ROBERT COSTA: Looking ahead, the White House is working with Congress to reach an agreement on a short-term funding measure to avoid a partial federal government shutdown by October 1. Have you observed a sense of worry among business leaders regarding this deadline and the potential impact on the economy?
SEC. RAIMONDO: Yes, business leaders are deeply concerned about this deadline and the potential consequences of a government shutdown. They often express frustration with the way the government functions, as what businesses need most is predictability and a sense of regularity. Disruptions caused by political factors pose significant challenges to the economy and have the potential to set us back. I sincerely hope that a speedy resolution can be reached to avoid any adverse effects.
ROBERT COSTA: During your recent trip to China, you became the first Commerce Secretary in five years to visit the country. Have you made any significant progress during your time there?
SEC. RAIMONDO: Absolutely, we have made substantial progress. One major breakthrough was establishing three lines of communication with the Chinese government, which is a significant step forward considering the lack of contact over the past five years. We have agreed to share information regarding export controls, initiated discussions on commercial issues to address the unfair treatment of American businesses by China, and committed to engaging in talks about protecting trade secrets. However, the most crucial aspect of this trip was reestablishing direct lines of communication between our two nations. In order to manage the complex and potentially volatile relationship with China, it is crucial that we maintain open channels of dialogue.
ROBERT COSTA: It must be reassuring for people to hear that the US and China are engaging in open communication. What can we expect to happen next beyond these discussions?
SEC. RAIMONDO: My message to the Chinese officials with whom I met was that actions speak louder than words. While they provided verbal assurances regarding fair treatment of American businesses and a commitment to avoiding non-market practices that harm American workers, it is imperative that we see tangible action. Time will reveal whether they genuinely adopt a more market-oriented and reform-minded approach to their economy and regulatory systems. Currently, one of the main complaints from US businesses is the lack of transparency in Chinese regulations. They often face uncertainty and are subject to arbitrary actions by the Chinese authorities. By raising these concerns during my visit, I ensured that they were heard. While we have not received any promises, the fact that China understands the importance of foreign direct investment and the benefits of a robust economy built on market principles gives us some hope that their future decisions will align with their self-interest.
ROBERT COSTA: Having had face-to-face meetings with the Chinese officials, do you trust them at this point?
SEC. RAIMONDO: Trust might not be the appropriate word to use in this context. We need to see concrete actions before trust can be established.
ROBERT COSTA: It’s worth mentioning that your own email account was hacked by the Chinese, which certainly impacts the trustworthiness of any relationship.
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