Tough mission in China

US Commerce Secretary Gina Raimondo faces a tough mission on China visit [View in browser]( [Bloomberg]( US Commerce Secretary Gina Raimondo arrived in Beijing with a dual mandate: sell more American goods and services to China and try to convince China’s leaders that the policies she’s in charge of aren’t meant to hobble their economy. The first may be a much easier ask than the second. Key Reading: [US-China Stability Is ‘Profoundly Important,’ Raimondo Says]( [Raimondo’s China Trip Has Chance of Success That Eluded Others]( [China’s Worsening Economic Slowdown Is Rippling Across the Globe]( [China Remains Embedded in US Supply Chains: Jackson Hole Paper]( China’s imports from the US have fallen for 10 of the past 12 months as the world’s second-largest economy slows due to a housing crisis, Covid Zero lockdowns last year and a weak rebound this year. If Raimondo seals the deal on a restart of deliveries for the 737 Max airliner, that would go some way to boosting both Boeing’s bottom line and American exports, giving her a tangible success to take back to the US. Yet it will be much harder to get Chinese acquiescence to the other aspect of her job — restricting the parts of trade and investment that involve security concerns, such as exports of high-tech chips and machinery. Her visit comes after the White House moved to curtail investments into strategic sectors such as artificial intelligence and quantum computing, part of policies that China sees as an attempt to undermine its economic growth. It’s less than two weeks after the US, Japan and South Korea reached a landmark deal that included a promise to cooperate more on defense and a pledge to fight “economic coercion” and supply-chain disruptions, veiled swipes at China. At least Raimondo is expected to set up a bilateral forum with China to discuss export controls. That’s unpopular with some back in Washington, especially Republican lawmakers. That reaction underscores the difficulty of any real change in US-China relations, with a concession by either side likely to be opposed domestically. Elections fast approaching in the US and Taiwan — a key flashpoint for bilateral relations — can only add to tensions. — [James Mayger]( Raimondo arrives yesterday at Beijing Capital International Airport. Photographer: Andy Wong/AFP/Getty Images Check out the Bloomberg Politics [webpage](, and if you are enjoying this newsletter, sign up [here](. Global Headlines Ukraine’s forces pressed ahead on the southern front line after capturing a strategic settlement as it aimed [to breach]( Russia’s defenses. Deputy Defense Minister Hanna Malyar said the military advanced southeast of the town of Robotyne, which was retaken this month. Forces also recaptured about a square kilometer of ground near the Russian-occupied city of Bakhmut, she said. Turkey and the US held their largest joint military exercises in at least seven years last week that, along with a visit from a bipartisan Congressional delegation, show both sides are seeking to [rebuild]( their longtime alliance, Turkish sources say. The signs of improving ties between Washington and Ankara come as President Recep Tayyip Erdogan seeks a one-on-one meeting with President Joe Biden at next month’s Group of 20 summit in India. Twenty-three countries have now reached a [critical tipping point]( for electric vehicles: 5% of new car sales. This threshold signals the start of mass adoption, when technological preferences rapidly flip. In the past year, Canada, Australia, Spain, Thailand and Hungary have joined a cohort that includes the US, China and most of Western Europe. Argentina risked a dispute with the International Monetary Fund after Economy Minister Sergio Massa announced [election giveaways]( for government workers, retirees and poorer families. The measures defy IMF calls only last week on the Peronist government to rein in spending as the fund approved a disbursement to Argentina. Massa is the ruling coalition’s candidate for the presidency, a race that was upended by libertarian Javier Milei’s first place in a primary earlier this month. Best of Bloomberg Opinion - [AI Arms Control Can Help Keep Cold War II on Ice: Niall Ferguson]( - [China’s Downturn Could Save the World: David Fickling]( - [Don’t Write Off Trump Challengers Just Yet: Jonathan Bernstein]( An unusual disagreement in Vietnam’s one-party Communist leadership may be a sign of a [power struggle]( as the south Asian country is poised to miss its economic growth target. That is piling pressure on Prime Minister Pham Minh Chinh after two of his deputies were ousted in a corruption purge that also took down former President Nguyen Xuan Phuc, and a contest is opening up over who will succeed 79-year-old Communist Party General Secretary Nguyen Phu Trong. Explainers You Can Use - [Meet the German Conservative Who Could Be Key to Ousting Scholz]( - [Why the US and Europe Still Buy Russian Nuclear FuelÂ]( - [Drones, AI and Goats: The New Playbook to Curb Wildfires]( Emmerson Mnangagwa won another five-year term as Zimbabwe’s president in elections that international observers said were [deeply flawed]( and his main rival rejected as a “sham.” Runnerup Nelson Chamisa hasn’t said if his party will file a lawsuit challenging the results in the economically beleaguered southern African nation. Opposition attempts to have previous ballot outcomes overturned in court have proved fruitless. Mnangagwa election posters in the Mbare suburb of Harare on Aug. 23. Photographer: Cynthia R Matonhodze/Bloomberg Tune in to Bloomberg TV’s Balance of Power at 5pm to 6pm ET weekdays with Washington correspondents [Annmarie Hordern]( and [Joe Mathieu](. You can watch and listen on Bloomberg channels and online [here](. News to Note - North Korea is easing Covid-19 border restrictions imposed nearly four years ago to help its [beleaguered economy recover]( from the hit the country took when it sealed itself off, South Korea said. - Libyan Prime Minister Abdul Hamid Dbeibah suspended Foreign Minister Najla Mangoush [after she met]( with her Israeli counterpart, Eli Cohen, in Rome last week. - Foxconn Technology Group founder Terry Gou announced his intention to run in Taiwan’s presidential election as an independent, [deepening competition]( among the opposition contenders for the job. - Japan’s government warned its citizens to take precautions when visiting China, after reports of harassment in response to Tokyo’s [discharge of treated wastewater]( from the Fukushima nuclear plant into the ocean. - Indian officials are proposing to extend a [free grains program]( well into next year’s national election season, sources say, a move likely to support Prime Minister Narendra Modi’s bid for a third term. Thanks to the 75 people who answered our Friday quiz and congratulations to Mary O’Connell, who was the first to name India as the first country to land a spacecraft near the moon’s south pole. And finally … Spain’s reaction after its women won the football World Cup lurched from joy to dismay at how [pervasive machismo remains]( in a country that went through radical social change to become one of the world’s most progressive nations in the 40 years since the end of General Francisco Franco’s dictatorship. Rodrigo Orihuela explains why the sight of Luis Rubiales, the head of the nation’s football association, kissing one of the team’s stars on the lips touched such a nerve in a charged political landscape. Rubiales carrying player Athenea del Castillo Beivide as they celebrate the victory. Photographer: David Gray/AFP/Getty Images More from Bloomberg - [Washington Edition]( for exclusive coverage on how the worlds of money and politics intersect in the US capital - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Supply Lines]( for daily insights into supply chains and globe trade - [Bw Daily]( for unique perspectives, original reporting and insightful analysis from Businessweek’s renowned journalists - [Green Daily]( for the latest in climate news, zero-emission tech and green finance Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. 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