Commerce Secretary Gina Raimondo: The 60 Minutes Interview
Secretary of Commerce Gina Raimondo is focused on U.S. advanced microchip
production - and keeping the chips out of China and Russia.
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"We make the most advanced chips..." "We? You mean Taiwan." "Fair." 🤣🤣🤣
It is fair to say America has the advanced chips. They are importing a lot of Taiwanese workers to train American chip engineers. Once that is done, project is complete.
@@marktrinidad7650Can American know the different between Chinese and Taiwanese? I don't think so 😂
@@marktrinidad7650 Those Taiwanese workers want to get the green cards and stay at US, so they won't teach American engineers.
This is why protecting Taiwan is in our best interest. While building new chip manufacturing. I know Kansas is building a new chip manufacturing facility.
@@marktrinidad7650 Taiwanese work days and nights. And Americans just cannot compete.
This is the question you should have asked Gina: "At what price? Can Americans buy American products?"
Between inflation (read as greed and price gouging) and wage stagnation since Reagan, who is also the one who sent all our manufacturing to China to begin with, we can barely afford the cheap, low quality Chinese products. So, no, we can't, until someone raises wages, taxes the rich and corps, and reigns in end stage capitalism.
Navahos finally got juice. 401ks?❤
@@DavidMiller-kf1ss what does this even mean?
TSMC boss has already told the cost of production +50% after chips are produced in US
@@kenho-wr5ul2rh7m Already, TSMC (USA) is now delay completion until 2026.
We? You mean Taiwan...And have you ever considered why the factories abandoned and moved to China ?
An important truth that no body has the courage to say it, America is not able to compete anymore with the best companies in Asia be it Taiwanese, Korean or Chinese! Little can be done here at home even when these companies are awared billions of dollars to come and open their factories here in America, they do it to get the money even though they know their best manufacturing has to be done back home in Asia!
Free market capitalism, yes.
Taiwan Semiconductor has a virtual monopoly on high end chips simply because no one has the same production capability. Intel, their primary competition outside of Samsung, had dropped the ball repeatedly over the last decade in terms of chip fabs. After countless delays they are finally online but there is still a lot of catching up to do, and that's exactly what the CHIPS act is supposed to do. Bring leading edge chip manufacturing back into US borders.
@@radwanabu-issa4350 The main reason U$A will never able to compete in Chip manufacturing. All the country that do well in chip manufacturing , has Confucianism culture. For chip manufacturing, a high level of discipline is the key, and most Americans today don't possess it. They call it “forced labour" Taiwanese media reported on August 2 that TSMC claimed the production holdup at its Arizona facility was caused by a shortage of trained American labour and that they had sent staff from Taiwan to assist with the factory's development. Labour union officials in Arizona, on the other hand, criticised TSMC for exploiting this as a justification to bring in "low-wage foreign labour."
Thank you for exposing more phenomenal public service employees. We need to know more about these people that commit their careers and lives to truly keeping America Great.
Agreed. It would definitely bring back to earth some of the MAGA & P.C. fanatics hopefully
@@BruderAdrian really.. Gina appears to have issues. I think she needs psychological help.
This lady is very welcome to come to China . She is a suitable advertising spokesperson for China's technological progress
In a cold war, it is important to know thy enemy. Let the war advocates come to China and see who benefits the most.
keep huffing that copium
@@cosmicdancer确实是这样的，过去我们中国人愚蠢的认为全球供应链自由市场 当美国人开始切断中国供应链的时候，中国人清醒了，现在在大量的投入研发，有很多东西都追赶上来了 如果不是美国这样做，中国人有可能会在芯片方面还是对美国的依赖
Its hard to fully believe what politicians say. Many sound great, but theyre actions tell what theyre really about.
YES the old woman is a awful fox ,her face make ones queasy, sure Her enemy is that,too
60 minutes has some of the best journalists in the United States. I trust 60 minutes more than any publication to ask hard hitting questions but also be open enough to allow the person they're interviewing to respond appropriately. Great work, keep it up!
Trust American media on issues beyond your local news? LMAO, Get out from the well and see the world.
really? asking a politician about business and technology? 60 minutes is full on propaganda mode
Gina is a patriot and an asset to our nation 🇺🇸
the shareholders of her dad's factory are the ones whom to blame, not China.
Patriot genisayeed native Anericans
An asset like your president
I’m not a democrat but I like her . Great job❤ love her story
She is doing free promotions to Chinese tech companies. Thx Raimo
She was fully humiliated the day when Huawei launch their own 5G capability mobile phone. She was still talking technology section to China 😂😂😂
Humiliated by that overheating, slow phone??😂😂😂
@@Dave05J苹果手机有什么创新不也够热了，很失败的设计 美国如果不依赖全球供应链，能够生产一个低端手机都非常了不起了
@@Dave05Jyou mean IPhone15？😂
Let's just say that "There's absolutely no cure for jealousy".
People with a scarcity mindset.
Great interview with a surely well educated and polite professional. So good to see we have people like that still in the government.
She’s bad for the country and bad for the world 😂
@@bobdoe38 It is clear that's she's not making everyone happy. It doesn't mean she is wrong nor not creating good things for the majority of people in America.
@@bobdoe38only if you are Chinese or Russian . So who you ?
@@LanNguyen-vd4zt i am an American and I don’t like her. What is wrong with that?
@@LanNguyen-vd4zt NONONO，as a Chinese, I have to tell you, we like her and thank her for everything she has done for Huawei 来自中国的爱❤🎉
As a Chinese I definitely love Raimondo, and her (and Biden's) sanctions. This forces Chinese company to invest more in R&D, and use more domestic chips. I've heard many examples like, a manufacturing company used to use US chips, and want to keep importing them to make sure the product quality is stable. Suddenly due to sanction, they have to switch to domestic chips, and found that the quality is not too bad. They then give feedbacks to the chip-manufacturing company, and since both are Chinese companies, the update/upgrade on chips are fast. After a couple of iterations, the domestic chips have on-par or even better quality. Had it no sanctions, the growth of chip manufacturing won't be that fast for China.
keep huffing that copium
I completely lost faith on Chinese chip companies. Started from Hanxin's fraudulence chips, it was scams after scams. Remember the latest Quanxin chip scandal three years ago and wasted close to USD 10 billions? Xi Jingpian claims his success on fighting corruption except his CCP cronies. The only way China can succeed is to have a structural change and new leadership. Do you know anyone in the PLA? We need to gather all the forces to rebuild a new China.
I completely lost faith on Chinese chip companies. Started from the fraudulent chips by Hanxin, there have been just scams after scams. Remember the latest Hongxi chip scandal wasted nearly USD 10 billions in 2021? Xi Jinping has been fighting against corruption as long as it doesn't involve his CCP cronies. For China to succeed, we need a structural change and new leadership. Do you know anyone form the PLA? We need all the forces to rebuild China.
I completely lost faith on Chinese chip companies. Started from the fraudulent chips by Hanxin, there have been just scams after scams. Remember the latest Hongxi chip scandal wasted nearly USD 10 billions in 2021? Xi has been fighting against corruption as long as it doesn't involve his CCP cronies. For China to succeed, we need a structural change and new leadership. Do you know anyone form the PLA? We need all the forces to rebuild China.
I completely lost faith on Chinese chip companies. Started from the fraudulent chips by Hanxin, there have been just scams after scams. Remember the latest Hongxi chip scandal wasted nearly USD 10 billions in 2021? Xi Jinping has been fighting against corruption as long as it doesn't involve his CCP cronies. For China to succeed, we need a structural change and new leadership. Do you know anyone form the PLA? We need all the forces to rebuild China.
In the US news: There's no evidence that China can produce 7nm at scale. In the mean time in China Huawei returns to no1 smart phone company with mate 60 pro selling well over 10 million units.
They put her on billboards lol 😅
US must be taking chips out of refrigerators, washing machine, toys, TV, computer, and make weapons for Ukraine.
When Commerce becomes part of national security, consumers will not able to get affordable products such as $20k electrical vehicles and $50 solar panels. Who in the government speaks for average consumers?
In fact it's not China grap the business from America, it is the CAPITAL. If you agree...
Not China any more, now it’s Vietnam, Thailand, India…
@@liyang8337 NEXT!
Plz Ms. Raimondo, visit China as soon as possible. We surely miss you here.
No. Wait for a better timing...like when Huawei was going to announce their yet another superior product using their native chips.
Huawe's best advertisor lol... for the next 10 years, her image will become a emoji ..
Reminds me of the “no soup for you!” Episode from Seinfeld
If you leave a governor job to become a secretary in a cabinet unelected clearly means you aren't doing a good job as a governor 🤔
government funding for big business and jobs is good, but it does ignore the core problem. Economic conditions should facilitate organic growth. Funding a few big guys takes out domestic competitive forces. That’s how monopolies start, dollars weaken, etc. Hopefully funding is spread somewhat more equitably than it would be under an agenda
Outstanding interview!!
It’s about damn time! Raimindo for president! We need more manufacturing, more infrastructure renovation, more jobs and for gods sakes fix downtown Los Angeles and downtown San Francisco please!
Maybe you're government should not have let china into the WTO it's you're own country's problem you done it to yourselves
Everyone can design the most advanced chips. Only Taiwan can make them.
agree that the internet is no longer a luxury, but definitely a necessity. Great interview - bravo Gina!
hopefully the starlink will solve the problem; anyhow good program and wonderful talk THANKS
... I like Secretary Raimondo ... people abroad, and here at home, underestimate this country to their cost. You play fair, we play fair. You don't play fair we will remember and act accordingly ... to their costs ...
U.S. if i win, fair, if i lose, not fair Right ？
The US is all about taking unfair advantage of others. Or don't you know??
Yanks fair ...you high on weed ?
Actually, nobody wants to play with the US at all. Cos you cheat all the time.
She was a great student, has all the qualifications, but ... the investment company she started lost millions of dollars of Rhode Islanders' pensions invested in her company. So then she ran for State Treasurer and one of the first things she did was cut pensions for retirees because ... there was little to no money left in the pension funds to pay them. I am a Rhode Islander, I was not a pensioner and was not hurt by any of these decisions, but the job she did as State Treasurer and then Governor was horrible for the working man - but really good for big businesses. (Of course, her replacement seems to be worse) But she sure can talk a good game!
Very impressive person. Glad to see an American Manufacturing Renaissance happening.
Me too. Better late than never, we should have never off-shored all those jobs and industries in the first place but hopefully we can course correct this decade.
Thank you Gina from The ⛵️🏄♀️🏄♂️🦈🐚🌊 State!
Yeah thanks for leaving. Incompetent and corrupt.
Internet for all sounds terrifying…I’m thinking about ditching my smartphone. Not good for regular life lol
Way to send us back a century. Totally missed the boat on China.
Don’t forget what your fore fathers said . Taiwan is part of China . And don’t claim you own something when it really isn’t just like the chips from Taiwan .
The main reason U$A will never able to compete in Chip manufacturing. All the country that do well in chip manufacturing , has Confucianism culture. For chip manufacturing, a high level of discipline is the key, and most Americans today don't possess it. They call it “forced labour" Taiwanese media reported on August 2 that TSMC claimed the production holdup at its Arizona facility was caused by a shortage of trained American labour and that they had sent staff from Taiwan to assist with the factory's development. Labour union officials in Arizona, on the other hand, criticised TSMC for exploiting this as a justification to bring in "low-wage foreign labour."
When you stop improving yourself and start worrying about how to stop others, you've already lost.
Thank you for conducting this great interview.
People always underestimate the outstanding leadership of the Country’ smallest State . Rhode Island . She was also approached to be Sec. HHS during Covid . RI had highest vaccine rate in the country under her leadership.
Chips act was one of the smartest pieces of legislation our politicians did. Wish they had done it sooner.
Just the opposite, the Chips Act will destroy semiconductor business all around the world, including the US.
@@testphone8379 thank you china/russia bot - if you are making an assertion atleast back it up with some logic as to how that's true
@@elba_magellan ok, if you can’t see it let me tell you. China has its own equipment and software manufacturers, but those businesses were struggling because they are not the best. But now everyone is scared that tools from overseas might not be available in the future, so everyone is buying locally, those business are now booming. The majority of semiconductor business are the so called low end, it covers over 90% of the market, and they already have the technology. For the same reason, they are now trying to be self sufficient, the largest user of those chips is China, which means in the not too distant future, semiconductor manufacturers outside of China will loose business. Business needs profit to support their future development. Now you see the picture? Next time before name calling have a think first. Using national security as excuse is just a lie. Because military equipment needs to be tough, they don’t need those 5nm devices. Even car devices are 28nm or above. Most profitable is those 5nm or smaller devices. They are for phones and high tech gadgets. It is all money.
@@testphone8379 TikTok just got banned 😅
@@elba_magellanglad to see the R N s so uneducated
After reading the other comments, I wonder how such kind of person can be chosen to be in the position???😂😂😂
I remember when every entity in PRC and USSR were on the entity list
Helping the rich to get richer and pay for their campaign ,never ending cycle
Yes, I saw this. She’s impressive.
Spoken from someone who knows nothing about United Snakes corruption and how disqualified she is in this job!
Thank you for your service. We need good politicians doing good work.
I like her. Thank you for your service to our country Mrs. US Secretary of Commerce ❤
6:10 those empty buildings look like residential/work/creative spaces like the 🆓 Los Angeles Art walk at The brewery lofts… so fun and amazing artist direct prices! Aka hippy freak habitats 😂. Keep those musicians crappy practice music with the people who love 💕 them!
Leading edge technology and production capacity of semi would crown the superpower in the next 100 years.
THAT KIND OF WOMAN, PLEASE! GREAT AND SMART! THANK YOU!
When would a segment about the genocide in Gaza take place? That’s the most significant news right now that needs 60 minutes to investigate. If possible
lmao you really think they will when they fully support Israel?
Now there's a democratic presidential candidate
Maybe eventually, although I don't like the idea of having more pro-corporate people in government. The coming conflict is between corporations and people, and we need government to be firmly on our side, or there is no hope for any of us.
Your Correct, but I don’t think Jesus could get anything done with these elected officials… all 3 sides
I agree 👍
Don't poke the bear girl that woman's got her stuff together
Lots.of.trolls in the commemts
Ibwould vote for Gina!
Yeah, as a dog catcher.
I would love to meet the group that cals a government employee a superstar.
"This is meth. This is pure meth"
When you cant compete, stifle your competitors.
I said this midway threw the interview....(the presidential part below)
It all sounds good, what about the shipyards bring them back we don't have enough of them. That's security. Gave a lot of jobs to a lot of people. Blue-collar workers helped a lot of cities. San Francisco has several strip George they did OK. At that time. Oakland had shipyards they did OK that time to now look we got homeless got drug problems, my goodness I think we need to go back to the basics. Thank you
Lol... We you mean Taiwan? 😂😂😂🎉🎉🎉
funny to see Raimondo with my Huawei mate 60 pro
Where do the tools to manufacture originate?
You can continue to create new laws and print money to ensure Americans "enjoy" America made pricy goods. But if your products are not competitive in the world stage (not talking about China alone but many other countries like Taiwan, Japan, Korea, EU, etc.), your policy is not sustainable. You may win some short term votes, but in the long term, the USA products will only be sold in the USA at a artificially high price. Don't complain that inflation is not coming down!
This episode demonstrates exactly what many of us in manufacturing already know. China is the capitalist country and the US has to use socialist policy and government intervention and trade barriers to somehow show it is the "free market country " 😅. The good news for Americans is that Gina's policies will fail and therefore consumers prices will not skyrocket . If she suceeds, it's lights out for the USA.
I look up to women like Secretary Raimondo, self made , level headed, demonstrating you can have both career and family.
Self made 😂😂😂🤡🤡🤡
Her wealth comes from opening a hedge fund that managed state pension funds. Corruption from every angle
GINA I THOUGHT ABOUT YOU ALL DAY LONG ! THANK YOU FOR ALL THAT YOU DO.
They should use the electricity line for internet
Hometown hero!
CBS 60 should investigate the UAP phenomenon. We've had hearings and nothing happens? Media need to push this issue and force the government to disclose what they know.
An important truth that no body has the courage to say it, America is not able to compete anymore with the best companies in Asia be it Taiwanese, Korean or Chinese! Little can be done here at home even when these companies are awared billions of dollars to come and open their factories here in America, they do it to get the money even though they know their best manufacturing has to be done back home in Asia!
Nah, America does fine, we've just moved on from labor to management. We can't compete on manufacturing because American labor costs too much to be competitive. Any manufacturing we do in the US would need to be heavily government subsidized to be cost competitive.
@@timogulwe need manufacturing bud. Can’t just sell off your entire means of production and get away unscathed, not to mention this entire news story’s about bringing manufacturing back within our borders.(and it’s bipartisan) You say we’ve become a management economy, I say we took advantage of developing economies for quick profits and are now seeing the repercussions. We kicked the can so far down the road that it almost seems irreversibly, like you said. The “management” class you speak of readily sold off jobs of lower rung workers for a pretty Christmas bonus. Have a good day.
@@blake8510 As a country? Sure, to some degree, that's why you have plans like Raimando is doing here. But for a long time we've let "the invisible hand of the free market" handle this stuff, and it never once cared about US national security. Even so, we never need to be a significant manufacturing nation, and it would never make economic sense to do so. We just need to ensure that we have baseline, emergency manufacturing capacity, and the ability to rapidly scale up when necessary. Also, it makes no sense to subsidize labor, to have people working terrible jobs and then paying them more than their labor is worth. If the job does not naturally lead to paying a livable wage, then humans should not be doing that job, the important thing is to make sure that they do not NEED that job in order to live a comfortable life.
Who to you abu?
Yes just like Nikes
Leslie, Let companies make decisions how to treat their workforce! hello, we all know what happened, none would get done right for their workers unless they got unionized. She might be perfect, but she is doing what haven't been done for a long time
Socialism!
52?? Oh my.
That’s why I will always vote for Joe Biden. He actually in my view really cares about the common American. Even though he’s been around the track a few more times than the average politician. I think he’s the guy to take us forward in the next four years.
Starlink makes fiber optic cables obsolete.
Leading the new "cold war" with China. Was I the only one who heard that😮😮
crane from China is not safe. but when you have the chance to export a chip potentianlly used in Chinese weapons and you turn that opportunity down. uncle sam is as pure and innocent as a virgin 😂
She rocks
Glad that US is reinvesting in its own manufacturing capacity. A more complete programme to build back US capability is important.
Thanks
She is spot on about China.
A loser will blame everyone else except themselves... lol It was the watch company's greed she should blame. Not Chinese. Her envy and jealousy blinded her judgement. Quite right, Professor Richard Wolff constantly reminds us that US corporations moved productions overseas to take advantage of lower wages , making huge profits for their CEOs. China did not force them to move.
Hope Intel can turn the corner from loses. It has to be in profit to sustain for the long term without asking customers to pay high cost.
Thank you Gina
Free trade optimizes efficiency, NOT national security. Common sense suggests that being dependent on adversary nations to provide us with strategic resources & necessary components for weapons systems isn’t too wise.
Open trade can do both. Trade pacts and economic cooperation promote diplomatic ties which improves national security.
@@zmport4230 I’m for free trade…but we’ve “free traded” away entire industries. If you don’t have the capacity to smelt steel, your national defense is vulnerable. We have 0 commercial shipyards, and a half dozen that build only for the USN and USCG. That is madness. The USN is discovering that the cost of building a new dry dock will cost $10B+…because we no longer have anyone who knows how to build one. I like buying cheap underwear from China and I like seeing my stock portfolio go up in value; but if we accept the idea that these vulnerabilities are unfixable, then we must make peace with the fact that our security is dependent on the goodwill & good behavior of a powerful and resentful dictatorship.
There is no such thing as “free trade”. That is an academic construct useful for theoretical discussion - but does not exist in the real world. All markets have rules and international trade is complicated by international affairs and the differing motivations & desires by different nations, as expressed in the rules created for international trade.
Now I’m not sure if those jobs were taken or given away to overseas as many investors who prefer growth companies don’t like capital asset rich companies.
🇺🇸 never fabric chips...
Man oh man, Lesley Stahl has done her homework!!!!!!!!!!!!!!! Smart points, she made!
So funny~ 3:48
Jeeze Leslie! Whose side are you on?
Gina u rock! Let's try this what else can we do?!?!? You're brave 🎉❤🎉❤🎉❤ refreshing to hear your logical approach!!!!!!!!! Thank YOU
Her brother inlaw heads the board for Mari Jana approvals. Corrupt to the bone
9:45 Corning: Corning Inc. confirms job cuts of 1,000 of its workers. posted Jan 2024. more layoff reason drop in export. Yes, this too was once major exporter to China OEM manufacture.
If she ran for US President today I'd vote for her faster than you can say WHO?
She's got my vote, too. I like the fact that she's worked in corporate America, and now in government. She's also extremely well educated and intelligent. I also like the fact that she comes from a working-class family. I feel like having those traits makes her a very good candidate for president.
遥遥领先
Isn’t Gina the free promotional icon for Huawei mate 60 mobile phone? Is she promoting the new 5 nm Huawei Pura 70 phone now?
I worked for her!
Can you give more details?
Maybe he worked for Kurt shilling too
I find it refreshing to listen to someone who shows compassion and leadership without mentioning the name of a criminal defendant.
“All warfare is based on deception. Hence, when we are able to attack, we must seem unable; when using our forces, we must appear inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.” ― Sun tzu,
Lets get this incredible lady on the next presidential ticket.
Thank you for pushing 🫸 a stronger China🇨🇳 thanks for cold war mentality abandoned by most countries.
Something important to keep in mind about the Chinese chips is that they are using older lithography equipment, and something called multi patterning. Which means you have to catch each layer of the die multiple times to get a smaller feature size. This is not economically viable without massive subsidies, and production will be rather slow. That doesn’t mean it’s nothing but I saw a lot of reporting that this man China have beaten the sanctions when they are a long ways from that.
Yeah I’m sure the Chinese won’t ever figure this out 😂
ASML CEO Peter Wennink: “There are 1.4 billion Chinese, many of them smart. They come with solutions that we have not yet thought of.” - when this happens, is game over for the USA.
So the Chinese method is not as efficient that don't mean their products made by their Chips can't beat the US. This is like saying the Japanese Auto industry or the German Auto industry can't beat the US because they don't have any oil which make their manufacturing industries less efficient and more costly. These efficient could be easily compensated in other areas and it look like they are.
Chinese did build their first nuke using manual calculations and some doodling on a toilet wall.
The ONLY Thing I Agee Technology Is Future CHIPS Have Been On The Table For Years Everyone Knows This