The United States and China have agreed to set up working groups on commerce and trade issues, U.S. Commerce Secretary Gina Raimondo said on the first day of a four-day trip to Beijing.

Her trip comes as concerns over China's economy have sent shudders through global markets and brought further concerns about the potential impact on the U.S., even as it sees the world's second largest economy as its biggest strategic rival and as relations have been strained by years of tussling over trade and security concerns.

China and the United States agreed on Aug. 28 to set up a new "commercial issues" working group and begin regular discussions on export control enforcement information, as part of U.S. Commerce Secretary Gina Raimondo's first face-to-face meeting with her Chinese counterpart, Wang Wentao.

Commerce Secretary Gina Raimondo said she and her Chinese counterpart agreed Monday to exchange information on U.S. export controls that frustrate Beijing and set up a group to discuss other commercial issues, but neither side appeared ready to make concessions on disputes that have plunged relations to their lowest level in decades.

I was recently reminded of a profound truth about the free market and the prices that sit at its center. Unfortunately, this truth is often overlooked by both critics of the market economy and by economists like myself. This simple truth is that the price system works thanks to and only because of a set of institutions that promote cooperation among us.

As an economist, I’m accustomed to making the case that free markets, although imperfect, are a better alternative than government intervention. It goes something like this:

ATLANTA—Trucks are taking over American roads, fueled by a rise in pandemic online shopping and disruptions to global supply chains.

Along the way they’re chewing up pavement, adding to congestion and infuriating residents, who must contend with 18-wheelers and delivery trucks as soon as they pull out of their driveways. They’re also causing headaches for state and local governments that face multibillion-dollar bills to finance road upkeep and expansions.

Commerce Secretary Gina Raimondo appeared unmoved by ​Chinese President Xi Jinping’s stark warning to his country’s adversaries this week, vowing business as usual for the US.

Speaking to CNBC’s “Closing Bell” Thursday afternoon, Raimondo made the comments after being asked about Xi’s speech earlier that day marking the 100th anniversary of the Chinese Communist Party.

E-commerce in the US is approaching a major milestone: In 2022, it will record its first trillion-dollar year, predicts Adobe Analytics, which analyzes online transactions across millions of products.