China warns US against tariffs as trade talks end

06 June, 2018, 01:43 | Author: Lora Ball
  • Commerce Secretary To Press China To Buy As Allies Seethe Over Tariffs

G7 countries generally share the USA frustration with Chinese trade and economic practices, but their anger was directed at Mnuchin over new US tariffs of 25 percent on steel and 10 percent on aluminium.

China has warned that agreements to buy more American goods will be void if Washington goes ahead with sanctions and other punitive trade actions.

The sparks of a possible trade war between the United States and China finally dwindled down into an economic deadlock as the final trade talk conference in Beijing on the 4th of June ended in a stalemate.

There was no immediate comment from the USA delegation on the outcome of the talks.

The United States has threatened to impose tariffs on up to $50 billion of Chinese products in a dispute over Beijing's aggressive tactics to challenge U.S. technological dominance; Mr. Trump has asked U.S. Trade Rep. Robert Lighthizer to look for another $100 billion in Chinese products to tax.

That position is unlikely to satisfy the Trump administration.

"We believe that regarding problems in the China-U.S. trade and economic relations, the two countries should work out a win-win and mutually beneficial resolution through dialogue and discussion with sincerity and in the spirit of equality and mutual respect".

President Donald Trump faced pushback Monday from Republican lawmakers, an influential GOP group and foreign leaders over his tough negotiations that are hitting China, Canada and Mexico with tariffs amid fears of a trade war.

French Finance Minister Bruno Le Maire referred to the "G6 plus one" and expressed "total incomprehension" over the USA actions.

The two governments released no schedule for the talks, but China said earlier that Ross was due to be in Beijing through Monday. In May it agreed to "significantly increase" purchases of farm goods, energy and other products and services following the last round of negotiations in Washington.

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U.S. Treasury Secretary Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed.

Asked specifically on Fox's Sunday Morning Futures if the U.S.is willing to throw away its relationship with China by proceeding with threatened tariff increases, Peter Navarro, director of the White House National Trade Council, pointed in part to an unfair relationship involving a multi-billion dollar trade deficit, Defense Secretary James Mattis' warning of China's activities in the South China Sea and the threat of China stealing USA intellectual property.

Last month, Trump said he would allow ZTE to stay in business once it pays a $1.3 billion fine, shakes up its management, and provides "high-level security guarantees".

They said those political pressures meant the technology-related tariff hikes were likely to go ahead. It shipped around 500,000 tons to China in 2017, making cotton the third most valuable US farm export, behind soybeans and hides and skins. In exchange, the company is to remove its management team, hire American compliance officers and pay a fine.

Trump's tariff threat targeting technology goods reflects American alarm about China's status as a potential competitor in profitable fields from solar power to electric cars to biotechnology.

China has threatened to retaliate by raising import duties on a $50 billion list of American goods including soybeans, small aircraft, whiskey, electric vehicles and orange juice.

China is set to boost its imports of cotton by issuing additional import quotas to mills, said the China Cotton Association on Monday, a move seen by the market as another step toward meeting the demands of top exporter the United States. Treasury Secretary Steven Mnuchin stated then that the US tariffs had been suspended and the commerce conflict was "on maintain". Liu's delegation included People's Bank of China Governor Yi Gang (易綱) and the minister of commerce.

Addressing Liu earlier in the day at the start of their formal talks at a government guest house, Ross praised the tone of their interactions.

"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Mr Ross said at the opening of Sunday's meeting.

There was no immediate response from the United States delegation or from Ross himself.

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