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USA commerce secretary in Beijing for talks on trade surplus

USA commerce secretary in Beijing for talks on trade surplus

Last week, however, the US announced that it meant to apply tariffs on $50 billion of Chinese technology goods and impose restrictions on Chinese investments in the USA shortly after June 15 unless trade talks reached a major breakthrough.

A commentary by state-run China Radio International said that the government's stance on canceling any agreements reached in the talks if Trump's tariffs go into effect was a "red line". Failure to reach a deal on ZTE "would increase the probability of a more severe and prolonged dispute", they added.

"China is concerned over the U.S.'s unpredictability, especially after Trump turned an about-face on tariffs", said Gai Xinzhe, an analyst at Bank of China's finance institute in Beijing.

China, it said, was willing to increase its quota of imports as it was part of the country's national strategy.

Although China had previously agreed to buy more U.S. goods, details of that have yet to be agreed. The prevailing view in the military and intelligence establishment is that China's efforts to outstrip the U.S. in the high-tech sector constitutes a threat to the economic and military supremacy of the United States. "However we're additionally standing agency that the president is the chief on this".

Following Chinese Vice Premier He Liu's talks with Ross, China referred instead to a consensus reached last month in Washington, when China agreed to increase significantly its purchases of USA goods and services. Trump has demanded that China take steps to reduce the gap by $200 billion annually by 2020.

Chinese envoys had promised after the last high-level meeting in Washington in mid-May to buy more American farm goods and energy products.

Top officials from Canada, France, Germany, Italy, Japan and British asked U.S. Treasury Secretary Steven Mnuchin to convey their "unanimous concern and disappointment" to the trade actions.

Washington is demanding that China end state subsidies to key industries, which it says give them a major advantage in global markets, and that it cease efforts to develop high-tech industries, accusing China of stealing American intellectual property.

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.

"If the U.S. launches trade sanction measures, including the imposition of tariffs, then all the economic and trade benefits negotiated by both sides are not going to take effect". Navarro later called Mnuchin's conciliatory comments "an unfortunate soundbite".

Ross was to have a dinner meeting Saturday evening with Vice Premier Liu He at the Diaoyutai State Guesthouse in Beijing. China balked at making concessions except the US lifted the tariff risk.

China on Sunday warned the USA that results of trade talks would be void if Washington went ahead with imposing tariffs on Chinese goods, as negotiations came to an end in Beijing.

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.

It could help alleviate some of the trade tensions between the Trump administration and China.

The negotiating process should be "based on the premise" of not fighting a "trade war", the statement said.

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.

The U.S. move provoked anger and frustration in capitals usually seen as strongholds of North American support, with Canadian Prime Minister Justin Trudeau calling the duties 'totally unacceptable'. Germany is also hoping its steel exports to the United States will be exempted from sanctions.


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