China warns US no deal if tariffs go ahead

Glen Norman
June 4, 2018

US Commerce Secretary Wilbur Ross and China's Vice Premier Liu He. He also pushed back against the argument that Canadian steel poses a USA security threat.

French Finance Minister Bruno Le Maire warned a trade war could begin in "a few days". Trump has criticized the massive trade gap between the two countries.

China wanted the USA to meet it half way, Xinhua said.

Between January and March, the "deficit" stood at US$58 billion, while previous year it was a record $375.2 billion.

What is a trade war? .

Other officials and technical experts from the Department of Commerce, Department of Treasury, United States Trade Representative, Department of Agriculture, and Department of Energy also took part, the White House said. The company's links to North Korea in particular are politically inconvenient for China because Beijing has claimed that China's enforcement of worldwide sanctions against North Korea helped pave the way for the coming summit meeting in Singapore between Mr. Trump and North Korea's leader, Kim Jong-un. Taxes on products made overseas.

"This isn't just about buying more goods". "Indeed, while China has shown itself willing to compromise in the area of trade deficit reduction, it will not take any actions which threaten its strategically important Made in China 2025 programme".

The purchases are partly aimed at shrinking the $375bn USA goods trade deficit with China.

What are the Chinese saying?

At the meetings last week between lower-level Chinese and US officials, negotiations almost stalled as the two sides failed to reach an agreement on details for increasing Chinese purchases of USA crude oil, soybeans, natural gas, beef, and poultry.

China said the two sides had made "positive and concrete progress" on matters like increasing agricultural and energy imports but said details were left for "both sides to finalise". The U.S. says China's outsized production artificially depresses global metals prices, endangering U.S. national security by undermining its domestic steel industry. "Our established rhythm will not change", Xinhua said.

If Washington moves forward with sanctions, "all the economic and trade achievements negotiated by the two parties will be void", Xinhua state news agency said in a statement on Sunday.

What is the U.S. trying to do? The US now buys almost four times as much from the Chinese as it sells to them. "We would love to have a peaceful, friendly relationship with China".

US President Donald Trump threw the status of the talks into doubt by renewing a threat to raise tariffs on US$50 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology. "The attitude of the Chinese side remains consistent".

At the end of last month's Washington talks the two countries released a joint statement.

The visit comes as fears of an all-out global trade war intensified after the European Union, Canada and Mexico drew up retaliatory measures to Washington's stinging steel and aluminium tariffs that came into effect on Friday. "If the USA imposes tariffs on Chinese products, the Chinese side may announce retaliatory measures on American products as well".

Other reports by

Discuss This Article