China warns USA that tariffs will kill any chance of trade benefits

China warns USA that tariffs will kill any chance of trade benefits

China warns USA that tariffs will kill any chance of trade benefits

If the USA 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.

U.S. Commerce Secretary Wilbur Ross continued two days of talks on trade in Beijing with a signal that the two sides may be making some progress toward increasing Chinese imports of U.S. goods.

The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each.Xinhua said China's attitude has been consistent, which is that it is willing to increase imports from all countries, including the United States.

He Weiwen, deputy director of the Centre for China and Globalisation and a former Commerce Ministry official in NY, said Beijing was prepared to take measures to narrow the trade gap but it was also prepared for a trade war.

China has warned that all trade talks between Beijing and Washington will be void if the United States sets up trade sanctions.

A short statement, carried by the official Xinhua news agency, made no mention of any specific new agreements after USA commerce secretary Wilbur Ross met Chinese vice premier Liu He.

The two sides issued a joint statement in Washington last month, vowing to strengthen economic and trade cooperation between the two countries.

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

Treasury Secretary Steven Mnuchin, who announced the tariff truce with China, said at the G7 summit in Canada that the USA was pushing for "structural changes" to the Chinese economy.

Latest Harvey Weinstein accuser questions methods of his defense attorney: Lawsuit
They are suing Weinstein - as well as Miramax and The Weinstein Company - for assault, battery and racketeering. Brafman is defending Weinstein following his indictment last week on rape and sex crime charges.

BC Wants Its Piece Of Trans Mountain Despite Opposition
He said it sometimes seems the cost of being Canadian is to help patch together troubled megaprojects . The pipeline would see bitumen from Alberta shipped to the Westridge marine terminal in Burnaby, B.C.

White House says Trump is not defending Roseanne Barr
On Wednesday, Barr tweeted: "I just wish ABC had not thrown two of the greatest actors in the world out with me-Laurie and John". Trump , who has been an ardent supporter of the show , is now weighing in on the matter on Twitter .

The Trump administration said on Tuesday that the United States would follow through with tariffs on billions of dollars of Chinese imports, defying a trade truce reached last month in Washington. But the truce appeared to end with this week's announcement Washington was going ahead with tariff increases on technology goods and would also impose curbs on Chinese investment and purchases of U.S. hi-tech exports.

The US delegation at the Beijing talks included under secretary of treasury for global affairs David Malpass, under secretary of agriculture for trade and foreign agricultural affairs Ted McKinney, and United States trade representative chief agricultural negotiator Gregg Doud.

Ross was accompanied by agriculture, treasury and trade officials for the meeting at the Diaoyutai State Guesthouse, a leafy compound on Beijing's west side.

"There are structural changes that allow our companies to compete fairly".

Those hard issues include what the USA complains is rampant theft of intellectual property, as well as Beijing's support for cutting-edge technologies under its Made in China 2025 policy.

Trump also has threatened to raise tariffs on an additional $100 billion of Chinese goods, but gave no indication this week whether that would go ahead.

Trade analysts feared that decision might alienate allies who share complaints about Chinese technology policy and a flood of low-cost steel, aluminum and other exports they say are the result of improper subsidies and hurt foreign competitors.

At the center of the row was the White House's decision to slap tariffs on steel and aluminum produced by key United States allies in the European Union and Canada.

Related news