China warns USA trade deals off if tariffs go ahead

China warns USA trade deals off if tariffs go ahead

China warns USA trade deals off if tariffs go ahead

China has warned U.S. against slapping tariffs on Chinese goods as another round of bilateral talks on trade disputes ends in Beijing.

China has threatened to dash any trade agreements struck with the USA in recent weeks if President Donald Trump moves ahead with his threat to level tariff hikes against Chinese goods.

Across the Pacific in Beijing, talks held over the weekend between USA and Chinese officials over a program to increase U.S. exports to China ended without any statement being issued by the two sides, as the deadline looms for the imposition of United States tariffs on at least $50 billion worth of Chinese goods.

The discussions are meant to ease tensions after Washington said it would follow through with tariffs on Chinese imports despite a truce reached between the two sides in the U.S. last month.

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

The U-S has threatened to implement tariffs on 50 billion dollars worth of Chinese imports.

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 us goods and services.

"The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable", he said.

"Tariffs and expanding exports - the United States can't have both", the paper said. Mnuchin, who announced the truce in mid-May, has been at loggerheads with more protectionist-minded Trump administration figures. The purchases are meant to reduce America's massive trade deficit in goods and services with China, which previous year came to $337 billion, according to the U.S. Commerce Department.

Gao said China will also publish a "negative list" of foreign investment by June 30 to ease restrictions in fields including energy, resources, infrastructure and transportation.

The US is also skeptical of the deal, the report said, because the energy purchases that would be directed to China could just come from exports to other countries - which would mitigate the overall trade deficit benefit - and there is a sense that US farmers could not ramp up production fast enough.

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'It is a huge mistake to attack our friends and allies with tariffs at the very time we need them in a coalition to press the Chinese on their policies that disadvantage all of us, ' said William Reinsch, a senior adviser at the Center for Strategic and International Studies and a former Commerce Department official under Bill Clinton.

German Finance Minister Olaf Scholz voiced the opposition of other members of the G7 to the decision of the U.S. to pull out of the global nuclear agreement with Tehran and the threat by the United States to impose sanctions on European countries that continue to trade with Iran.

The planned United States trade sanctions on Beijing include restrictions on Chinese investment, export controls and 25% tariffs on $50 billion in tech goods.

The warning shot from Beijing has escalated diplomatic tensions between the U.S. and its trade allies after President Donald Trump proposed higher tariffs against foreign aluminium and steel imports.

"We remorse that our frequent work collectively on the degree of the G7 has been put in danger by the selections taken by the American administration on commerce and on tariffs", he stated.

Trade analysts had warned Ross's hand might be weakened by the Trump administration's decision Thursday to go ahead with tariffs on steel and aluminum imports from Canada, Europe and Mexico.

All of these countries have threatened retaliation over Trump's tariffs.

Bruno Le Maire, France's finance and economy minister, was blunt in his assessment of the meeting. Rising tensions between the world's two biggest economies alarmed investors and business leaders.

Sometimes, the US will impose additional duties on foreign imports that it determines are being sold at unfairly low prices or are being supported by foreign government subsidies.

Foreign governments and businesses cite strategic plans such as "Made in China 2025", which calls for state-led efforts to create Chinese industry leaders in areas from robots to electric cars to computer chips.

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