China warns U.S. won’t get trade benefits if tariffs are implemented

06 June, 2018, 01:42 | Author: Franklin Nunez
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China on Sunday warned the U.S. 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.

Chinese and U.S. teams, led by Chinese Vice Premier Liu He and U.S. Secretary of Commerce Wilbur Ross, hold economic and trade consultations in Beijing, capital of China, from June 2-3. But the truce appeared to end with this week's announcement Washington was going ahead with tariff hikes on technology goods and also would impose curbs on Chinese investment and purchases of USA high-tech exports.

China's Xinhua piece follows a U.S. statement saying that tariffs on China are still very much on the table, and further trade measures could be imposed if China doesn't begin to deliver concrete promises to the U.S. at the negotiating table.

On May 19, China had pledged to import more from America was an to reduce its $375 billion trade surplus in goods with the United States. "But this is a very rare case where opposition to the United States was unanimous".

Ross made the brief remarks in front of reporters as he and Chinese Vice Premier Liu He, the top economic adviser to President Xi Jinping, prepared to continue the negotiations.

Aso said the G7 ought to be telling China to follow global rules, but "by taking measures that violate G7 and World Trade Organization rules, the United States is actually benefiting China".

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However Trump upended the truce final Tuesday by renewing his risk to impose 25 % tariffs on $50 billion in Chinese language high-tech items.

Then, in a tweet about three weeks ago, Trump said that the Commerce Department should reconsider American sanctions on ZTE, without any obvious Chinese concession in exchange. 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.

On Sunday, Chinese media reports framed the lack of concrete outcomes in the latest round of talks as Beijing's way of driving home the point that no substantial discussions can take place when the threat of tariffs looms large.

He has pushed for China to open its markets more to US agricultural exports, which would give Trump a win to brag about and likely boost his chances of winning farm states like Iowa in the 2020 election.

Bruno Le Maire, France's finance and economy minister, also called the USA tariffs unjustified.

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.

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"Yet the markets are reacting with the same indifference with which they responded to the tariffs being levied on the US's closest allies last week, in a sign that traders are becoming increasingly accustomed to Trump's heavy-handed negotiating tactics".

The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each.

He said that Canada, for example, "just kicks us on lumber and puts people out of work in Maine".

Ross arrived in Beijing on Saturday for talks after the Trump administration renewed tariff threats against China, and with key USA allies in a foul mood toward Washington after they were hit with duties on steel and aluminum.

Before Beijing joined the World Trade Organization in 2001, such "technology transfer" often was an explicit requirement for foreign companies that wanted access to China's state-dominated economy.

As part of the new purchases, China would import larger amounts of U.S. soybeans, corn, natural gas, crude oil, coal, and more, according to the Journal.

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They are particularly anxious about "Made in China 2025", a program which will pump hundreds of billions of dollars into high-tech industries like robotics and electric cars with the aim of making China a global leader.

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