China warns USA trade benefits hinge on stopping tariffs

03 June, 2018, 17:54 | Author: Myra Gill
  • Commerce Secretary To Press China To Buy As Allies Seethe Over Tariffs

A statement released by the Chinese side at the talks with the United States in Beijing said nothing specific about the outcome, and referred back to an agreement reached in Washington last month to increase purchase of U.S. goods and services.

If the U.S. 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.

The Chinese statement said the two sides made "positive and concrete progress", but neither side released details.

USA commerce secretary Wilbur Ross, left, with Chinese vice premier Liu He after their meeting at the Diaoyutai State Guesthouse in Beijing, China on Sunday.

China had agreed last month in Washington to "significantly increase" its purchases of USA goods and services, Reuters reported.

"Agreements between China and the United States should be based on the premise of both sides moving in the same direction and not waging a trade war", the Chinese statement said.

The White House threw the meeting's status into doubt Tuesday by renewing a threat to impose 25 percent tariffs on $50 billion of Chinese high-tech goods in response to complaints Beijing steals or pressures foreign companies to hand over technology.

The two sides began a new round of talks in Beijing this weekend aimed at settling a simmering trade dispute.

Earlier, China responded with a threat to retaliate with higher duties on a US$50 billion list of American goods including soybeans, small aircraft, whiskey, electric vehicles and orange juice. 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 USA hi-tech exports.


State news outlets have portrayed the ZTE decision as having been made by Mr. Ross's Commerce Department, and they have suggested that it is merely a bargaining ploy as part of trade negotiations.

Further trade frictions between the United States and China could also create difficulties for Vice Premier Liu He, a close ally of President Xi Jinping.

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.

China's delegation included central bank governor Yi Gang, commerce minister Zhong Shan, and Ning Jizhe, a deputy head of the powerful planning body the National Development and Reform Commission.

Mr Ross's China visit comes days after Washington threatened to impose extra tariffs on $50bn of Chinese goods.

Mr 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.

Ross and the large American delegation had dinner Saturday evening with their Chinese hosts.

"I want to be clear, this isn't just about [China] buying more goods, this is about structural changes", Mnuchin said.

Recommended:

  • US  job growth surges, unemployment rate falls to 3.8 percent

    US job growth surges, unemployment rate falls to 3.8 percent

    So far this year the United States has now added 207,000 new jobs a month, continuing a record nine-year streak of job creation. But the report is given to the White House a day in advance, although officials never hint at the contents.
    One in 25 children aged 10 or 11 'severely obese'

    One in 25 children aged 10 or 11 'severely obese'

    In reception classes 14,787 children were classed as severely obese , 2.35 per cent of the total. For adults, a person who has a BMI of 40 is considered to be obese.
    Kerala shows the way on fuel taxes

    Kerala shows the way on fuel taxes

    The price of petrol has shot up by Rs 3.79 per litre and that of diesel by Rs 3.37 per litre in the past 16 days . A one rupee cut in central excise duty on fuel could reduce central revenues by Rs 13,000 crore.
  • CEO Marchionne invests £9 bn in SUV production of Fiat Chrysler

    CEO Marchionne invests £9 bn in SUV production of Fiat Chrysler

    Chrysler Capital is a brand that operates under a private-label financing agreement between Santander Consumer and Fiat Chrysler . FCA shareholder value has almost doubled since 2015, and 1 in every 17 utility vehicles sold worldwide was a Jeep vehicle.
    Chelsea facing Sarri decision as buyout deadline looms

    Chelsea facing Sarri decision as buyout deadline looms

    It's very hard and frustrating when you don't play regularly and I've been lucky enough to do that over the majority of my career. I've enjoyed the success we've had together.
    Brooklyn Starbucks locations close for anti-bias training

    Brooklyn Starbucks locations close for anti-bias training

    Several black coffee shop owners in Philadelphia are suggesting that black customers make a habit of seeking out their businesses. Others visiting the store felt it was overkill. "[Trump's behavior] has contributed to the problem", Schultz said on CNN.
  • Apple to Announce Shared AR Experience Feature at WWDC 2018

    Apple to Announce Shared AR Experience Feature at WWDC 2018

    According to a new report from Reuters , ARKit 2 .0 will allow multiple iOS devices to share the same virtual environment. Most of this year's WWDC will still be devoted to making users want to pick up Apple gadgets.

    Trump weighs in as backlash against ‘racist’ Roseanne Barr continues

    Roseanne took to Twitter to defend herself yesterday, with a spectacularly weak explanation for her behavior. I was still wrong 2 dehumanize them-they r not my enemy, harboring hate & anger is my enemy.
    Kim Kardashian West meets President Trump at the White House

    Kim Kardashian West meets President Trump at the White House

    Kardashian you are literally helping to save my life and restore me to my family". "I'll do whatever it takes to get her out". The White House did not comment on whether or not Trump would consider pardoning Alice Marie Johnson .
  • Smith missed wide-open teammate LeBron James during his late-game blunder

    Smith missed wide-open teammate LeBron James during his late-game blunder

    However these may not need to be played, if either Golden State Warriors and the Cleveland Cavaliers win four games. He has 1,247 points and needs 71 to pass Kareem Abdul-Jabbar (1,317) and move behind only Jerry West (1,679).
    Anti-Kremlin financier Browder says held in Spain on Russian Federation  warrant

    Anti-Kremlin financier Browder says held in Spain on Russian Federation warrant

    In an image of a detention report posted by Browder himself on Twitter, police identified the reason for the detention as "fraud". William Browder was convicted of tax evasion and falsely claiming tax breaks for hiring disabled persons in absentia in 2013.
    Governor issues state of emergency for subtropical Storm Alberto

    Governor issues state of emergency for subtropical Storm Alberto

    Some areas on Gulf Coast barrier islands remained under evacuation orders as authorities weighed the flood risks, officials said. Swells generated by Alberto will continue to affect the eastern and northern Gulf Coast Tuesday , meteorologists said.


Popular

Griezmann Has Got The France National Team Celebrating Fortnite Style
Tolisso hit out at supporters for targeting the Manchester United midfielder, telling supporters the nation needs to be united. But Dembele is a very young player, a very talented player that we are, of course, expecting a lot from.

Sears, Kmart closing more stores in NJ - Here's the list
Sears at Cottonwood Mall and the Kmart near Carlisle and Interstate 40 are among 72 stores the company is closing nationwide. Total same-store sales declined 11.9% during the quarter, comprised of a 9.5% decline at Kmart and a 13.4% decline at Sears.

Glasses wearers really are more intelligent - it's in the genes
Scientists have identified many new genes associated with better thinking skills following a major worldwide study. They also found 42 genome-wide loci linked to reaction time, 40 of which are new to science.

Flensburg stabbing: One dead after knife attack at train station in Germany
Early reports suggested that the one dead was the assailant, while the two injured were policemen who had taken him down. The station at Flensburg was evacuated cordoned off on Wednesday evening as police investigated at the scene.

Trump promoting youth sports with event on South Lawn
Melania Trump is squashing conspiracy theories that have swirled in the three weeks that she's been absent from the public eye. President Trump hosted a field day at the White House on Wednesday to encourage more kids to participate in sports.

USA slaps 25 per cent tariff on Canadian steel
The U.S. has put import duties on Canadian softwood lumber for decades, "but they still import a lot from us", he said. But negotiators from the three countries missed an informal deadline in mid-May to reach a deal in time for the U.S.

Malian ‘Spider Man’ Offered French Citizenship
On reaching the fourth floor Gassama puts one leg over the balcony before reaching out with his right arm and grabbing the child. The video shows Gassama swiftly pulling himself up from balcony to balcony to reach the boy, to the cheers of onlookers.

Trump moves ahead with Chinese trade tariffs, threatening to reignite tensions
" China imposes much higher tariffs on U.S. exports than the United States imposes on China", the White House complained. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Rudy Giuliani booed by Yankees fans on his birthday
Giuliani recently joined President Trump's legal team amid the ongoing investigation into Russian election interference. The Sept. 11, 2001 terror attack on New York City restored his reputation, and he was proclaimed "America's Mayor".

US Hits EU, Canada and Mexico With Metal Tariffs Despite Brussels' Backlash
Tariffs on steel imports to the USA can help local producers of the metal by making foreign products more expensive. European officials said they expected the U.S.to announce its final decision Thursday.