China warns USA trade benefits hinge on stopping tariffs
03 June, 2018, 17:54 | Author: Myra Gill
A statement released by the Chinese side at the talks with the United States in Beijingsaid 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.
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