China: Tariffs by USA would wipe out trade progress

China: Tariffs by USA would wipe out trade progress

China: Tariffs by USA would wipe out trade progress

Following Chinese Vice Premier Liu He's talks with Ross, China referred instead to a consensus reached last month in Washington, when China agreed to increase significantly its purchases of USA goods and services.

This week, the White House renewed a threat to impose an additional 25 per cent tariff on Chinese high-tech goods in response to complaints Beijing steals or pressures companies to hand over technology.

The tariff announcement revived fears the conflict between the world's two biggest economies might dampen global growth.

The statement said, "If the United States introduces trade sanctions including increasing tariffs, all the economic and trade achievements negotiated by the two parties will not take effect".

Canada is the No. 1 steel exporter to the United States.

"The U.S. has made such bad trade deals over so many years that we can only win", Trump tweeted Monday morning.

But he exempted Canada, Mexico and the European Union to buy time for negotiations, a reprieve that expired at midnight on Thursday.

French Finance Minister Bruno Le Maire compared Washington's action to something out of the old "Wild West". The White House said the meeting focused on reducing the USA trade deficit by having China buy more agricultural and energy products.

In a rare show of division among the normally harmonious club of wealthy nations, the six other G7 member countries issued a statement asking U.S. Treasury Secretary Steven Mnuchin to convey their "unanimous concern and disappointment" about the tariffs to President Donald Trump.

Later the Chinese government said the talks had delivered concrete progress.

The Trump administration's own internal divisions may also be affecting the direction of the talks. The 50-member strong United States raised topics including additional Chinese purchases of USA exports. In exchange, the company is to remove its management team, hire American compliance officers and pay a fine. But Beijing has said it reserves the right to retaliate if Washington goes ahead with a threatened tariff hike on other Chinese goods. The groups - Freedom Partners Chamber of Commerce, Americans for Prosperity and The LIBRE Initiative - called on Congress to exert oversight by requiring House and Senate votes on any new tariffs and urged the lifting of the recent steel and aluminum tariffs as well as those being proposed on goods from China.

China said it is willing to increase imports from multiple countries including the order to meet the people's ever-growing needs for a better life and to serve the needs of high-quality economic development.

Trump, meanwhile, broadened his trade tirades on Twitter into agriculture, writing: "Canada has all sorts of trade barriers on our Agricultural products".

US Commerce Secretary Wilbur Ross and China's Vice Premier Liu He.

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.

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.

United States leverage against China appears to have been weakened by a sour mood among USA allies after Washington imposed tariffs on steel and aluminum from the European Union, Canada and Mexico.

The federal government may be considering financial support for steel and aluminum workers who are impacted by the controversial new U.S. tariffs imposed by the Trump administration.

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