China warns US no deal if tariffs go ahead

Commerce Secretary To Press China To Buy As Allies Seethe Over Tariffs

China Warns US: No Trade Deal if Tariffs Go Ahead

"The Chinese government's attitude of not wanting but also not fearing a trade war has never changed", it said.

The Trump administration may soon fine ZTE as much as $1.7 billion as it looks to punish and tighten control over the firm before allowing it back into business, people familiar with the matter told Reuters.

"Both sides appear to have hardened their negotiating stances and are waiting for the other side to blink", said Eswar Prasad, professor of trade policy at Cornell University. However, in January of this year, the United States fired the first shot and announced major trade tariffs.

China has threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in US goods. "We might like to have a peaceable, pleasant relationship with China".

There was no immediate comment from the U.S. delegation on the outcome of the talks.

Trump is pressing Beijing to narrow its politically volatile trade surplus with the United States, which reached a record $375.2 billion past year.

China has targeted $50 billion in USA products in retaliation.

Tensions eased after China promised on May 19 to "significantly increase" purchases of farm goods, energy and other products and services following the last round of talks in Washington.

Speaking to reporters, he added that there had been a consensus among the six that the Trump administration's actions were "destructive to our ability to get things done", and he asked US Treasury Secretary Steven Mnuchin to convey the "regret and disappointment" of the other six nations to President Trump.

The trade skirmish further escalated when the United States banned ZTE Corp., one of China's biggest telecommunications companies, from purchasing USA components for seven years due to several concerns ranging from security to violating US sanctions.

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Kuijs of Oxford Economics said an extended conflict could lead to a "technological cold war" that would carve up the global market into isolated regions with different standards for mobile phones and other products.

The two countries have threatened tit-for-tat tariffs on goods worth up to $150bn each.

"The attitude of the Chinese side remains consistent", it said. His hardline trade adviser, Peter Navarro, charged Wednesday that Mnuchin's conciliatory comments about China were "an unfortunate sound bite".

Addressing Liu earlier in the day at the start of their formal talks at a government guest house, Ross praised the tone of their interactions.

And former Iowa Governor Terry Branstad was appointed US ambassador to China in part because of his agricultural ties. That would amount to more than one-third of Chinese imports of American goods.

In addition to tariffs, Ross is under pressure from USA lawmakers to stay tough on Chinese telecom-equipment maker ZTE Corp.

China wanted the U.S. to meet it half way, Xinhua said.

Treasury Secretary Steven Mnuchin, who announced the tariff truce with China, said at the G7 summit in Canada that the USA was pushing for "structural changes" to the Chinese economy. "If the ban stays, Beijing's retaliation will definitely go up a gear".

But the president defended his actions saying the USA would soon be in a stronger position with its top trading partners.

Trump's hard-line rhetoric comes as Commerce Secretary Wilbur Ross returns from China as part of the ongoing trade discussions.

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At a heated meeting in the Canadian ski resort of Whistler, the European Union and Canada threatened to retaliate against tariffs of 25% on steel and 10% on aluminium, whose implementation Mr Ross announced on Thursday.

This was considered a sign that the brewing trade war between the world's two biggest economies was averted for the time being.

The formation of the World Trade Organization and the advent of trade deals like the North American Free Trade Agreement among the U.S., Mexico and Canada reduced tariffs or eliminated them altogether.

Canadian Prime Minister Justin Trudeau is threatening retaliatory tariffs on the U.S.

The lawmakers were trying to draft a narrowly focused bill that would require a vote in Congress to approve tariffs when the administration claims they're needed for national security, as it did for those on steel and aluminum from the top US allies.

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

"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.

"We are alienating all of our friends and partners at a time when we could really use their support", added Wendy Cutler, a former USA trade negotiator who is now vice president at the Asia Society Policy Institute.

"Whatever the merit of these arguments, these deviations from global norms challenge the status quo and accepted rules which have hitherto benefited Asia and the regions beyond", Ng said. That runs counter to the trend in economies such as Japan and South Korea that became more open and market-oriented as they developed. But in doing so, he made clear why there has been little or no progress on reaching an agreement with Beijing.

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