China warns USA that tariffs will kill any chance of trade benefits

China warns USA that tariffs will kill any chance of trade benefits

China warns USA that tariffs will kill any chance of trade benefits

Ross gave no details at the start of his meeting with China's top economic official, Vice Premier Liu He, at the Diaoyutai State Guesthouse.

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

"China is willing to increase imports from other countries, including the United States, to satisfy the Chinese people's increasing consumption needs and the country's high-quality economic growth", the statement said.

Ross, who was preceded in Beijing this week by more than 50 US officials, was expected during the two-day visit to try to secure long-term purchases of USA farm and energy commodities to help shrink a $375 billion trade deficit with China.

The White House renewed a threat this week to hike duties on $50 billion of Chinese technology-related goods over that dispute.

Trump's announcement that he wanted to proceed with tariffs on China came less than two weeks after the two countries had said they were putting threats of tariffs on hold while they continued negotiating. "These talks have produced positive and concrete developments, though details are still being finalized".

The Trump administration said on Tuesday that the U.S. would follow through with tariffs on billions of dollars of Chinese imports, defying a trade truce reached last month in Washington. While the team may be inching toward technical agreement in that direction, the talks are overshadowed by the unpredictability of US policy in the wake of recent reversals that have seen tariffs placed on metals imports by allies.

There was no immediate response from the USA delegation or from Ross himself.

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

"The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable", he said.

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Mnuchin had said on Saturday the U.S. wanted China to agree to structural change to its economy.

"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Mr Ross said at the opening of Sunday's meeting.

China also said it won't be pushed into making major changes to its economic policies.

It referred instead to a consensus they reached last month in Washington, when China agreed to increase significantly its purchases of USA goods and services.

The world's two largest economies have been at loggerheads over trade and industrial practices for months with the talks under way in the Chinese capital the third formal round of negotiations.

The U.S. government has said a team of commerce, treasury and agriculture officials were in Beijing to make preparations. "If there are structural changes that allow our companies to compete fairly, by definition that will deal with the trade deficit alone".

"It is very clear that China has no interest in progressing the talks if the USA insists on issuing a tariff announcement in mid-June", said ING's economist for Greater China Iris Pang.

The two governments released no schedule for the talks, but China said earlier Ross was due to be in Beijing through to Monday.

The U.S. team also wants to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.

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