Thursday, 21 June, 2018

China warns USA trade deals off if tariffs go ahead

Commerce Secretary Wilbur Ross hints a trade war could be the result of new EU privacy laws given that the regulations include'unnecessary barriers to trade. If that happens it would be an additional front in a global trade war the President Donald Trum Commerce Secretary To Press China To Buy As Allies Seethe Over Tariffs
Andrew Cummings | 04 June, 2018, 03:00

China made the statement after talks with a usa delegation led by Commerce Secretary in Beijing on Saturday and Sunday.

"The door for negotiation and discussion remains open", Hua said. But the truce appeared to end with last week's announcement Washington was going ahead with tariff hikes on technology goods and also would impose curbs on Chinese investment and purchases of U.S. high-tech exports.

"The United States will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market", the White House statement read.

"If the United States introduces trade sanctions including a tariff increase, all the economic and trade achievements negotiated by the two parties will not take effect", the Chinese government said in a statement to Xinhua state news agency Sunday, The Associated Press reported.

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

Beijing said the 2 sides had made "positive and concrete progress" on matters like increasing agricultural and energy imports but said details were left for "both sides to finalize".

China has warned that agreements to buy more American goods will be void if Washington goes ahead with sanctions and other punitive trade actions. He's threatening to hike duties on up to $150 billion of Chinese imports.

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

Ross did not speak to reporters in the lobby of his Beijing hotel on Saturday afternoon.

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"It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7", said Le Maire, who called the tariffs unjustified. The US now buys almost four times as much from the Chinese as it sells to them.

The previous round of talks in Washington saw China pledging "significant increase" in its purchases of U.S. agricultural goods. "Our established rhythm will not change", it said.

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. "If there are structural changes that allow our companies to compete fairly, by definition that will deal with the trade deficit alone".

At the meetings last week between lower-level Chinese and US officials, negotiations almost stalled as the two sides failed to reach an agreement on details for increasing Chinese purchases of USA crude oil, soybeans, natural gas, beef, and poultry.

Ross, who was preceded in Beijing last week by more than 50 USA officials, had been expected during the two-day visit to try to secure long-term purchases of US farm and energy commodities to help shrink the USA trade deficit.

The looming tariff hikes have also raised hackles among USA trade partners in Canada, Mexico and the European Union, stoking fears that a full-scale trade war could erupt within days.

Gai Xinzhe, an analyst at Bank of China's finance institute in Beijing, told Bloomberg that "China is concerned over the U.S.'s unpredictability, especially after Trump turned an about-face on tariffs".

China too threatened a tit-for-tat retaliation but blinked in the end with a categorical undertaking to import more goods from the USA, sparking off concerns over the likely trade war between the two countries. Germany is also hoping its steel exports to the USA will be exempted from sanctions.

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