Trade deals off if United States moves ahead with tariffs: China

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

The warning came after delegations led by U.S. Commerce Secretary Wilbur Ross and China's top economic official Vice Premiere Liu He wrapped up a meeting on Beijing's pledge to narrow its trade surplus.

The two sides issued a joint statement in Washington last month, vowing to strengthen economic and trade cooperation between the two countries.

China's door to talks is open in principle, the country's Foreign Ministry said on Monday, a day after Beijing warned that any trade and business deals reached with Washington would be void if the United States implemented tariffs.

"Despite the strong incentives to avoid a trade war with the [United States], China can not tolerate the perception that it has yielded to U.S. demands", analysts at investment bank Nomura said in a research note Monday.

In an expression of the "America First" agenda of the Trump administration, he directed attention to the handouts of hundreds of billions of dollars to USA corporations and the ultra-wealthy.

At par with the ensuing financial deadlock, President Donald Trump uploaded a tweet online where he prided on the fact that the United States was nearly $800 billion a year down on trade, and therefore, which country had actually lost this trade war was evident.

The planned USA trade sanctions on Beijing include restrictions on Chinese investment, export controls and 25% tariffs on $50 billion in tech goods.

Although China had previously agreed to buy more U.S. goods, details of that have yet to be agreed. After all, US friends like Japan and the European Union share numerous same gripes about China.

On Monday the US President issued a series of tweets defending his stance, insisting the US could only win and promising to bring down barriers for US farmers and businesses.

The US embassy in Beijing did not immediately respond to a request for comment.

The United States has threatened to impose tariffs on up to $50 billion of Chinese products in a dispute over Beijing's aggressive tactics to challenge U.S. technological dominance; Trump has asked U.S. Trade Rep. Robert Lighthizer to look for another $100 billion in Chinese products to tax.

But China has refused to commit to the U.S. demand to slash the gap by $200 billion. China pledged then to take steps to "substantially" reduce the USA trade deficit, including by buying more American farm goods and energy, though it didn't commit to a dollar amount.

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Following Beijing's announcement, US Treasury Secretary Steven Mnuchin said the dispute was "on hold". The purchases are meant to reduce America's massive trade deficit in goods and services with China, which previous year came to $337 billion, according to the U.S. Commerce Department.

After the apparent cease-fire, global financial markets rallied in relief.

All of these countries have threatened retaliation over Trump's tariffs.

While there was no statement from either side on the weekend's discussions in Beijing, it was widely reported that Chinese negotiators had stipulated that tariff threats had to be removed.

"China will carefully evaluate the US measures and relevant impact and retain its rights to adopt relative measures".

Gao slammed the proposal, saying US measures to implement investment restrictions and export controls against China "do not conform with the basic principles and spirits of the WTO (World Trade Organization)". That would amount to more than one-third of Chinese imports of American goods.

The Trump administration also said it would impose curbs on Chinese investment and purchases of US technology, as well as visas for Chinese students.

According to the statement, both sides have exchanged views in various areas such as agriculture and energy, and have made positive and concrete progress. That ultimatum did not play well with Ross and the other members of the Trump team. Each statement was met with either retaliatory or conciliatory remarks from Beijing. "But we see no sign of that in this action today by the USA administration". "Blame China, blame Europe, blame NAFTA, blame those who don't want reciprocal trading, tariffs rates and protectionism".

The visit from the large U.S. delegation, with members from several executive branch agencies, came as fears of an all-out global trade war intensified after the European Union, Canada and Mexico drew up retaliatory measures to Washington's stinging steel and aluminium tariffs that went into effect on Friday.

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.

Trump has also asked the U.S. Commerce Department to look into imposing tariffs on imported cars, trucks and auto parts, arguing that they somehow pose a threat to U.S. national security.

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