China: Trade deals in jeopardy if United States tariffs are implemented

China: Trade deals in jeopardy if United States tariffs are implemented

China: Trade deals in jeopardy if United States tariffs are implemented

If Washington moves forward with sanctions, "all the economic and trade achievements negotiated by the two parties will be void", Xinhua state news agency said in a statement on Sunday.

"Trump's strategy does no favors for the moderates like trade negotiator Liu He who are eager to take China down a more manageable path of market and financial reforms, and such reforms would indeed be good for USA commercial interests", said James Zimmerman, a partner in the Beijing office of the law firm Perkins Coie and a former chairman of the American Chamber of Commerce in China.

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

"The achievements reached by China and the United States should be based on the premise that the two sides should meet each other halfway and not fight a trade war", it added.

Ross told reporters following a meeting Sunday with Vice Premier Liu He that the encounter had been "friendly and frank, and covered some useful topics about specific export items".

Earlier, Mnuchin had pointed to a rocky road ahead for the USA, which is now embroiled in trade disputes on two fronts, after talking about Washington's China policy.

China's Foreign Minister Wang Yi shakes hands with US Secretary of State Mike Pompeo after their meeting and joint news conference at the State Department in Washington, U.S., May 23, 2018.

President Donald Trump announced that the US will forge ahead with a plan to slap tariffs on $50 billion of Chinese imports just 10 days after the two reached the truce agreement in Washington.




"Reform and opening-up as well as expanding domestic demand are China's national strategies".

The Trump administration said on Tuesday that the USA would follow through with tariffs on billions of dollars of Chinese imports, defying a trade truce reached last month in Washington. It said the White House also would impose curbs on Chinese investment and purchases of USA high-tech goods and on visas for Chinese students.

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

"I want to be clear, this isn't just about [China] buying more goods, this is about structural changes", Mnuchin said.

While U.S. officials have sent conflicting signals during the dispute with China, one person familiar with planning for Ross' visit said his aim was to keep dialogue going.

Mr Ross was accompanied by agriculture, treasury and trade officials for the meeting at the Diaoyutai State Guesthouse, a leafy compound on Beijing's west side. "If there are structural changes that allow our companies to compete fairly, by definition that will deal with the trade deficit alone".

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.

The visit from the large USA 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.

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