China: Tariffs by U.S. would wipe out trade progress

Navy Rim of the Pacific Exercise

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

Although the Chinese refused to agree to specific numerical targets that the Trump administration officials sought, the agreement to a broad framework to increase US exports to China was enough to prompt Treasury Secretary Steven Mnuchin to announce that a truce in the "trade war".

US Secretary of the Treasury Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed. "By assaulting all our allies, we leave ourselves standing unprotected and by ourselves in a way we really never have been". "China-US trade negotiations have to dig up the two sides' greatest number of common interests, and can not be tilted toward unilateral US interests". The deal was seen as a turning point after the tariffs appeared to push the U.S. and China close to a trade war.

Requested particularly on Fox's "Sunday Morning Futures" if the U.S.is prepared to throw away its relationship with China by continuing with threatened tariff hikes, Peter Navarro, director of the White Home Nationwide Commerce Council, pointed partially to an unfair relationship involving a multi-billion greenback commerce deficit, Protection Secretary Jim Mattis' warning of China's actions within the South China Sea and the specter of China stealing USA mental property. The prevailing view in the military and intelligence establishment is that China's efforts to outstrip the U.S. in the high-tech sector constitutes a threat to the economic and military supremacy of the United States. They decry rampant theft of intellectual property and Chinese overproduction, which has flooded world markets with cheap steel and aluminum.

"If the United States implements trade sanctions, including raising tariffs, then all the economic and trade outcomes negotiated by the two sides will not take effect", said a statement carried by the official Xinhua news agency.

Trade analysts warned Ross's hand might be weakened by the Trump administration's decision Thursday to go ahead with tariffs on steel and aluminum imports from Canada, Europe and Mexico. China has vowed to retaliate with tariffs of its own.

"The door for negotiation and discussion remains open", Hua said. "This is not about the American people".

Chinese state media have glossed over why the USA sales ban was imposed: ZTE's ties to North Korea and Iran.

Now, the U.S.is turning to Beijing and to a standoff that has taken some confusing turns.

The purchases are partly aimed at shrinking the $375bn USA goods trade deficit with China.

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Before Beijing joined the World Trade Organization in 2001, such "technology transfer" often was an explicit requirement for foreign companies that wanted access to China's state-dominated economy.

China reports "progress" in trade talks with the US, but it comes with a warning to Washington.

Beijing is ready to make concessions to avoid a real trade war with Washington, but worries about the economic and political costs, said Shi Yinhong, a professor at Renmin University's School of International Studies in Beijing. Ross is expected to seek a firmer commitment to buy more American farm goods, energy and other products and services.

The truce didn't last long.

After a lull in tensions following China's May 19 pledge, the White House renewed its threat last week. Navarro later known as Mnuchin's conciliatory feedback "an unlucky soundbite". "Trump is responding to several decades of trade abuses here", he said.

At least one Republican, Sen. Ben Sasse of Nebraska.

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. The perceived high costs of a trade war had previously kept either side from seriously considering tariffs. "Our allies and partners are going to be pressured by China to take their side".

Ng called on the USA and China to improve their relationship in the interests of others.

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