China warns United States against imposing tariffs

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In a strong retaliation, China threatened to impose 25 per cent tariffs on $50 billion worth of U.S. exports.

"The meetings focused on reducing the United States' trade deficit by facilitating the supply of agricultural and energy products to meet China's growing consumption needs, which will help support growth and employment in the United States", it said.

A source at an worldwide trading house based in China said enquiries about USA agricultural products have increased, but buyers are still nervous.

"If the United States introduces trade sanctions including raising tariffs, all the economic and trade achievements negotiated by the two parties will be void."

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

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

The U.S. delegation conveyed Trump's goal of a fair trading relationship with China, the White House said in a statement.

The state-run Chinese newspaper Global Times contended in an editorial that, "Tariffs and expanding exports - the United States can't have both".

"We are alienating all of our friends and partners at a time when we could really use their support", added Wendy Cutler, a former USA trade negotiator who is now vice president at the Asia Society Policy Institute. Each country's economic success remains highly interdependent, and as then US Treasury Secretary Lawrence Summers said in the 1990s, a US-China trade war, to borrow the nuclear war metaphor, risks mutually assured destruction.

China said Sunday that it wouldn't step up its purchases of American products if President Donald Trump goes ahead with his threat to tax billions of dollars' worth of Chinese imports.

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Wilbur Ross sounded upbeat on Sunday after having dinner the previous evening with China's Vice-Premier Liu He.

"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Ross said, in brief comments before reporters. Ross declined to speak to reporters when he arrived at his hotel in Beijing.

The two-day talks in Beijing which ended on Sunday followed an earlier round in Washington where officials had met to discuss the situation. For example, Republican Senator Marco Rubio (one of Trump's competitors for the 2016 presidential nomination) tweeted, "Sadly #China is out-negotiating the administration & winning the trade talks right now".

U.S. Commerce Secretary Ross, foreground, is in Beijing for trade talks after Washington ratcheted up tensions with a new threat of tariff hikes on Chinese high-tech exports. "However, a major challenge for China will be to reduce the bilateral trade deficit by $200 billion per year over the medium term as requested by Washington, since that will be a mammoth task".

U.S. allegations that China steals company secrets are at the heart of the ongoing trade dispute between the world's two biggest economies.

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

"There are structural changes that allow our companies to compete fairly".

US Defence Secretary, James Mattis, reportedly also came under significant pressure to ease the trade stance at a security summit held in Singapore over the weekend. From 1790 to 1860, for example, they produced 90 percent of federal revenue, according to "Clashing Over Commerce: A History of US Trade Policy" by Douglas Irwin, an economist at Dartmouth College.

Chinese Vice Premier Liu He leads the team, who is also a member of the Political Bureau of the Communist Party of China Central Committee, and chief of the Chinese side of the China-U.S. comprehensive economic dialogue.

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