Talks end with China warning trade benefits at risk if US imposes tariffs
04 June, 2018, 09:31
Ross arrived in Beijing on Saturday for trade talks after the Trump administration renewed tariff threats against China, and with key USA allies in a foul mood towards Washington after they were hit with duties on steel and aluminium.
Beijingsaid "positive and concrete progress" was made on those issues with details left for "both sides to finalise".
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.
It referred instead to a consensus they reached last month in Washington, when China agreed to increase significantly its purchases of us goods and services.
Trade tensions between the USA and China, the world's two largest economies, had intensified in April after Beijing said it was slapping duties on 106 American imports following Washington's plans to put new tariff on hundreds of Chinese items.
Mnuchin had been part of the first trade delegation to Beijing, which sought to pressure China to cut $US200 billion from its USA trade surplus and stop promoting Chinese technology companies if Beiing wanted to avoid a trade war. "This is about structural changes", Mnuchin said Saturday.
"The outcome of the talks should be based on the prerequisite that the two parties meet each other halfway and will not engage in a trade war", official news agency, Xinhua reported quoting from the statement.
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".
The renewed push for Chinese tariffs coincides with Washington's announcement last week that it would implement duties on steel and aluminum for other key allies.
"Tariffs and expanding exports - the United States can't have both", it said.
Private sector analysts say while Beijing is willing to compromise on its trade surplus, it will resist changes that might threaten plans to transform China into a global technology competitor.
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.
"I want to be clear, this isn't just about [China] buying more goods, this is about structural changes", Mnuchin said.
"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Ross said, in brief comments to reporters. Germany is also hoping its steel exports to the USA will be exempted from sanctions.
It comes at the end of a week in which the E.U., Canada and Mexico also threatened retaliation if they were faced with trade tariffs by the U.S.
French Finance Minister Bruno Le Maire compared Washington's action to something out of the old "Wild West".
The European Union lodged a complaint with the World Trade Organisation last week over China's technology transfer practices, targeting a similar concern to that which has prompted the Trump administration's more unorthodox use of national security law to trigger punitive tariffs against China.
Trade analysts had warned Ross's hand might be weakened if the Trump administration alienated allies who share complaints about Chinese technology policy and a flood of low-cost steel, aluminum and other exports.
In April, before West made the slavery remark, he tweeted that his wife told him to tone down his pro-Trump comments. Kanye addresses his mental health issues on Ye, as well as his drug use, and his marriage with Kim Kardashian .
Clinton eventually visited North Korea as a former president in 2009 to secure the freedom of two detained American journalists. However, as a show of goodwill, North Korean leader Kim Jong Un may open a Western burger franchise in Pyongyang, the NBC said.
With 695,000 retweets and counting, Randall doubled down on his promise Tuesday night after a fan accused him of bluffing. At $99.99 each for jerseys, that would mean Randall could be spending $77.7 million.
There were no immediate reports of any casualties, but authorities are advising those close to the crater to evacuate the area. A search was underway for the missing, though first responders efforts were hindered by the lava flow, officials said.
Despite the backlash, D'Souza is scheduled to speak at a two-day event being put on next month by the Republican Party of Florida. D'Souza said in one tweet that the students had received the "worst news since their parents told them to get summer jobs".
The reports said he will appear in a few episodes in Season 9; it is not known how his character will be written off the show. It seems AMC is trying to get its ducks in a row with the reports that Andrew Lincoln is leaving The Walking Dead .
According to a report in TMZ , the couple will be staying at the 6,000 sq feet Outlook cabin which is the 'The Royal Retreat'. UPDATE: After plenty of excitement, it turns out that Meghan and Harry may not be staying at the Jasper getaway after all.
James Neal got behind Washington's defense and sent a wrist shot from the left circle past Braden Holtby 7:58 into the game. Here is Holtby's save from Game Two, purely for comparison reasons, and not just because we can't get enough of it.
Tom Cairney was the scorer, calmly slotting past Villa goalkeeper Sam Johnstone after a superb through-ball from Ryan Sessegnon . It is a return to the Premier League for Fulham after they were relegated to the Championship in the 2013/2014 season.
Assad tells U.S. to leave Syria
Netanyahu's comments followed reports in the past few days that Iran-backed forces were preparing to withdraw from southern Syria. Al-Moallem says Israel is making false claims to try and pressure Iran, its archrival.
Teens are abandoning Facebook, Pew study confirms
The finding also focusses on yet another important aspect of the social media usage, the effect it has on teens life. However, 35% of teenagers admit that they use Snapchat the most often, while YouTube comes in second at 32%.
Trump announces summit with North Korea is back on
Trump says he didn't open the letter . "I said I'm not going to put them on until such time as the talks break down". Gen Kim Yong-chol's visit to Washington came a day after he met US Secretary of State Mike Pompeo in NY .
Facebook is killing its Trending news section
Facebook is also promoting more local news stories and letting users rank the trustworthiness of various publications. At the same time, it is testing new products aimed at delivering news from trustworthy sources.
Gunman kills 3 in Belgian city before being shot dead
Herman allegedly approached the officers from behind, stabbed them multiple times and took their guns, officials said. Francois Lenoir / Reuters A police officer is seen on the scene of a shooting in Liege , Belgium.
Roseanne Barr Says She 'Begged' ABC Not to Cancel Her Show
Robert Iger, chairman of ABC owner Disney, said in a tweet , "There was only one thing to do here, and that was the right thing". Comedian and late show host Jimmy Kimmel spoke out in Roseanne's defence, telling people to back off and have some compassion.
Assassin’s Creed Odyssey Confirmed by Ubisoft; E3 Reveal Teased
The proximity of E3 lends weight to the report as well, as this is the time of year when surprises seem mostly likely to be blown. Naturally, speculation about the next game began nearly immediately, but Ubisoft has yet to say anything concrete about it.
USA trade tensions at fever pitch as steel deadline looms
In a clear reference to Trump, Macron added: "These solutions might bring symbolic satisfaction in the short term". Stocks in the U.S. fell as the administration ignored the pleas from business lobbying groups including the U.S.