President Donald Trump’s plan to impose tariffs on $50 billion of Chinese language exports threatens to wipe out progress made in commerce talks between Beijing and Washington, China mentioned on Sunday.
A US delegation led by Commerce Secretary Wilbur Ross held talks with Chinese language negotiators in Beijing on Saturday and Sunday. These talks produced “constructive and concrete” developments, in response to a Chinese language authorities assertion carried by the official information company, Xinhua.
The assertion gave few particulars on the talks, but it surely made clear that China wouldn’t ship on commitments to purchase extra American items if its exports are sanctioned.
“Agreements between China and america needs to be based mostly on the premise of each side transferring in the identical route and never waging a commerce conflict,” the Chinese language assertion mentioned.
“If the US launches commerce sanction measures, together with the imposition of tariffs, then all of the financial and commerce advantages negotiated by each side aren’t going to take impact.”
The Beijing conferences got here on the finish of a turbulent week throughout which Trump ramped up world commerce tensions by reviving plans to slap new tariffs on Chinese goods and hitting Canada, Mexico and the European Union with steep tariffs on metal imports.
Trump’s announcement that he needed to proceed with tariffs on China got here lower than two weeks after the 2 international locations had mentioned they had been placing threats of tariffs on maintain whereas they continued negotiating.
On the talks in Beijing this weekend, “the 2 sides had good exchanges of views on implementing the consensus reached in Washington, notably within the areas of agriculture and vitality,” Xinhua reported. “These talks have produced constructive and concrete developments, although particulars are nonetheless being finalized.”
China had promised at talks in Washington final month to considerably enhance its imports of US items in an effort to cut back the huge commerce imbalance between the 2 international locations that Trump has steadily railed towards.
Ross had been anticipated to hunt clear commitments from Beijing to spice up Chinese language imports of US merchandise in areas corresponding to vitality and agriculture.
There was no quick remark from the US delegation.
— Steven Jiang contributed to this report.
CNNMoney (Hong Kong) First revealed June 3, 2018: 4:09 AM ET