China issues statement after second round of trade talks with US

China issues statement after second round of trade talks with US

Mr Trump has also complained about barriers USA firms face in Europe and elsewhere.

China's State Council Information Office and the Commerce Ministry did not reply to Reuters' request for comment on the issue.

Earlier, China responded with a threat to retaliate with higher duties on a $50 billion list of American goods including soybeans, small aircraft, whiskey, electric vehicles and orange juice.

China has promised to "significantly increase" purchases of farm goods, energy and other products and services.

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

"We've had a situation for many years where China has not treated American companies fairly and the trade deficit has grown and grown and grown", Branstad said in March.

After the apparent cease-fire, global financial markets rallied in relief.

China has threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in U.S. goods. "Markets remain surprisingly sanguine despite trade war fears ramping up".

Wilbur Ross sounded upbeat on Sunday after having dinner the previous evening with China's Vice-Premier Liu He. China balked at making concessions except the US lifted the tariff risk.

"If the United States introduces trade sanctions including raising tariffs, all the economic and trade acheivements negotiated by the two parties will be void", the Xinhua statement warned. That would amount to more than one-third of Chinese imports of American goods.

The U.S. team also wants to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.

China also said it won't be pushed into making major changes to its economic policies.

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Zimmerman said: "Trump's threat of sanctions, the internal infighting among the U.S. team, and lack of a sensible Plan B is not a cohesive strategy but evidence of a desperate desire for a deal, any deal".

"The Trump administration has taken some incredibly positive steps for the American economy, but tariffs will undercut that progress and needlessly hamstring our full economic potential", he said in a statement.

Trump is set to meet the leaders of the six countries in person at a G7 summit later this week. Treasury Secretary Steven Mnuchin stated then that the USA tariffs had been suspended and the commerce conflict was "on maintain". But though the Bureau of Industry and Security, a law enforcement agency, is legally part of the Commerce Department, it has considerable autonomy. Mexico, Canada, China and others have treated them unfairly.

Ross mentioned in the meeting that China would buy specific USA products though no official statement was released on the same.

German Finance Minister Olaf Scholz voiced the opposition of other members of the G7 to the decision of the USA to pull out of the worldwide nuclear agreement with Tehran and the threat by the United States to impose sanctions on European countries that continue to trade with Iran.

Canadian Prime Minister Justin Trudeau is threatening retaliatory tariffs on the U.S.

French Finance Minister Bruno Le Maire even referred to the bloc as G6+1 as an indication of the deepening rift.

"The idea that our soldiers who have fought and died together in the mountains of Afghanistan and stood shoulder to shoulder, somehow this is insulting to them", he said in an interview with NBC's "Meet the Press".

Other countries have also criticized the USA tariffs. "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". -China trade talks dissolved in a matter of days, expectations were low for Ross' visit this week.

"Whatever the merit of these arguments, these deviations from global norms challenge the status quo and accepted rules which have hitherto benefited Asia and the regions beyond", Ng said. "In this environment, it's hard for them for to be very pro-U.S".

The Made in China 2025 strategy to boost the hi-tech sector is another area of contention that remains to be resolved.

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