Concessions will not be implemented if U.S. imposes trade sanctions, warns China
04 June, 2018, 09:36 | Author: Angel Logan
US Commerce Secretary Wilbur Ross and China's Vice Premier Liu He. The US has a massive trade deficit with China. Ross said at the start of the event they had discussed specific American exports China might purchase, but the talks ended with no joint statement and neither side released details.
At the talks in Beijing this weekend, "the two sides had good exchanges of views on implementing the consensus reached in Washington, particularly in the areas of agriculture and energy", Xinhua reported.
"Chinese officials know these talks are precarious, but may underestimate the domestic political cost Trump now sees in lifting the ZTE ban without major concessions from China", said Andrew Gilholm, the director of China analysis at Control Risks, a political and security consulting firm.
"If the United States introduces trade sanctions including raising tariffs, all the economic and trade achievements negotiated by the two parties will be void", the statement added.
He Weiwen, deputy director of the Centre for China and Globalisation and a former Commerce Ministry official in NY, said Beijing was prepared to take measures to narrow the trade gap but it was also prepared for a trade war.
"All economic and trade outcomes of the talks will not take effect if the U.S. side imposes any trade sanctions including raising tariffs", a statement from China's official Xinhua News Agency said.
Mr Trump has threatened to raise tariffs on a total of up to $US150 billion ($198 billion) of Chinese goods.
"Tariffs and expanding exports - the United States can't have both", it said.
There was no immediate comment from the U.S. delegation.
United States leverage against China appears to have been weakened by a sour mood among USA allies after Washington imposed tariffs on steel and aluminum from the European Union, Canada and Mexico.
Ross was to have a dinner meeting with Vice-Premier Liu He at the guest house.
US Treasury Secretary Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed. Still, Beijing resisted pressure to commit to a specific target of narrowing its annual surplus with the United States by US$200 billion. "The U.S. has been ripped off by other countries for years on Trade, time to get smart!"
"It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7", said Le Maire, who called the tariffs unjustified.
"If there are structural changes that allow our companies to compete fairly, by definition that will deal with the trade deficit alone", Mnuchin said Saturday, according to Bloomberg News.
On Saturday, Mattis said the Trump administration's recent decision to disinvite China from an upcoming naval exercise was an "initial response" to Beijing's aggressive activities.
China's delegation included central bank governor Yi Gang, Commerce Minister Zhong Shan, and Ning Jizhe, a deputy head of the National Development and Reform Commission, a powerful planning body. He also pushed back against the argument that Canadian steel poses a USA security threat.
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The president has made a point of singling out China for what he says are years of unfair trade practices. This reductions may help the two nations reach a consensus at trade talks scheduled for this weekend.
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European Commission President Jean-Claude Juncker also said the EU would respond with penalties of its own on US exports. Steel has announced plans to restart one of two blast furnaces and rehire workers at its Granite City Works outside St.
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Commerce Secretary Wilbur Ross is scheduled to visit China on Saturday to negotiate the details of that agreement. That deal was separate from the United States investigation into China's alleged theft of intellectual property.
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