China warns USA trade deals off if tariffs go ahead

06 June, 2018, 01:42 | Author: Barbara Daniel
  • U.S. President Donald Trump left speaks before signing S. 2155 the Economic Growth Regulatory Relief And Consumer Protection Act with administration officials and members of Congress in the Roosevelt Room of the White House in Washington D.C. U.S

Massive trade deficits no longer!'

Not only did the latest talks in Beijing fail to clarify this issue, Beijing has since threatened to rescind the offer if the Trump administration went ahead with a plan to slap tariffs on US$50 billion of Chinese goods. China has vowed to retaliate with tariffs of its own. He also pushed back against the argument that Canadian steel poses a US security threat.

Disputes between the United States and its biggest trading partners continued to heat up.

Groups backed by the influential Koch brothers' network announced Monday they were launching a new multimillion-dollar campaign to oppose tariffs and highlight the benefits of free trade.

Tariffs are a tax on imports.

According to the statement, both sides have exchanged views in various areas such as agriculture and energy, and have made positive and concrete progress. China balked at making concessions except the US lifted the tariff risk. The retailer would have to pay a $32.50 tariff on the shipment, raising the total price from $500 to $532.50.

A statement from the White House said that "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". Proceeds go to the Treasury.

And in fact, U.S. Trade Rep. Robert Lighthizer, Japan's economics minister, Hiroshige Seko, and EU Trade Commissioner Cecilia Malmstrom did issue a vague statement from Paris on Thursday urging unidentified countries to do more to protect intellectual property and to reduce overcapacity.

As part of the new purchases, China would import larger amounts of United States soybeans, corn, natural gas, crude oil, coal, and more, according to the Journal.

That is fairly easy, say private sector analysts. "Trump is responding to several decades of trade abuses here", he said. "But we see no sign of that in this action today by the USA administration".

In the fiscal year that ended September 30, the USA government collected $34.6 billion in customs duties and fees. It said the White House also would impose curbs on Chinese investment and purchases of United States high-tech goods and on visas for Chinese students.

An apparent truce was reached in Washington last month when Mr Liu said the two sides would discuss ways to enhance trade instead of slapping escalating tariffs on each other.

"All economic and trade outcomes of the talks will not take effect if the USA imposes any trade sanctions including raising tariffs".

Canada, Mexico and the European Union together exported $23bn worth of steel and aluminium to the United States in 2017 - almost half of the $48bn of total steel and aluminium imports past year.

After years of trade agreements that bound the countries of the world more closely and erased restrictions on trade, a populist backlash has grown against globalization.

Mr Ross's China visit comes days after Washington threatened to impose extra tariffs on $50bn of Chinese goods. He called for tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property. Trump has criticized the massive trade gap between the two countries.

Last week the White House announced it would impose curbs on Chinese investment and purchases of USA high-tech goods and on visas for Chinese students. By imposing tariffs, he is beginning to turn his hard-line campaign rhetoric into action.

He spoke to reporters with Chinese Vice Premier Liu He, the top economic adviser to President Xi Jinping. The tariffs drive up the cost of imports.

Rising costs especially hurt consumers and companies that rely on imported components. This referred to Washington's imposition of tariffs on steel and aluminium on "national security" grounds. A study financed by steel-consuming businesses found that the tariffs cost 200,000 American jobs in 2002.

Trump has made trade relations a priority of his administration with the deal-making president wanting to negotiate better agreements on a variety of products, including steel, soybeans and other products.

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