The latest round of trade talks between the United States and China in Beijing made "positive and concrete" progress, China said as a weekend round of talks concluded between U.S. Commerce Secretary Wilbur Ross and Chinese Vice Premier Liu He on June 3. "All economic and trade outcomes of the talks will not take effect if the US side imposes any trade sanctions including raising tariffs", the statement said, as reported by Xinhua.
"The U.S. has been ripped off by other countries for years on Trade, time to get smart!"
The U-S has threatened to implement tariffs on 50 billion dollars worth of Chinese imports.
On May 19, China had pledged to import more from America was an to reduce its $375 billion trade surplus in goods with the United States. President Donald Trump later ordered his top trade negotiator to seek up to an additional $100 billion in Chinese products to tax.
Requested particularly on Fox's "Sunday Morning Futures" if the U.S.is prepared to throw away its relationship with China by continuing with threatened tariff hikes, Peter Navarro, director of the White Home Nationwide Commerce Council, pointed partially to an unfair relationship involving a multi-billion greenback commerce deficit, Protection Secretary Jim Mattis' warning of China's actions within the South China Sea and the specter of China stealing US mental property.
The overture came two days after the White House said its planned trade sanctions against China were still in the works despite the announcement of a truce following a previous round of talks earlier in May.
China responded by targeting $50 billion in USA products, including soybeans - a shot at Trump supporters in America's heartland.
China's Ministry of Commerce, in response, took a dig at the flip-flopping from Washington, saying "We are both surprised and unsurprised at the statement, which is obviously contrary to the consensus reached between China and the U.S.in Washington not long ago".
Chinese envoys had promised after the last high-level meeting in Washington in mid-May to buy more American farm goods and energy products.More news: Warriors shoot well, Cavs stay close in Game 2
Treasury Secretary Steven Mnuchin, who announced the tariff truce with China, said at the G7 summit in Canada that the United States was pushing for "structural changes" to the Chinese economy. President Trump, along with his Treasury Secretary Steve Mnuchin and Commerce Secretary Wilbur Ross tend to emphasize reducing the current $337 billion annual deficit by raising United States exports in agriculture, energy, and other sectors.
In the United States, tariffs - also called duties or levies - are collected by Customs and Border Protection agents at 328 ports of entry across the country.
Ross is "going there to tread water", the person said, declining to be identified due to the sensitivity of the matter.
Donald Trump has accused China of forcing US firms to hand over their industrial secrets to Chinese firms in order to do business in the country, a charge that Beijing has rejected.
The visit comes as fears of an all-out global trade war intensified after the European Union, Canada and Mexico drew up retaliatory measures to Washington's stinging steel and aluminium tariffs that came into effect on Friday.
The Trump administration's own internal divisions may also be affecting the direction of the talks. "Despite the potential negative repercussions for both economies, the risk of a full-blown China-U.S. trade war, with tariffs and other trade sanctions being imposed by both sides, has risen significantly". Rising tensions between the world's two biggest economies alarmed investors and business leaders.
Those hard issues include what the USA complains is rampant theft of intellectual property, as well as Beijing's support for cutting-edge technologies under its Made in China 2025 policy.
Members of Congress criticized the agreement to lift a ban on sales of US components to ZTE, which admitted violating rules on exports to Iran and North Korea.