Commerce secretary inBeijing for trade talks

Commerce Secretary To Press China To Buy As Allies Seethe Over Tariffs

"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Ross told the Chinese trade team led by Liu, President Xi Jinping's right hand-man on economic issues, on Sunday morning.

"I want to be clear, this isn't just about buying more (U.S.) goods, this is about structural changes", Mnuchin said.

The tensions stem from a March decision by Trump to impose tariffs on $50 billion worth of Chinese goods as a punishment for Chinese companies stealing United States intellectual property.

Gao slammed the proposal, saying USA measures to implement investment restrictions and export controls against China "do not conform with the basic principles and spirits of the WTO (World Trade Organization)".

The renewed push for Chinese tariffs coincides with Washington's announcement last week that it would implement duties on steel and aluminum for other key allies.

"We have not heard yet if and when talks around those issues will take place, but they need to - these are important issues for companies", he said.

"Don't blame Trump. Blame China, blame Europe, blame NAFTA". Mnuchin said the talks, led Commerce Secretary Wilbur Ross, were not simply about the export of more U.S. goods to the Chinese market.

Other countries have also criticized the USA tariffs.

In addition to tariffs, Ross is under pressure from US lawmakers to stay tough on Chinese telecom-equipment maker ZTE Corp.

"It is important that China should directly talk with Lighthizer". After all, USA friends like Japan and the European Union share numerous same gripes about China. "This is about structural changes", Mnuchin said Saturday. That's even as the Pentagon in a report earlier this year warned of a new era of great-power rivalry with China and Russian Federation.

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China reports "progress" in trade talks with the US, but it comes with a warning to Washington. Mr Trump has also complained about barriers USA firms face in Europe and elsewhere.

Trade analysts had warned Ross's hand might be weakened if the Trump administration alienated allies who share complaints about Chinese technology policy and a flood of low-cost steel, aluminum and other exports.

Bruno Le Maire, France's finance and economy minister, was blunt in his assessment of the meeting.

James Zimmerman, a partner in the Beijing office of worldwide law firm Perkins Coie LLP and former chairman of the American Chamber of Commerce in China, said China was closely watching the reaction of the European Union and Canada, and was likely to follow their strategy in pushing back on Trump.

"We remorse that our frequent work collectively on the degree of the G7 has been put in danger by the selections taken by the American administration on commerce and on tariffs", he stated. Apart from reducing the huge trade imbalance, USA officials want Beijing to move away from industrial policies that they say subsidize Chinese companies on the global stage and pressure foreign firms to hand over key technologies.

Parker said tariffs would inflict real harm on the USA economy. The perceived high costs of a trade war had previously kept either side from seriously considering tariffs.

Following a Chinese promise on May 19 to buy more American goods following the latest round of talks, U.S. Treasury Secretary Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed.

"That is a relationship with China that structurally has to alter", he stated.

At par with the ensuing financial deadlock, President Donald Trump uploaded a tweet online where he prided on the fact that the United States was nearly $800 billion a year down on trade, and therefore, which country had actually lost this trade war was evident.

Mnuchin rejected claims that the USA was circumventing worldwide trade rules or abandoning the system of global economic relations it had built after World War II.

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