China Trade Talks End in an Impasse

China Trade Talks End in an Impasse

China Trade Talks End in an Impasse

"The outcome of the talks should be based on the prerequisite that the two parties meet each other halfway and will not engage in a trade war", according to the statement carried by Xinhua, China's official news agency.

A statement released by the Chinese side at the talks with the USA in Beijing said nothing specific about the outcome, and referred back to an agreement reached in Washington last month to increase purchase of U.S. goods and services.

The statement gave few details on the talks, but it made clear that China would not deliver on commitments to buy more American goods if its exports are sanctioned.

China made the statement after talks with a US delegation led by Commerce Secretary in Beijing on Saturday and Sunday.

Ross arrived in Beijing on Saturday for talks after the Trump administration renewed tariff threats against China, and with key United States allies in a foul mood towards Washington after they were hit with duties on steel and aluminium. Ross was to have a dinner meeting with Vice-Premier Liu He at the guest house.

U.S. Commerce Secretary Ross, foreground, is in Beijing for trade talks after Washington ratcheted up tensions with a new threat of tariff hikes on Chinese high-tech exports.

Trump officials are considering levies on $50 billion worth of Chinese imports, as well as new restrictions on Chinese investment in the US and tighter export controls.

China, it said, was willing to increase its quota of imports as it was part of the country's national strategy.

"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Ross said, in brief comments before reporters.

But China warned all the results were premised on "not fighting a trade war".

China had promised at talks in Washington last month to significantly increase its imports of United States goods in an effort to reduce the massive trade imbalance between the two countries that Trump has frequently railed against.

U.S. treasury secretary Steven Mnuchin said on Saturday the United States wanted this weekend's talks to result in structural changes to China's economy, in addition to increased Chinese purchases of American goods.

The purchases are partly aimed at shrinking the $375bn USA goods trade deficit with China.

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.

The warning came after the White House said it is moving forward with a plan to implement steep tariffs on Chinese technology, and as officials from both countries held high-level trade talks.

Mr Ross was accompanied by agriculture, treasury and trade officials for the meeting at the Diaoyutai State Guesthouse, a leafy compound on Beijing's west side.

At a heated meeting in the Canadian ski resort of Whistler, the European Union and Canada threatened to retaliate against tariffs of 25% on steel and 10% on aluminium, whose implementation Mr Ross announced on Thursday.

China has also threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in United States goods. "The U.S. has been ripped off by other countries for years on Trade, time to get smart!" "If there are structural changes that allow our companies to compete fairly, by definition that will deal with the trade deficit alone".

Related news