China issues statement on Sino-US trade talks

Commerce Secretary Wilbur Ross hints a trade war could be the result of new EU privacy laws given that the regulations include'unnecessary barriers to trade. If that happens it would be an additional front in a global trade war the President Donald Trum

China said Sunday that any trade deals now being discussed with the US will not go into effect if the Trump administration implements proposed tariffs on Chinese goods, according to multiple media reports. "All economic and trade outcomes of the talks will not take effect if the USA imposes any trade sanctions including raising tariffs".

Ross' failure to publicly comment or immediately release a statement on the outcome of the talks may have been due to the U.S. delegation needing to assess Trump's willingness to accept a Chinese deal.

"The achievements reached by China and the United States should be based on the premise that the two sides should meet each other halfway and not fight a trade war", said the Chinese statement, carried by the official Xinhua News Agency.

President Donald Trump is pressing Beijing to narrow its politically volatile surplus in trade in goods with the United States, which reached a record $375.2 billion past year.

"Both sides appear to have hardened their negotiating stances and are waiting for the other side to blink", said Eswar Prasad, professor of trade policy at Cornell University.

Media captionWhat are the contentious issues around US-China trade?

USA tensions with China had eased after Beijing promised on May 19 to "significantly increase" purchases of farm goods, energy and other products and services following the last round of talks in Washington.

But Trump upended the truce last Tuesday by renewing his threat to impose 25 percent tariffs on $50 billion in Chinese high-tech goods. "We believe that regarding problems in the China-U.S. trade and economic relations, the two countries should work out a win-win and mutually beneficial resolution through dialogue and discussion with sincerity and in the spirit of equality and mutual respect".

The dispute with China comes at the same time Trump has riled some of America's closest allies with the imposition of tariffs on steel and aluminum imports.

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The Chinese statement said the two sides made "positive and concrete progress", but neither side released details.

Trump also has threatened to raise tariffs on an additional $100 billion of Chinese goods, but gave no indication this week whether that would go ahead. Treasury Secretary Steven Mnuchin, who announced the tariff truce with China, said at the G7 summit in Canada that the U.S. was pushing for "structural changes" to the Chinese economy.

The U.S. delegation at the Beijing talks included Under Secretary of Treasury for International Affairs David Malpass, Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs Ted McKinney, and United States Trade Representative Chief Agricultural Negotiator Gregg Doud. The US envoy left Beijing with no clear sign that the two countries could avert a trade war.

China has threatened to retaliate by raising import duties on a $50 billion list of American goods including soybeans, small aircraft, whiskey, electric vehicles and orange juice.

The US pressure over technology policy reflects growing American concern about China's status as a potential competitor and complaints Beijing improperly subsidizes its fledgling industries and shields them from competition.

French Finance Minister Bruno Le Maire warned a trade war could begin in "a few days".

Allies including Canada and the European Union are threatening retaliatory tariffs.

USA 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 arrived in Beijing on Saturday for talks after the Trump administration renewed tariff threats against China, and with key USA allies in a foul mood toward Washington after they were hit with duties on steel and aluminum.

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