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China lowers tariffs, rejects USA trade war escalation

05 June 2018
China lowers tariffs, rejects USA trade war escalation

The White House has said it would announce a final list of Chinese imports covered by the United States tariffs on June 15, with the other measures to follow later this month.

The 25 percent steel and 10 percent aluminum tariffs were imposed this week on Mexico, Canada and the European Union after temporary exemptions expired.

"I understand his bigger picture that he's trying to accomplish, but I think the fact that traditionally we're a much larger buyer than we are seller to their country in steel products that this is only going to hurt them in the long run".

The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each, as U.S. President Donald Trump has pushed Beijing to open its economy further and address the United States' large trade deficit with China. China has also threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in U.S. goods.

Tim Phillips, the president of Americans for Prosperity, said the tariffs amounted to "self-imposed barriers" to the $1.5 trillion tax overhaul that Trump signed into law in December.

The warning came after delegations led by US Commerce Secretary Wilbur Ross and China's top economic official Vice Premier Liu He wrapped up a meeting on Beijing's pledge to narrow its trade surplus. "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 U.S. Commerce Secretary departs Beijing Monday, following two-days of consultations with Vice Chinese Premier Liu He.

"It is important that China should directly talk with Lighthizer". China also made no mention of any new agreements.

China also said it won't be pushed into making major changes to its economic policies.

"We still want to see what the measures themselves are, specifically we have been talking to the Irish government about the issue of bourbon being on the list because of the potential implications for the Scotch whisky industry and the Irish whiskey industry", he said.

Beijing has stated that it is one of its core interests and has shown little willingness to make radical changes.

The company's links to North Korea in particular are politically inconvenient for China because Beijing has claimed that China's enforcement of global sanctions against North Korea helped pave the way for the coming summit in Singapore between Trump and North Korea's leader, Kim Jong Un.

China warned the United States that any deals reached during ongoing trade talks would be void if Washington went ahead with imposing tariffs on Chinese goods, as the latest round of negotiations ended on Sunday in Beijing. "Hopefully we can figure out a way to maintain the business and hold onto it".

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

There was no immediate comment from the United States delegation on the outcome of the talks.

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

Parker said tariffs would inflict real harm on the USA economy.

"It's tantamount to a country competing with a company", the chairman of the American Chamber of Commerce in China, William Zarit, said last week. May's office said the two leaders would discuss "free and fair global trade" at the upcoming G7 summit in Canada.