Published: Wed, June 06, 2018
Markets | By Josh Butler

Trump economy should ease trade war fears, Peter Navarro says

Trump economy should ease trade war fears, Peter Navarro says

China has warned USA against slapping tariffs on Chinese goods as another round of bilateral talks on trade disputes ends in Beijing.

Ross arrived in Beijing on Saturday morning for trade talks with Chinese officials, after the Trump administration renewed its tariff threats against China, and with key USA allies in a foul mood towards Washington after they were hit with duties on steel and aluminium.

A Chinese government statement noted that "the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress while relevant details are yet to be confirmed by both sides".

The warning from Beijing came after delegations led by Ross and China's top economic official, Vice Premier Liu He, wrapped up talks on Beijing's pledge to narrow its trade surplus.

The Trump Administration said Tuesday that the USA would follow through with tariffs on billions of dollars of Chinese imports, defying a trade truce reached last month in Washington.

"Agreements between China and the United States should be based on the premise of both sides moving in the same direction and not waging a trade war", the Chinese statement said.

The Trump administration said Tuesday that USA sanctions announced in March - including restrictions on Chinese investment, export controls and 25 percent tariffs on as much as $50 billion in Chinese tech exports - remain under development.

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 world's two largest economies have been at loggerheads over trade and industrial practices for months with the talks under way in the Chinese capital the third formal round of negotiations.

Aso said the G7 ought to be telling China to follow global rules, but "by taking measures that violate G7 and World Trade Organization rules, the United States is actually benefiting China".

Buyers in China remain cautious about buying US beans because of the uncertainty, four traders involved in the market said.

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The area contains a mix of vacation rental properties and year-round residences, The Associated Press reported . On Sunday, a USGS field crew was in the air in a helicopter when they noticed people on the ground needed help.

Then, in a tweet about three weeks ago, Trump said that the Commerce Department should reconsider American sanctions on ZTE, without any obvious Chinese concession in exchange. Previously, the Chinese government had agreed to increase its purchases of us agriculture and energy products in a bid to decrease the trade deficit.

Separately, the Chinese government announced in a statement late Wednesday that it would further cut import tariffs on daily consumer goods from July 1.

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.

Bruno Le Maire, France's finance and financial system minister, additionally known as the USA tariffs unjustified.

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

Meanwhile, negotiations with Canada and Mexico regarding the North American Free Trade Agreement are turning toxic as those countries weigh retaliation against Washington for the new steel and aluminium tariffs.

Washington on Thursday also followed through on threatened tariffs on imported steel and aluminium from the EU, Canada and Mexico, drawing condemnation and promises of retaliation from the USA allies.

But Trump upended the truce Tuesday by renewing his threat to impose 25 percent tariffs on $50 billion in Chinese high-tech goods.

Ross is "going there to tread water", the person said, declining to be identified due to the sensitivity of the matter. -China trade talks dissolved in a matter of days, expectations were low for Ross' visit this week. The U.S. "needs to choose between tariffs and exporting more to China".

In response to that Beijing said that it reserves a right to retaliate.

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