China, US to Hold More Trade Talks - engteco_news Tempo.co

US Treasury Secretary Steven Mnuchin has been locked in the trade talks with China

"Thank you", Mnuchin told CNBC after meeting with Chinese Vice Premier Liu He. This is meant to punish China for refusing the accept the terms of a trade deal Trump's team proposed. We hope they will act with restraint, and so will we.

With tariffs imposed, the Federal Reserve may be more inclined to cut interest rates, though won't rush into doing so. "China is not flinching, and nor are the Chinese people".

Hours earlier, the Trump administration hiked tariffs on $200 billion worth of Chinese imports to 25 per cent from 10 per cent, escalating tensions between Beijing and Washington.

Both sides have agreed to meet again in Beijing in the future and continue to push forward the consultations, Xinhua news agency quoted Liu as saying.

A Chinese employee walks past newly made US flags at a factory in Fuyang in China's eastern Anhui province, July 13, 2018.

Lighthizer, Mnuchin and Liu met in a bid to salvage a trade deal that appeared to be within a reach a week ago.

The second is about procurement, on which an initial consensus was reached between the leaders of the two countries in Argentina late a year ago.

Trump made good on that threat at 12:01 a.m. on Friday D.C. time. It may take three or four months for American shoppers to feel the pinch, economists and industry consultants say.

The increase went ahead even after American and Chinese negotiators began more talks aimed at ending a dispute that has disrupted billions of dollars in trade and shaken global financial markets. That gives the two sides about two weeks before ships leaving China arrive on the United States' west coast.

A White House official confirms that trade talks between Chinese and US negotiators have concluded for the day.

"China expresses deep regret over the development and will have to take necessary countermeasures", the ministry said in a statement.

"We are now at a very delicate place, where further negotiations have become significantly more hard... the risk of a further escalation also increased", Song Guoyou, director of Fudan University's Center for Economic Diplomacy, told the Global Times on Friday.

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Gale Pence, the CEO of two manufacturing companies in Wisconsin, says he "cautiously supports the president on the overall picture of this" and is optimistic the USA and China will eventually come to a trade agreement. "But the two sides are now disagreeing on how big the number should be".

He said: "We think this is a very serious issue and we can not easily change our minds". -China talks ended without an agreement.

Liu and his backer Xi can not be seen as giving in too much with trade concessions to the USA in fear of triggering comparisons to past "unequal treaties" forced on China in the 19th and 20th centuries. China said it was forced to retaliate against the U.S. pressure. Also, much easier & quicker to do.

"We have to realize that the "fighting while talking" scenario will probably come to stay throughout the U.S".

The president also said his relationship with Chinese leader Xi Jinping remained strong.

"We just had differences on the wording in certain documents and we hoped to solve the differences", he said.

"We need to rationally approach this, China is not afraid, and the Chinese nation is not afraid", he said.

Liu pointed to three major areas of disagreement: whether to cancel all punitive tariffs when an agreement is reached, the exact size of Chinese purchases of U.S. goods, and a "balanced" agreement text.

"NO MORE!" Trump said.

The United States is pressing China to change its policies on protections for intellectual property, as well as massive subsidies for state-owned firms, and to reduce the yawning trade deficit.

"The "economic confidence effect" could ultimately be as large as the direct impact from tariffs". "This is life and death for the entire worldwide trading system".

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