China warns U.S. against trade sanctions as talks end

China warns U.S. against trade sanctions as talks end

"If the United States implements trade sanctions, including raising tariffs, then all the economic and trade outcomes negotiated by the two sides will not take effect", said a statement carried by the official Xinhua news agency.

The US and China have been at loggerheads over trade and industrial practices for months.

In a rare show of division, the six other G7 member countries issued a statement asking US Treasury Secretary Steven Mnuchin to convey their "unanimous concern and disappointment" about the tariffs.

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

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 meetings focused on reducing the United States' trade deficit by facilitating the supply of agricultural and energy products to meet China's growing consumption needs, which will help support growth and employment in the United States", it said.

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

"Global trade is not a 'gunfight at the OK Corral, '" he said.

"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.

China says any trade and business deals will be void if the U.S. goes ahead with its threats of sanctions.

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"Our meetings so far have been friendly and frank, and covered some useful topics about specific export items", Ross told the Chinese trade team led by Liu, President Xi Jinping's right hand-man on economic issues, on Sunday morning. "Our established rhythm will not change", it said.

Tensions temporarily eased on May 19 after China promised to "significantly increase" its purchases of US farm, energy and other products.

Washington wants Beijing to narrow its trade surplus.

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

Mnuchin, speaking at a G7 finance leaders meeting in Canada where he was the target of USA allies' anger over steel and aluminium tariffs, said the China talks would cover other issues, including the Trump administration's desire to eliminate Chinese joint venture requirements and other policies that effectively force technology transfers.

The warning shot from Beijing has escalated diplomatic tensions between the USA and its trade allies after President Donald Trump proposed higher tariffs against foreign aluminium and steel imports.

"That's a relationship with China that structurally has to change", he said.

Ross nonetheless journeyed to Beijing Friday to work out details of the vague agreement Mnuchin had earlier cobbled together with the Chinese vice premier.

"We regret that our common work together at the level of the G7 has been put at risk by the decisions taken by the American administration on trade and on tariffs", he said. Liu's delegation included People's Bank of China Governor Yi Gang (易綱) and the minister of commerce.

That might alienate allies who share complaints about Chinese technology policy and a flood of low-cost steel, aluminum and other exports they say are the result of improper subsidies and hurt foreign competitors.

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