US&nbsp;President Donald Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 per cent from the current 10 per cent and repeated his threat to slap tariffs on all remaining imports from China.

In an interview with the Wall Street Journal four days ahead of his high-stakes meeting with Chinese President Xi Jinping in Argentina, Trump said it was "highly unlikely" he would accept China's request to hold off on the increase, which is due to take effect on January 1.

"The only deal would be China has to open up their country to competition from the United States," Trump told the Journal. "As far as other countries are concerned, that’s up to them."

Trump, who is due to meet Xi on the sidelines of the G20 summit in Buenos Aires this week, said that if negotiations were unsuccessful, he would also put tariffs on the rest of Chinese imports.

"If we don’t make a deal, then I'm going to put the $267 billion additional on," at a tariff rate of either 10 per cent or 25 per cent, Trump told the Journal.

A Chinese official told reporters last week that the two leaders would look to set guidelines for future talks.

"The main issue is how to settle down the trade war," the official said on condition of anonymity due to the sensitive nature of preparatory negotiations. "I am conservatively optimistic that can be done," he added.

Trump said the next round of tariffs could also be placed on laptops and <a href="http://www.wionews.com/world/donald-trump-told-apple-ceo-iphones-will-be-spared-from-china-tariffs---new-york-times-145463">Apple Inc's iPhones imported from China</a>, which are part of that $267 billion lists of goods not yet hit by tariffs.

Cell phones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimize the impact on US&nbsp;consumers. The Journal said the administration has been worried about a consumer reaction to such levies.

"Maybe. Maybe. Depends on what the rate is," Trump said, referring to the possibility of tariffs on mobile phones and laptops, according to the Journal. "I mean, I can make it 10 per cent, and people could stand that very easily."

Shares in Apple fell in after-hours trading after the interview was published. An Apple spokesman did not immediately respond to Reuters' queries.

Apple CEO Tim Cook has personally pressed the issue of tariffs with Trump, telling the president that while there are valid concerns about US-China trade relations, tariffs are not the best way to resolve them.

Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasise its contribution to the US&nbsp;economy, saying it plans to spend about $55 billion in 2018 with its US-based suppliers.

US President Donald Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 per cent from the current 10 per cent and repeated his threat to slap tariffs on all remaining imports from China.

US President Donald Trump said on Monday he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 per cent from the current 10 per cent and repeated his threat to slap tariffs on all remaining imports from China. In an interview with the Wall Street Journal four days ahead of his high-stakes meeting with Chinese President Xi Jinping in Argentina, Trump said it was "highly unlikely" he would accept China's request to hold off on the increase, which is due to take effect on January 1. "The only deal would be China has to open up their country to competition from the United States," Trump told the Journal. "As far as other countries are concerned, that’s up to them." Trump, who is due to meet Xi on the sidelines of the G20 summit in Buenos Aires this week, said that if negotiations were unsuccessful, he would also put tariffs on the rest of Chinese imports. "If we don’t make a deal, then I'm going to put the $267 billion additional on," at a tariff rate of either 10 per cent or 25 per cent, Trump told the Journal. A Chinese official told reporters last week that the two leaders would look to set guidelines for future talks. "The main issue is how to settle down the trade war," the official said on condition of anonymity due to the sensitive nature of preparatory negotiations. "I am conservatively optimistic that can be done," he added. Trump said the next round of tariffs could also be placed on laptops and Apple Inc's iPhones imported from China, which are part of that $267 billion lists of goods not yet hit by tariffs. Cell phones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimize the impact on US consumers. The Journal said the administration has been worried about a consumer reaction to such levies. "Maybe. Maybe. Depends on what the rate is," Trump said, referring to the possibility of tariffs on mobile phones and laptops, according to the Journal. "I mean, I can make it 10 per cent, and people could stand that very easily." Shares in Apple fell in after-hours trading after the interview was published. An Apple spokesman did not immediately respond to Reuters' queries. Apple CEO Tim Cook has personally pressed the issue of tariffs with Trump, telling the president that while there are valid concerns about US-China trade relations, tariffs are not the best way to resolve them. Despite using contract manufacturers to make most of its products overseas, Apple has also sought to emphasise its contribution to the US economy, saying it plans to spend about $55 billion in 2018 with its US-based suppliers.

Trump says he is going to raise tariffs further on China imports

The <a href="http://www.wionews.com/world/the-trump-china-trade-war-how-will-it-end-171248">US-China tariff slugfest</a> has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite.

Manufacturing gauges in several export-reliant Asian countries, as well as China, weakened in October as gloom deepens over the trade outlook.

China's official Purchasing Managers' Index (PMI), which measures factory activity, came in at 50.2 in October, down from 50.8 the previous month, the latest sign of weakness in the world's second-largest economy amid the trade war and a domestic debt problem.

But China's troubles are bad for the rest of the region, and the world, analysts said.

Asian exporting countries from South Korea to Malaysia saw PMI decreases in October, according to indices compiled by Nikkei/IHS Markit.

Taiwan saw its steepest falls in production and new business in just over three years, purchasing activity by companies fell for the first time since May 2016, and firms anticipate lower factory output in the next 12 months, Nikkei/IHS Markit said.

"Taiwan is feeling the effects of this trade war because China is the factory for many companies in Taiwan. When the estuary is blocked, you feel the effects," said Sun Ming-te of the Taiwan Institute of Economic Research.

Paying the price 
South Korea's PMI slipped to 51.0 in October from 51.3 in September, while a separate Korean business sentiment index for manufacturing sank to its lowest level in two years.

China is South Korea's largest trading partner, absorbing a quarter of Korean exports.

"The situation may get worse next year due to a prolonged trade war between the US and China, growing default risks at debt-plagued Chinese firms and a slowing global economy that reduces demand for our exports," said c, an analyst at the Korea Institute of Finance.

Southeast Asian manufacturers were feeling the effects too, with PMI in Malaysia and Thailand slipping below the 50-point level, which indicates contraction in the sector.

It was Malaysia's lowest PMI since July and Thailand's lowest in two years.

In an AFP interview last week, Malaysian Prime Minister Mahathir Mohamad complained that US President Donald Trump -- who has accused various trading partners of "ripping off" America -- "seems to be withdrawing from all commitments overseas".

Mahathir, 93, said that hurts everyone, including the US.

"We want to remain friendly with the US, and we want to continue trading with the US," Mahathir said.

"But the trade war that is going on between the US and China is damaging for us. We have to pay a price for that."

Vietnam or bust 
The International Monetary Fund warned at its annual meeting last month that the trade friction and other threats would hobble the world economy, lowering its growth forecasts for 2018 and 2019.

The Eurozone posted disappointing PMI figures in October, though due largely to factors other than trade tension.

But not everyone feels the shock yet, with Japan's manufacturing looking solid last month.

Trump, meanwhile, faces little pressure to tame his trade rhetoric at home, with a rosy US outlook marked by rising wages and low unemployment.

And even in Asia, there will be some winners as conflict re-aligns trading patterns, economists noted.

Vietnam, in particular, looks to gain as foreign manufacturers relocate out of China to escape the trade war crossfire and what many say is an increasingly unfair playing field for foreign companies in China.

Vietnam PMI climbed from a ten-month low of 51.5 in September to 53.9 last month.

"The hard data on exports and industrial production in recent months haven't been that great. The latest survey nonetheless shows how Vietnam is weathering the US-China trade war better than its ASEAN peers," Miguel Chanco, senior economist at Pantheon Macroeconomics, told AFP.

"If the trade war escalates, Vietnam will be one of the prime destinations for export-oriented firms looking to move out of China."

The US-China tariff slugfest has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite.

The US-China tariff slugfest has for months triggered warnings that it could impact global economic growth, and recent data indicates the trade tension is indeed beginning to bite. Manufacturing gauges in several export-reliant Asian countries, as well as China, weakened in October as gloom deepens over the trade outlook. China's official Purchasing Managers' Index (PMI), which measures factory activity, came in at 50.2 in October, down from 50.8 the previous month, the latest sign of weakness in the world's second-largest economy amid the trade war and a domestic debt problem. But China's troubles are bad for the rest of the region, and the world, analysts said. Asian exporting countries from South Korea to Malaysia saw PMI decreases in October, according to indices compiled by Nikkei/IHS Markit. Taiwan saw its steepest falls in production and new business in just over three years, purchasing activity by companies fell for the first time since May 2016, and firms anticipate lower factory output in the next 12 months, Nikkei/IHS Markit said. "Taiwan is feeling the effects of this trade war because China is the factory for many companies in Taiwan. When the estuary is blocked, you feel the effects," said Sun Ming-te of the Taiwan Institute of Economic Research. Paying the price South Korea's PMI slipped to 51.0 in October from 51.3 in September, while a separate Korean business sentiment index for manufacturing sank to its lowest level in two years. China is South Korea's largest trading partner, absorbing a quarter of Korean exports. "The situation may get worse next year due to a prolonged trade war between the US and China, growing default risks at debt-plagued Chinese firms and a slowing global economy that reduces demand for our exports," said c, an analyst at the Korea Institute of Finance. Southeast Asian manufacturers were feeling the effects too, with PMI in Malaysia and Thailand slipping below the 50-point level, which indicates contraction in the sector. It was Malaysia's lowest PMI since July and Thailand's lowest in two years. In an AFP interview last week, Malaysian Prime Minister Mahathir Mohamad complained that US President Donald Trump -- who has accused various trading partners of "ripping off" America -- "seems to be withdrawing from all commitments overseas". Mahathir, 93, said that hurts everyone, including the US. "We want to remain friendly with the US, and we want to continue trading with the US," Mahathir said. "But the trade war that is going on between the US and China is damaging for us. We have to pay a price for that." Vietnam or bust The International Monetary Fund warned at its annual meeting last month that the trade friction and other threats would hobble the world economy, lowering its growth forecasts for 2018 and 2019. The Eurozone posted disappointing PMI figures in October, though due largely to factors other than trade tension. But not everyone feels the shock yet, with Japan's manufacturing looking solid last month. Trump, meanwhile, faces little pressure to tame his trade rhetoric at home, with a rosy US outlook marked by rising wages and low unemployment. And even in Asia, there will be some winners as conflict re-aligns trading patterns, economists noted. Vietnam, in particular, looks to gain as foreign manufacturers relocate out of China to escape the trade war crossfire and what many say is an increasingly unfair playing field for foreign companies in China. Vietnam PMI climbed from a ten-month low of 51.5 in September to 53.9 last month. "The hard data on exports and industrial production in recent months haven't been that great. The latest survey nonetheless shows how Vietnam is weathering the US-China trade war better than its ASEAN peers," Miguel Chanco, senior economist at Pantheon Macroeconomics, told AFP. "If the trade war escalates, Vietnam will be one of the prime destinations for export-oriented firms looking to move out of China."

Trump's trade war begins to bite — in Asia

Japan's Prime Minister Shinzo Abe makes a rare trip to China this week hoping improved relations will lead to new economic partnerships, as the two countries come under US pressure on trade.

The visit is the first by a Japanese premier since 2011 and is part of a years-long process of repairing ties in the wake of a disastrous falling-out in 2012, when Tokyo "nationalised" disputed islands claimed by Beijing.

The incident prompted anti-Japanese riots in China, and kicked off a frosty spell that has only gradually and recently begun to thaw.

Since an awkward 2014 encounter between Abe and Chinese President Xi Jinping on the sidelines of a summit, there have been ministerial visits by both sides and a softening of rhetoric.

But Abe's trip will be a test of how far the two countries have come, and the need for progress is all the more urgent as US President Donald Trump levies tariffs and rattles sabres on trade with both China and Japan.

"The trade war with the US seems like it's helping bring them together a bit," said Kristin Vekasi, assistant professor of political science at the University of Maine, and an expert on Japan-China ties.

"In that sense, they're actually on the same side... and if Japan leans away from the US because of decreased economic opportunities, there's a potential for closer ties with China," she told AFP.

- Complementary economies - 
The two leaders are likely to focus on a range of potential deals, including joint investments in infrastructure in regional nations including Indonesia and the Philippines.

Abe has signalled some interest in China's massive "Belt and Road Initiative", which funds major infrastructure work, but experts said a concrete deal on Japanese participation was unlikely for now.

Both sides are keen to improve economic cooperation, with Japanese business eager for increased access to China's massive market, and Beijing interested in Japanese technology and corporate knowhow.

"Japan and China have really nicely complementary economies, and they can benefit hugely from having closer trade and investment ties," said Vekasi.

"They'll try and bring home some economic tangibles. That's generally where they've been able to successfully cooperate in the past."

The two leaders may find less common ground outside of the economic realm, with tensions lingering over territorial issues.

Just days before Abe's trip, Tokyo lodged an official complaint after Chinese ships cruised around the disputed islands that Tokyo calls the Senkaku and Beijing labels the Diaoyu islands.

And in September, Japan carried out its first submarine drills in the disputed South China Sea.

Japan does not border the South China Sea but has expressed concern about Chinese military activity there.

Panda diplomacy? 
Abe and Xi are likely to simply avoid those thornier issues, said Kazuyuki Suwa, a professor of political science at the University of Shizuoka.

"Neither side will make any compromises... They will say what they need to say, and won't likely agree to go beyond that," he told AFP.

"The relationship is a mixture of cooperation and confrontation, and that will stay the same."

Much of the meeting will be about optics, with both men looking for the symbolic boost that the summit will provide.

Abe will also be hoping to extract a pledge that China will make good on plans for Xi to pay a reciprocal visit to Japan next year.

If he succeeds, "that itself should be called one of the major achievements of this trip," Suwa said.

And there may be other diplomatic tools at the ready as well.

When Chinese Prime Minister Li Keqiang visited Japan earlier this year, he announced a gift of a pair of rare wild crested ibises, which arrived this month.

Japanese media have reported Abe is hoping that his visit will produce a bigger bonanza in the form of some panda diplomacy, with zoos in Sendai and Kobe apparently angling for new additions. 
&nbsp;

Japan's Prime Minister Shinzo Abe makes a rare trip to China this week hoping improved relations will lead to new economic partnerships, as the two countries come under US pressure on trade.

Japan's Prime Minister Shinzo Abe makes a rare trip to China this week hoping improved relations will lead to new economic partnerships, as the two countries come under US pressure on trade. The visit is the first by a Japanese premier since 2011 and is part of a years-long process of repairing ties in the wake of a disastrous falling-out in 2012, when Tokyo "nationalised" disputed islands claimed by Beijing. The incident prompted anti-Japanese riots in China, and kicked off a frosty spell that has only gradually and recently begun to thaw. Since an awkward 2014 encounter between Abe and Chinese President Xi Jinping on the sidelines of a summit, there have been ministerial visits by both sides and a softening of rhetoric. But Abe's trip will be a test of how far the two countries have come, and the need for progress is all the more urgent as US President Donald Trump levies tariffs and rattles sabres on trade with both China and Japan. "The trade war with the US seems like it's helping bring them together a bit," said Kristin Vekasi, assistant professor of political science at the University of Maine, and an expert on Japan-China ties. "In that sense, they're actually on the same side... and if Japan leans away from the US because of decreased economic opportunities, there's a potential for closer ties with China," she told AFP. - Complementary economies - The two leaders are likely to focus on a range of potential deals, including joint investments in infrastructure in regional nations including Indonesia and the Philippines. Abe has signalled some interest in China's massive "Belt and Road Initiative", which funds major infrastructure work, but experts said a concrete deal on Japanese participation was unlikely for now. Both sides are keen to improve economic cooperation, with Japanese business eager for increased access to China's massive market, and Beijing interested in Japanese technology and corporate knowhow. "Japan and China have really nicely complementary economies, and they can benefit hugely from having closer trade and investment ties," said Vekasi. "They'll try and bring home some economic tangibles. That's generally where they've been able to successfully cooperate in the past." The two leaders may find less common ground outside of the economic realm, with tensions lingering over territorial issues. Just days before Abe's trip, Tokyo lodged an official complaint after Chinese ships cruised around the disputed islands that Tokyo calls the Senkaku and Beijing labels the Diaoyu islands. And in September, Japan carried out its first submarine drills in the disputed South China Sea. Japan does not border the South China Sea but has expressed concern about Chinese military activity there. Panda diplomacy? Abe and Xi are likely to simply avoid those thornier issues, said Kazuyuki Suwa, a professor of political science at the University of Shizuoka. "Neither side will make any compromises... They will say what they need to say, and won't likely agree to go beyond that," he told AFP. "The relationship is a mixture of cooperation and confrontation, and that will stay the same." Much of the meeting will be about optics, with both men looking for the symbolic boost that the summit will provide. Abe will also be hoping to extract a pledge that China will make good on plans for Xi to pay a reciprocal visit to Japan next year. If he succeeds, "that itself should be called one of the major achievements of this trip," Suwa said. And there may be other diplomatic tools at the ready as well. When Chinese Prime Minister Li Keqiang visited Japan earlier this year, he announced a gift of a pair of rare wild crested ibises, which arrived this month. Japanese media have reported Abe is hoping that his visit will produce a bigger bonanza in the form of some panda diplomacy, with zoos in Sendai and Kobe apparently angling for new additions.

Under pressure on trade from US, Japan PM to make first visit to China in 7 years

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs.

Milwaukee-based Harley's shares reversed course and were down 5 percent, giving up premarket gains after company the recorded its best quarterly profit in two years.

"We expect U.S. industry to remain challenged into 2019 and will continue to proactively address the weak U.S. industry," Chief Financial Officer John Olin said on a conference call with analysts.

Harley's demographic challenges in the domestic market are well documented - core customers are growing older and efforts to attract new and young riders have yet to show results.

In addition, President Donald Trump's call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has only compounded the company's troubles.

Harley said on Tuesday it could see up to $48 million in costs from tariffs in 2018.

Rising costs and a tit-for-tat tariff war with China have weighed on the shares of most U.S. manufacturers. Harley's shares are down about 30 percent so far this year and have underperformed the broader S&amp;P 500 index.

Analysts at Goldman Sachs last week cut their 12-month price target for the stock, while BMO Capital Markets downgraded the company's shares on Friday, citing its poor performance.

To be sure, the company still dominates the local heavyweight motorcycle market, but rivals such as Polaris are chipping away at its market share.

To counter weak demand at home, Harley plans to make deeper inroads into some of the fastest growing two-wheeler markets in Asia through lightweight motorcycles.

Retail sales in the United States, which accounts for more than half of the company's sales, fell 13.3 percent in the three months ended Sept. 30 from a year ago. Total retail sales were down 7 percent. Analysts expect 2018 to be the third straight year of declining sales.

International retail sales, however, rose about 3 percent, led by Europe.

"First look (EPS beat) looks good, but when you dig further you see that retail was worse than expected, especially in the United States," Wedbush analyst James Hardiman said.

The company's net income jumped 67 percent to $113.86 million for the third quarter, helped by cost-cutting and higher international sales. Excluding manufacturing optimization costs, the company earned 78 cents a share.

Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion.

Analysts on average expected a profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv.

The company now expects 2018 shipments forecast to be at the low end of its guidance of between 231,000 and 236,000 motorcycles.

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs.

Harley-Davidson Inc reported its steepest decline in domestic sales in eight years on Tuesday, and warned that motorcycle shipments for the year will be at the lower end of its forecast as it faces higher tariff-related costs. Milwaukee-based Harley's shares reversed course and were down 5 percent, giving up premarket gains after company the recorded its best quarterly profit in two years. "We expect U.S. industry to remain challenged into 2019 and will continue to proactively address the weak U.S. industry," Chief Financial Officer John Olin said on a conference call with analysts. Harley's demographic challenges in the domestic market are well documented - core customers are growing older and efforts to attract new and young riders have yet to show results. In addition, President Donald Trump's call to boycott the motorcycle manufacturer for its decision to move production for European markets overseas has only compounded the company's troubles. Harley said on Tuesday it could see up to $48 million in costs from tariffs in 2018. Rising costs and a tit-for-tat tariff war with China have weighed on the shares of most U.S. manufacturers. Harley's shares are down about 30 percent so far this year and have underperformed the broader S&P 500 index. Analysts at Goldman Sachs last week cut their 12-month price target for the stock, while BMO Capital Markets downgraded the company's shares on Friday, citing its poor performance. To be sure, the company still dominates the local heavyweight motorcycle market, but rivals such as Polaris are chipping away at its market share. To counter weak demand at home, Harley plans to make deeper inroads into some of the fastest growing two-wheeler markets in Asia through lightweight motorcycles. Retail sales in the United States, which accounts for more than half of the company's sales, fell 13.3 percent in the three months ended Sept. 30 from a year ago. Total retail sales were down 7 percent. Analysts expect 2018 to be the third straight year of declining sales. International retail sales, however, rose about 3 percent, led by Europe. "First look (EPS beat) looks good, but when you dig further you see that retail was worse than expected, especially in the United States," Wedbush analyst James Hardiman said. The company's net income jumped 67 percent to $113.86 million for the third quarter, helped by cost-cutting and higher international sales. Excluding manufacturing optimization costs, the company earned 78 cents a share. Revenue from motorcycles and related products rose 16.8 percent to $1.12 billion. Analysts on average expected a profit of 53 cents a share and revenue of $1.07 billion, according to data from Refinitiv. The company now expects 2018 shipments forecast to be at the low end of its guidance of between 231,000 and 236,000 motorcycles.

Harley-Davidson reports steepest decline in sales in 8 years

Donald Trump has escalated his feud with China into a full-press offensive that has drawn comparisons to the Cold War. Now the question on both sides of the Pacific is, how will it end?

In recent weeks, Trump has slapped $250 billion worth of tariffs, boosted military support for rival Taiwan, accused China of interfering in US elections, stepped up denunciations of Beijing's human rights record and <a href="http://www.wionews.com/world/us-tightens-controls-on-china-imports-of-nuclear-components-170965">curtailed its access to US nuclear technology</a>.

The real estate mogul, who early in his tenure had described Chinese President Xi Jinping as a friend, was generally presumed to be most interested in trade as he has repeatedly vowed to ramp up US factory production by fighting back the flow of cheaper manufactured imports.&nbsp;

But his administration has expanded its pressure campaign to virtually all fronts, a strategy unprecedented since the time the United States and China established diplomatic relations four decades ago.

"It is a full-frontal assault by the US on China," said Elizabeth Economy, director for Asia studies at the Council on Foreign Relations.

"There is a general sense in Washington that China is simply too big now, it's simply too large as a country and as an economy, to allow it to continue to violate all sorts of expected international trade and investment norms," she said.

Economy said that the United States was also struck at how Xi has "presented a very different China to the world" with a "much more ambitious and expansive foreign policy."

"The US and other countries say, 'Okay, this is the China we have to deal with, not what we anticipated ten years ago.'"

China ready for 'marathon'

Hua Po, a political commentator in Beijing, agreed that trade was only the "superficial" source of friction.

He believed that the underlying concern of the United States was the Made in China 2025 plan, under which Beijing has set a goal of rapidly ensuring that a majority of its industry is sourced domestically.

The United States accuses China of rampantly stealing technology and seeking an unfair trade advantage by forcing foreign businesses to work with local partners.

"Even if the trade issue is resolved, other problems between China and the United States will continue to exist," Hua said.

Hua said that Trump seemed to want "to fight a new cold war." But Hua doubted that the United States would enjoy the support of its allies, especially in Europe, which do not see China as the same type of threat as the former Soviet Union.

And amid turbulence on Wall Street, China is expecting the US economy to see growing strains as negative effects emerge from Trump's signature domestic policy of tax cuts, Hua said.

"China does believe that this dispute will last for some time. The United States wants to run a 100-meter race with China, but China wants a marathon with the United States," he said.

Diplomacy through confrontation

Tensions soared between the world's two largest economies last month at the annual UN General Assembly session.&nbsp;

A closed-door meeting of foreign ministers from the five permanent members of the Security Council turned "icy" as US Secretary of State Mike Pompeo lashed out aggressively against China, whose foreign minister, Wang Yi, responded with similar intensity, according to a witness.

Vice President Mike Pence a week later delivered a speech in which he took China to task and made the headline-grabbing claim, a month ahead of congressional elections, that Beijing was intervening in US politics, citing the Asian power's purchase of newspaper advertisements and its imposition of counter tariffs in politically crucial states.

The two countries have still kept in contact on resolving the nuclear crisis with North Korea, a top priority for both powers, with Pompeo visiting Beijing after a stop in Pyongyang.

Ryan Hass, the director for China policy on the White House's National Security Council under Obama, said that Trump had taken a new course by emphasizing public pressure over diplomacy with China.

He said that Trump had gambled "on the assumption that Beijing needs a stable relationship with Washington" and that Beijing is ready to moderate its policies both at home and abroad.

"Beijing believes Washington is organizing itself to contest China's rise. As such, Beijing sees little incentive to accommodate Trump's demands on trade or other issues, because doing so would not resolve the underlying source of intensifying rivalry -- Washington's efforts to hold back China's rise," said Hass, now a fellow at the Brookings Institution.

"Given these dynamics, it is unlikely that either side will moderate its approach in the foreseeable future," he said.

Donald Trump has escalated his feud with China into a full-press offensive that has drawn comparisons to the Cold War. Now the question on both sides of the Pacific is, how will it end?

Donald Trump has escalated his feud with China into a full-press offensive that has drawn comparisons to the Cold War. Now the question on both sides of the Pacific is, how will it end? In recent weeks, Trump has slapped $250 billion worth of tariffs, boosted military support for rival Taiwan, accused China of interfering in US elections, stepped up denunciations of Beijing's human rights record and curtailed its access to US nuclear technology. The real estate mogul, who early in his tenure had described Chinese President Xi Jinping as a friend, was generally presumed to be most interested in trade as he has repeatedly vowed to ramp up US factory production by fighting back the flow of cheaper manufactured imports. But his administration has expanded its pressure campaign to virtually all fronts, a strategy unprecedented since the time the United States and China established diplomatic relations four decades ago. "It is a full-frontal assault by the US on China," said Elizabeth Economy, director for Asia studies at the Council on Foreign Relations. "There is a general sense in Washington that China is simply too big now, it's simply too large as a country and as an economy, to allow it to continue to violate all sorts of expected international trade and investment norms," she said. Economy said that the United States was also struck at how Xi has "presented a very different China to the world" with a "much more ambitious and expansive foreign policy." "The US and other countries say, 'Okay, this is the China we have to deal with, not what we anticipated ten years ago.'" China ready for 'marathon' Hua Po, a political commentator in Beijing, agreed that trade was only the "superficial" source of friction. He believed that the underlying concern of the United States was the Made in China 2025 plan, under which Beijing has set a goal of rapidly ensuring that a majority of its industry is sourced domestically. The United States accuses China of rampantly stealing technology and seeking an unfair trade advantage by forcing foreign businesses to work with local partners. "Even if the trade issue is resolved, other problems between China and the United States will continue to exist," Hua said. Hua said that Trump seemed to want "to fight a new cold war." But Hua doubted that the United States would enjoy the support of its allies, especially in Europe, which do not see China as the same type of threat as the former Soviet Union. And amid turbulence on Wall Street, China is expecting the US economy to see growing strains as negative effects emerge from Trump's signature domestic policy of tax cuts, Hua said. "China does believe that this dispute will last for some time. The United States wants to run a 100-meter race with China, but China wants a marathon with the United States," he said. Diplomacy through confrontation Tensions soared between the world's two largest economies last month at the annual UN General Assembly session. A closed-door meeting of foreign ministers from the five permanent members of the Security Council turned "icy" as US Secretary of State Mike Pompeo lashed out aggressively against China, whose foreign minister, Wang Yi, responded with similar intensity, according to a witness. Vice President Mike Pence a week later delivered a speech in which he took China to task and made the headline-grabbing claim, a month ahead of congressional elections, that Beijing was intervening in US politics, citing the Asian power's purchase of newspaper advertisements and its imposition of counter tariffs in politically crucial states. The two countries have still kept in contact on resolving the nuclear crisis with North Korea, a top priority for both powers, with Pompeo visiting Beijing after a stop in Pyongyang. Ryan Hass, the director for China policy on the White House's National Security Council under Obama, said that Trump had taken a new course by emphasizing public pressure over diplomacy with China. He said that Trump had gambled "on the assumption that Beijing needs a stable relationship with Washington" and that Beijing is ready to moderate its policies both at home and abroad. "Beijing believes Washington is organizing itself to contest China's rise. As such, Beijing sees little incentive to accommodate Trump's demands on trade or other issues, because doing so would not resolve the underlying source of intensifying rivalry -- Washington's efforts to hold back China's rise," said Hass, now a fellow at the Brookings Institution. "Given these dynamics, it is unlikely that either side will moderate its approach in the foreseeable future," he said.

The Trump-China trade war: How will it end? 

China said on Tuesday it was impossible to hold trade talks with the United States while Washington is imposing tariffs that are like "holding a knife to someone's throat".

Speaking a day after Washington activated tariffs on $200 billion in Chinese goods, vice commerce minister Wang Shouwen said China is open to negotiations but that the two sides must treat each other "equally and with respect".

"Now that the US has adopted <a href="http://www.wionews.com/world/china-urges-us-to-show-sincerity-in-trade-actions-166831">this type of large-scale trade restrictions</a>, they're holding a knife to someone's throat. Under these circumstances, how can negotiations proceed?" Wang told a news conference.

<a href="http://www.wionews.com/world/we-are-going-win-it-pompeo-us-china-trade-war-167288">Also Read:&nbsp;We are going to win it, says&nbsp;Pompeo on US-China trade war</a>

US Treasury Secretary Steven Mnuchin had invited Chinese officials to hold new talks, but President Donald Trump's latest salvo - and warnings that another $267 billion of goods being lined up - appear to have scuttled that effort.

Wang met US officials in Washington in August but there have been no high-level meetings between the world's top two economies for months.

He said Tuesday the US measures "have made it impossible for the negotiations to proceed" and blamed the US for abandoning a consensus on trade that was struck in May, but was quickly followed by new US tariffs.

The trade fight between the top two economic giants has steadily escalated through the summer, as the US levied two waves of new tariffs that have now hit about $250 billion worth of goods, roughly half of China's exports to the United States.

Beijing has hit back with each step, hitting $110 billion worth of US goods, or nearly everything China buys from the United States.

Experts have warned the snowballing trade spat will harm both economies and even global growth, with Fitch Ratings cutting its growth estimates for China and the world for 2019.

China's exports to the US accounted for 19 per cent of all its overseas shipments last year, according to a white paper published by China's cabinet, the State Council, on Monday.

Officials in Beijing said they planned to step up support for harmed industries and companies as they seek to offset the trade war's effects.&nbsp;

Beijing's plans to cut costs for exporters and recently announced a plan to reduce taxes exporters have to pay.

"We will actively take all types of measures to help companies resolve their difficulties," Luo Wen, Vice Minister of Industry and Information Technology, said when asked about how companies would fare in the trade war.

China will "earnestly reduce taxes and burdens for companies and strive to optimise the business environment", he added.

Monday's US tariffs hit a wide swathe of products including Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers -- instantly making widely used goods more expensive.

China's retaliatory levies target 5,200 US goods worth $60 billion with new five to 10 per cent tariffs, including big-ticket items such as liquefied natural gas, lumber and electronics, as well as peppermint oil, pig hides and condoms.

China said on Tuesday it was impossible to hold trade talks with the United States while Washington is imposing tariffs that are like "holding a knife to someone's throat".

China said on Tuesday it was impossible to hold trade talks with the United States while Washington is imposing tariffs that are like "holding a knife to someone's throat". Speaking a day after Washington activated tariffs on $200 billion in Chinese goods, vice commerce minister Wang Shouwen said China is open to negotiations but that the two sides must treat each other "equally and with respect". "Now that the US has adopted this type of large-scale trade restrictions, they're holding a knife to someone's throat. Under these circumstances, how can negotiations proceed?" Wang told a news conference. Also Read: We are going to win it, says Pompeo on US-China trade war US Treasury Secretary Steven Mnuchin had invited Chinese officials to hold new talks, but President Donald Trump's latest salvo - and warnings that another $267 billion of goods being lined up - appear to have scuttled that effort. Wang met US officials in Washington in August but there have been no high-level meetings between the world's top two economies for months. He said Tuesday the US measures "have made it impossible for the negotiations to proceed" and blamed the US for abandoning a consensus on trade that was struck in May, but was quickly followed by new US tariffs. The trade fight between the top two economic giants has steadily escalated through the summer, as the US levied two waves of new tariffs that have now hit about $250 billion worth of goods, roughly half of China's exports to the United States. Beijing has hit back with each step, hitting $110 billion worth of US goods, or nearly everything China buys from the United States. Experts have warned the snowballing trade spat will harm both economies and even global growth, with Fitch Ratings cutting its growth estimates for China and the world for 2019. China's exports to the US accounted for 19 per cent of all its overseas shipments last year, according to a white paper published by China's cabinet, the State Council, on Monday. Officials in Beijing said they planned to step up support for harmed industries and companies as they seek to offset the trade war's effects. Beijing's plans to cut costs for exporters and recently announced a plan to reduce taxes exporters have to pay. "We will actively take all types of measures to help companies resolve their difficulties," Luo Wen, Vice Minister of Industry and Information Technology, said when asked about how companies would fare in the trade war. China will "earnestly reduce taxes and burdens for companies and strive to optimise the business environment", he added. Monday's US tariffs hit a wide swathe of products including Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers -- instantly making widely used goods more expensive. China's retaliatory levies target 5,200 US goods worth $60 billion with new five to 10 per cent tariffs, including big-ticket items such as liquefied natural gas, lumber and electronics, as well as peppermint oil, pig hides and condoms.

Trade negotiations can't proceed by holding knife to someone's throat: China

President Trump's additional $200 billion tariffs on Chinese goods began to take effect on Monday as the trade war between the two economic powers continued to escalate.

<a href="http://www.wionews.com/world/apple-products-spared-in-trumps-new-tariffs-list-cloud-services-hit-166300">Also </a><a href="http://www.wionews.com/world/apple-products-spared-in-trumps-new-tariffs-list-cloud-services-hit-166300">Read:</a><a href="http://www.wionews.com/world/apple-products-spared-in-trumps-new-tariffs-list-cloud-services-hit-166300">&nbsp;Apple products spared in Trump's new tariffs list; cloud services hit</a>

China has decided to retaliate with $60 billion in tariffs&nbsp;on American goods totalling $110 billion with Trump administration's tariffs set to bite the Chinese economy.

The two countries have already slapped tariffs on $50 billion worth of each other's goods earlier this year.

The US administration will levy tariffs of 10 per cent on the $200 billion of Chinese products, with the tariffs to go up to 25 per cent by the end of 2018.

The US has targeted Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers in the latest round of tariffs.

The US administration has however spared Apple and Fitbit products child safety products such as high chairs, car seats and playpens, and certain health-and-safety products such as bicycle helmets, US officials said.

Beijing set its new levies on $60 billion of US goods at 5 and 10 per cent and warned it would respond to any rise in US tariffs on Chinese products accordingly.

China on its part has refused to send its negotiator Vice Premier Liu He for trade negotiation with Trump ramping up tariffs on China and threatening to impose even more duties. Last week Trump had threatened to impose tariffs on virtually all goods if China did not adhere to Washington's demands which include cut trade deficit with China and buy more from US farmers and manufacturers.

Meanwhile, rating agency Fitch has cut growth estimates for China next year.

"Should the escalation go further, the economic costs for both countries and around the world will quickly add up," IMF spokesman Gerry Rice had said last week.

 
&nbsp;

President Trump's additional $200 billion tariffs on Chinese goods began to take effect on Monday as the trade war between the two economic powers continued to escalate.

President Trump's additional $200 billion tariffs on Chinese goods began to take effect on Monday as the trade war between the two economic powers continued to escalate. Also Read: Apple products spared in Trump's new tariffs list; cloud services hit China has decided to retaliate with $60 billion in tariffs on American goods totalling $110 billion with Trump administration's tariffs set to bite the Chinese economy. The two countries have already slapped tariffs on $50 billion worth of each other's goods earlier this year. The US administration will levy tariffs of 10 per cent on the $200 billion of Chinese products, with the tariffs to go up to 25 per cent by the end of 2018. The US has targeted Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers in the latest round of tariffs. The US administration has however spared Apple and Fitbit products child safety products such as high chairs, car seats and playpens, and certain health-and-safety products such as bicycle helmets, US officials said. Beijing set its new levies on $60 billion of US goods at 5 and 10 per cent and warned it would respond to any rise in US tariffs on Chinese products accordingly. China on its part has refused to send its negotiator Vice Premier Liu He for trade negotiation with Trump ramping up tariffs on China and threatening to impose even more duties. Last week Trump had threatened to impose tariffs on virtually all goods if China did not adhere to Washington's demands which include cut trade deficit with China and buy more from US farmers and manufacturers. Meanwhile, rating agency Fitch has cut growth estimates for China next year. "Should the escalation go further, the economic costs for both countries and around the world will quickly add up," IMF spokesman Gerry Rice had said last week.

Fresh $200 billion US tariffs on Chinese goods take effect

&nbsp;Leaders of the Group of Seven rich nations are set to clash with a combative US President Donald Trump&nbsp;on Friday&nbsp;when they pressure him to lift sanctions on steel and aluminium they fear could lead to a trade war.

The confrontation threatens to rupture a body that during its 43-year history has traditionally sought to find consensus on the economy and other issues.

Trump, who aides say has little interest in multilateralism, twice attacked Canadian Prime Minister Justin Trudeau on Twitter&nbsp;on Thursday&nbsp;and officials concede the mood is likely to be exceptionally tense.

"There will be some serious disagreements on a lot of things," a Canadian official told reporters late&nbsp;on Thursday.

Although Trump says the tariffs are necessary to protect US industry, Canada and the European Union have denounced them as illegal and are preparing retaliatory measures.

French President Emmanuel Macron said&nbsp;on Thursday&nbsp;leaders needed to be civil at the summit but he is clearly losing patience with the US President, suggesting the other six members of the G7 could form their own grouping if necessary.

British Prime Minister Theresa May took a more measured tone, telling reporters she wanted the European Union to use restraint in its retaliation to the US tariffs and that the response must be proportionate and legal.

Trump showed no sign of backing down&nbsp;on Thursday, first taking to Twitter to accuse both France and Canada of imposing massive tariffs on US goods and then accusing Trudeau of "being so indignant."

In response, the Canadian official replied that "the prime minister and the president have very frank, direct, candid, honest conversations." Trudeau and Trump are due to meet&nbsp;on Friday&nbsp;"and they will have lots to talk about," the official added.

The White House subsequently announced the president would be leaving&nbsp;on Saturday, before the summit formally ends, to fly to Singapore for a meeting with North Korean leader Kim Jong Un.

While the G7 leaders have largely praised Trump for his efforts to stabilize the Korean peninsula, they are unhappy he pulled out of an agreement designed to limit Iran's nuclear ambitions.

The arguments threaten to derail a meeting that Trudeau had planned to focus on inclusive growth, gender equality and protecting oceans.

The Canadian official said Trudeau remained optimistic that the summit could help find common solutions to issues such as growth and environmental protection.

The confrontation threatens to rupture a body that during its 43-year history has traditionally sought to find consensus on the economy and other issues

Leaders of the Group of Seven rich nations are set to clash with a combative US President Donald Trump on Friday when they pressure him to lift sanctions on steel and aluminium they fear could lead to a trade war. The confrontation threatens to rupture a body that during its 43-year history has traditionally sought to find consensus on the economy and other issues. Trump, who aides say has little interest in multilateralism, twice attacked Canadian Prime Minister Justin Trudeau on Twitter on Thursday and officials concede the mood is likely to be exceptionally tense. "There will be some serious disagreements on a lot of things," a Canadian official told reporters late on Thursday. Although Trump says the tariffs are necessary to protect US industry, Canada and the European Union have denounced them as illegal and are preparing retaliatory measures. French President Emmanuel Macron said on Thursday leaders needed to be civil at the summit but he is clearly losing patience with the US President, suggesting the other six members of the G7 could form their own grouping if necessary. British Prime Minister Theresa May took a more measured tone, telling reporters she wanted the European Union to use restraint in its retaliation to the US tariffs and that the response must be proportionate and legal. Trump showed no sign of backing down on Thursday, first taking to Twitter to accuse both France and Canada of imposing massive tariffs on US goods and then accusing Trudeau of "being so indignant." In response, the Canadian official replied that "the prime minister and the president have very frank, direct, candid, honest conversations." Trudeau and Trump are due to meet on Friday "and they will have lots to talk about," the official added. The White House subsequently announced the president would be leaving on Saturday, before the summit formally ends, to fly to Singapore for a meeting with North Korean leader Kim Jong Un. While the G7 leaders have largely praised Trump for his efforts to stabilize the Korean peninsula, they are unhappy he pulled out of an agreement designed to limit Iran's nuclear ambitions. The arguments threaten to derail a meeting that Trudeau had planned to focus on inclusive growth, gender equality and protecting oceans. The Canadian official said Trudeau remained optimistic that the summit could help find common solutions to issues such as growth and environmental protection.

G7 leaders set to clash with combative Trump over tariffs, trade

A senior aide to U.S. President Donald Trump described trade frictions with Canada on Sunday as a "family quarrel," and brushed aside concerns expressed by Canadian Prime Minister Justin Trudeau.

"I think he's overreacting," White House economic adviser Larry Kudlow said of Trudeau on Fox News Sunday. Kudlow also said the steel and aluminum tariffs on U.S. allies "may go on for a while" or "they may not," because the matter is subject to negotiation.

Trudeau is hosting a summit on June 8-9 of Group of Seven leaders, including Trump, in the Quebec region of Charlevoix.

The United States on Thursday said it was moving ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending a two-month exemption and potentially setting the stage for a trade war with some of America’s top allies.

Trudeau responded by saying that the tariffs are an affront to the longstanding security partnership between Canada and the United States.

The United States on Thursday said it was moving ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending a two-month exemption and potentially setting the stage for a trade war with some of America’s top allies

A senior aide to U.S. President Donald Trump described trade frictions with Canada on Sunday as a "family quarrel," and brushed aside concerns expressed by Canadian Prime Minister Justin Trudeau. "I think he's overreacting," White House economic adviser Larry Kudlow said of Trudeau on Fox News Sunday. Kudlow also said the steel and aluminum tariffs on U.S. allies "may go on for a while" or "they may not," because the matter is subject to negotiation. Trudeau is hosting a summit on June 8-9 of Group of Seven leaders, including Trump, in the Quebec region of Charlevoix. The United States on Thursday said it was moving ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union, ending a two-month exemption and potentially setting the stage for a trade war with some of America’s top allies. Trudeau responded by saying that the tariffs are an affront to the longstanding security partnership between Canada and the United States.

Trump aide: Canada trade row a 'family quarrel', Trudeau overreacting

China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing.

A short statement, carried by the official Xinhua news agency, made no mention of any specific new agreements after U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He.

It referred instead to a consensus they reached last month in Washington, when China agreed to significantly increase its purchases of U.S. goods and services.

“To implement the consensus reached in Washington, the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress,” the state news agency said, adding details would be subject to “final confirmation by both parties”.

The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each.

Xinhua said China’s attitude had been consistent, that it was willing to increase imports from all countries, including the United States.

“Reform and opening up and expanding domestic demand are China’s national strategies. Our established rhythm will not change,” it added.

“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,” Xinhua said.

“If the United States introduces trade sanctions including raising tariffs, all the economic and trade achievements negotiated by the two parties will be void.”

There was no immediate comment or statement from the U.S. delegation or from Ross himself.

At the end of last month’s Washington talks the two countries put out a joint statement.

But just when it appeared a trade truce between the two economic heavyweights was on the cards, the White House last week warned it would pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the United States and tighter export controls.

State-run Chinese newspaper the Global Times said in an editorial on its website that China needed to prepare for the long haul due to the U.S. propensity for changing its mind and coming up with new demands.

“Tariffs and expanding exports - the United States can’t have both,” it said. “China-U.S. trade negotiations have to dig up the two sides’ greatest number of common interests, and cannot be tilted toward unilateral U.S. interests.”

Xinhua said in a separate commentary that the United States should not test China with any further flip-flops or provocations.

“The Chinese government’s attitude of not wanting but also not fearing a trade war has never changed,” it said.

Ross arrived in Beijing on Saturday for talks after the Trump administration renewed tariff threats against China, and with key U.S. allies in a foul mood toward Washington after they were hit with duties on steel and aluminum.

Addressing Liu earlier in the day at the start of their formal talks at a government guest house, Ross praised the tone of their interactions.

“Our meetings so far have been friendly and frank, and covered some useful topics about specific export items,” Ross said, in brief comments before reporters.

Liu spoke only to welcome Ross.

Neither man has made any other comments to the media.

Ross is expected to leave Beijing later on Sunday.

Liu, a Harvard-trained economist who is a trusted confidant of Chinese President Xi Jinping, is China’s chief negotiator in the trade dispute.

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 purchases are partly aimed at shrinking the $375 billion U.S. goods trade deficit with China.

Mnuchin, speaking at a G7 finance leaders meeting in Canada where he was the target of U.S. allies’ anger over steel and aluminum 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.

“I want to be clear, this isn’t just about buying more goods, this is about structural changes,” Mnuchin said.

“But I also fundamentally believe that if there are structural changes that allow our companies to compete fairly, by definition, that will deal with the trade deficit alone.”

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.

Other officials and technical experts from the Department of Commerce, Department of Treasury, United States Trade Representative, Department of Agriculture, and Department of Energy also took part, the White House said.

China’s delegation included central bank governor Yi Gang, Commerce Minister Zhong Shan, and Ning Jizhe, a deputy head of the powerful planning body the National Development and Reform Commission.

Ross, who was preceded in Beijing last week by more than 50 U.S. officials, is expected during the two-day visit to try to secure long-term purchases of U.S. farm and energy commodities to help shrink the U.S. trade deficit.

The U.S. team also wants to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.

A short statement, carried by the official Xinhua news agency, made no mention of any specific new agreements after U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He

China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing. A short statement, carried by the official Xinhua news agency, made no mention of any specific new agreements after U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He. It referred instead to a consensus they reached last month in Washington, when China agreed to significantly increase its purchases of U.S. goods and services. “To implement the consensus reached in Washington, the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress,” the state news agency said, adding details would be subject to “final confirmation by both parties”. The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each. Xinhua said China’s attitude had been consistent, that it was willing to increase imports from all countries, including the United States. “Reform and opening up and expanding domestic demand are China’s national strategies. Our established rhythm will not change,” it added. “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,” Xinhua said. “If the United States introduces trade sanctions including raising tariffs, all the economic and trade achievements negotiated by the two parties will be void.” There was no immediate comment or statement from the U.S. delegation or from Ross himself. At the end of last month’s Washington talks the two countries put out a joint statement. But just when it appeared a trade truce between the two economic heavyweights was on the cards, the White House last week warned it would pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the United States and tighter export controls. State-run Chinese newspaper the Global Times said in an editorial on its website that China needed to prepare for the long haul due to the U.S. propensity for changing its mind and coming up with new demands. “Tariffs and expanding exports - the United States can’t have both,” it said. “China-U.S. trade negotiations have to dig up the two sides’ greatest number of common interests, and cannot be tilted toward unilateral U.S. interests.” Xinhua said in a separate commentary that the United States should not test China with any further flip-flops or provocations. “The Chinese government’s attitude of not wanting but also not fearing a trade war has never changed,” it said. Ross arrived in Beijing on Saturday for talks after the Trump administration renewed tariff threats against China, and with key U.S. allies in a foul mood toward Washington after they were hit with duties on steel and aluminum. Addressing Liu earlier in the day at the start of their formal talks at a government guest house, Ross praised the tone of their interactions. “Our meetings so far have been friendly and frank, and covered some useful topics about specific export items,” Ross said, in brief comments before reporters. Liu spoke only to welcome Ross. Neither man has made any other comments to the media. Ross is expected to leave Beijing later on Sunday. Liu, a Harvard-trained economist who is a trusted confidant of Chinese President Xi Jinping, is China’s chief negotiator in the trade dispute. 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 purchases are partly aimed at shrinking the $375 billion U.S. goods trade deficit with China. Mnuchin, speaking at a G7 finance leaders meeting in Canada where he was the target of U.S. allies’ anger over steel and aluminum 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. “I want to be clear, this isn’t just about buying more goods, this is about structural changes,” Mnuchin said. “But I also fundamentally believe that if there are structural changes that allow our companies to compete fairly, by definition, that will deal with the trade deficit alone.” 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. Other officials and technical experts from the Department of Commerce, Department of Treasury, United States Trade Representative, Department of Agriculture, and Department of Energy also took part, the White House said. China’s delegation included central bank governor Yi Gang, Commerce Minister Zhong Shan, and Ning Jizhe, a deputy head of the powerful planning body the National Development and Reform Commission. Ross, who was preceded in Beijing last week by more than 50 U.S. officials, is expected during the two-day visit to try to secure long-term purchases of U.S. farm and energy commodities to help shrink the U.S. trade deficit. The U.S. team also wants to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.

Talks end with China warning trade benefits at risk if US imposes tariffs

China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as&nbsp;July 1, Bloomberg reported&nbsp;on Thursday, citing unidentified sources.&nbsp;

The tariff reductions will apply to more product lines than similar cuts on around 200 items announced last year, Bloomberg said, citing the sources.&nbsp;

The move would be in step with Beijing`s pledges to its trade partners - including the United States - that China will take steps to increase imports, and a boon to global brands looking to deepen their presence in China, particularly in the country`s hinterland cities.

The precise composition of the cuts has not been finalised yet, and is still subject to approval by the State Council, or the cabinet, according to Bloomberg.&nbsp;

The State Council and the finance ministry did not immediately respond to faxed requests for comment.&nbsp;

Analysts say the planned tariff cut is unlikely to significantly boost domestic consumption, while its economic impact is most likely limited and hard to quantify.&nbsp;

"Against the backdrop of the record-high amount people spend overseas every year when they travel and shop online, it`s necessary for China to lower import tariffs for consumer goods soon," said Nie Wen, a Shanghai-based analyst with Hwabao Trust.

"However, generally speaking, the economic impact from boosting imports is likely to be small."

In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 percent on average from 17.3 percent, according to the finance ministry.&nbsp;

Among the more dramatic cuts were tariffs on milk powder and diapers, where taxes were slashed to zero percent from 20 percent and 7.5 percent, respectively. Import duties on certain cosmetics were halved to 5 percent.&nbsp;

In March this year, Premier Li Keqiang said in his annual work report that China will expand imports and lower import duties on automobiles and some everyday consumer goods as part of China`s opening up.&nbsp;

Earlier this week, Beijing said it would cut import tariffs on the majority of autos to 15 percent from 25 percent, effective from&nbsp;July 1. Duties on auto parts would be cut to 6 percent from mostly around 10 percent.&nbsp;

The planned tariff cuts on consumer goods will affect food, medicine, health products and cosmetics, among other items, Bloomberg cited one of its sources as saying.

The cuts also would be in line with Beijing`s goal of boosting consumption within its borders to support growth as the world`s second-biggest economy slows.&nbsp;

Retail sales growth slowed to 9.4 percent last month, missing forecasts for a 10.0 percent gain and off March`s pace of 10.1 percent.&nbsp;

The move would be in step with Beijing's pledges to its trade partners - including the United States - that China will take steps to increase imports

China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources. The tariff reductions will apply to more product lines than similar cuts on around 200 items announced last year, Bloomberg said, citing the sources. The move would be in step with Beijing`s pledges to its trade partners - including the United States - that China will take steps to increase imports, and a boon to global brands looking to deepen their presence in China, particularly in the country`s hinterland cities. The precise composition of the cuts has not been finalised yet, and is still subject to approval by the State Council, or the cabinet, according to Bloomberg. The State Council and the finance ministry did not immediately respond to faxed requests for comment. Analysts say the planned tariff cut is unlikely to significantly boost domestic consumption, while its economic impact is most likely limited and hard to quantify. "Against the backdrop of the record-high amount people spend overseas every year when they travel and shop online, it`s necessary for China to lower import tariffs for consumer goods soon," said Nie Wen, a Shanghai-based analyst with Hwabao Trust. "However, generally speaking, the economic impact from boosting imports is likely to be small." In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 percent on average from 17.3 percent, according to the finance ministry. Among the more dramatic cuts were tariffs on milk powder and diapers, where taxes were slashed to zero percent from 20 percent and 7.5 percent, respectively. Import duties on certain cosmetics were halved to 5 percent. In March this year, Premier Li Keqiang said in his annual work report that China will expand imports and lower import duties on automobiles and some everyday consumer goods as part of China`s opening up. Earlier this week, Beijing said it would cut import tariffs on the majority of autos to 15 percent from 25 percent, effective from July 1. Duties on auto parts would be cut to 6 percent from mostly around 10 percent. The planned tariff cuts on consumer goods will affect food, medicine, health products and cosmetics, among other items, Bloomberg cited one of its sources as saying. The cuts also would be in line with Beijing`s goal of boosting consumption within its borders to support growth as the world`s second-biggest economy slows. Retail sales growth slowed to 9.4 percent last month, missing forecasts for a 10.0 percent gain and off March`s pace of 10.1 percent.

China to cut import tariffs on some consumer products

United States has temporarily suspended tariffs on Chinese products, Treasury Secretary Steven Mnuchin informed. The move came after an agreement was reached to reduce the bilateral trade deficit.

In a report aired by an American news channel on Sunday Mnuchin noted, "We are putting the trade war on hold,"&nbsp

US President Donald Trump, in recent weeks, had threatened to slap tariffs on as much as $150 billion worth of Chinese imports seeking amendments in Chinese trade practices. Beijing, in response, threatened to retaliate.

A couple of days of negotiations between the US and China on Saturday in Washington saw both the countries announcing a framework agreement. In an attempt to mitigate and circumvent the risks of a trade war, China agreed to "significantly" increase its purchases of US goods and services.

According to reports, Washington made an initial demand for a $200 billion reduction by 2020 in the trade deficit.

Mnuchin further added that China and the US have agreed on "specific targets" for individual sectors.

The agreement will soon be finalised. China will now import more energy products and agricultural commodities from the US.&nbsp

China and the US agreed on "specific targets" for individual sectors

United States has temporarily suspended tariffs on Chinese products, Treasury Secretary Steven Mnuchin informed. The move came after an agreement was reached to reduce the bilateral trade deficit. In a report aired by an American news channel on Sunday Mnuchin noted, "We are putting the trade war on hold," US President Donald Trump, in recent weeks, had threatened to slap tariffs on as much as $150 billion worth of Chinese imports seeking amendments in Chinese trade practices. Beijing, in response, threatened to retaliate. A couple of days of negotiations between the US and China on Saturday in Washington saw both the countries announcing a framework agreement. In an attempt to mitigate and circumvent the risks of a trade war, China agreed to "significantly" increase its purchases of US goods and services. According to reports, Washington made an initial demand for a $200 billion reduction by 2020 in the trade deficit. Mnuchin further added that China and the US have agreed on "specific targets" for individual sectors. The agreement will soon be finalised. China will now import more energy products and agricultural commodities from the US.

US temporarily suspends tariffs on Chinese products

China and the US have agreed to abandon a threatened trade war, the news agency Xinhua reported Saturday.&nbsp;

The two countries have also agreed not to raise tariffs on each other.&nbsp;

The report came after Chinese Vice-Premier Liu He led a high-level delegation to the US.&nbsp;

"The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other," Xinhua reported He as saying.&nbsp;

Also read:&nbsp;<a href="http://www.wionews.com/world/china-agrees-to-import-more-from-us-no-sign-of-us-200-billion-figure-138324">China agrees to import more from </a><a href="http://www.wionews.com/world/china-agrees-to-import-more-from-us-no-sign-of-us-200-billion-figure-138324">US</a>

The state-owned news agency added that the two sides agreed to take effective measures to substantially decrease the US trade deficit in goods with China.

And that China will significantly increase its purchase of US goods and services to meet the consumption needs of the Chinese people.

Xinhua added that the two countries also agreed to meaningfully increase the export of US agriculture and energy products.&nbsp;

'The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other," Xinhua reported Chinese Vice-Premier Liu He as saying

China and the US have agreed to abandon a threatened trade war, the news agency Xinhua reported Saturday. The two countries have also agreed not to raise tariffs on each other. The report came after Chinese Vice-Premier Liu He led a high-level delegation to the US. "The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other," Xinhua reported He as saying. Also read: China agrees to import more from US The state-owned news agency added that the two sides agreed to take effective measures to substantially decrease the US trade deficit in goods with China. And that China will significantly increase its purchase of US goods and services to meet the consumption needs of the Chinese people. Xinhua added that the two countries also agreed to meaningfully increase the export of US agriculture and energy products.

China-US agree to abandon trade war, not raise tariffs: Xinhua

The Trump administration has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday.

The lengthy list of demands was presented to Beijing before the start of talks Thursday and Friday between top-level Trump administration officials and their Chinese counterparts to try to avert a damaging trade war between the world's two largest economies.

A White House statement did not mention specific demands, but said the US&nbsp;delegation "held frank discussions with Chinese officials on rebalancing the United States–China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers."

The statement gave no indication that US&nbsp;President Donald Trump would back off on his threat to impose tariffs on up to $150 billion in Chinese goods over allegations of intellectual property theft.

The delegation was returning to Washington to brief Trump and "seek his decision on next steps," the White House said, adding that the administration had "consensus" for "immediate attention" to change the US-China trade and investment relationship.

Trump said he would meet with the delegation on Saturday. "We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with US&nbsp;trade wins!" he said in a Twitter post late on Friday.

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Our high level delegation is on the way back from China where they had long meetings with Chinese leaders and business representatives. We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with U.S. trade wins!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/992562394051293186?ref_src=twsrc%5Etfw">May 5, 2018</a></blockquote>
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China's state-run Xinhua news agency described the talks as "constructive, candid and efficient" but with disagreements that remain "relatively big."

Tariff threats have roiled stock markets in recent weeks, but the inconclusive outcome of the Beijing talks did little to stop a rally in US&nbsp;shares prompted by jobs data that eased fears of faster Federal Reserve rate hikes. Stocks in Shanghai ended 0.5 percent lower while they fell 1.3 percent in Hong Kong.

Trump told reporters in Washington that he was determined to bring fairness to US-China trade.

"We will be doing something one way or the other with respect to what's happening in China," Trump said. He added that he had "great respect" for China's President Xi Jinping. "That's why we’re being so nice, because we have a great relationship."

China during the meetings asked that the United States ease crushing sanctions on Chinese telecom equipment maker ZTE Corp, people with knowledge of the matter said.

Washington's demand for a $200 billion cut from China's US&nbsp;goods trade surplus doubles Trump's previous request for a $100 billion cut. China had a record US&nbsp;goods trade surplus of $375 billion in 2017.

Trump has also demanded "reciprocity" between US&nbsp;and Chinese tariffs, frequently complaining about China's 25 percent car tariff while the US&nbsp;equivalent is 2.5 percent.

The US&nbsp;team, led by US&nbsp;Treasury Secretary Steven Mnuchin, demanded that China lower tariffs to levels no higher than those imposed by the United States, two people familiar with the demands said. The delegation also asked China to halt subsidies for advanced technology linked to its "Made in China 2025," the sources said.

At the heart of the dispute are US&nbsp;allegations that Chinese joint venture requirements and other policies force American companies to turn over their intellectual property, costing them billions of dollars annually and giving China's state enterprises an edge in the race to develop new industries crucial to future growth.

China denies such coercion. Its 2025 industrial plan seeks to upgrade China's manufacturing sector to more advanced products, including information technology, semiconductors and aircraft.

"I think the US&nbsp;is asking for the impossible. Reducing the deficit by $200 billion by 2020 is quite an unrealistic demand, but it may also be a negotiation tactic to start high first," said Tommy Xie, economist at OCBC Bank in Singapore.

Beijing offers

China offered to increase US&nbsp;imports and lower tariffs on some goods, including cars, according to the sources. But Beijing asked the United States to treat Chinese investment equally under national security reviews, refrain from new restrictions on investments and halt a proposal to impose 25 percent tariffs under its "Section 301" intellectual property probe.

China also offered to reconsider anti-dumping duties on US&nbsp;sorghum, according to a proposal it submitted.

Xinhua said there had been exchanges of opinion on intellectual property protections, expanding US&nbsp;exports and bilateral services trade. It gave no indication of what actions might be taken but said the two sides committed to resolve their trade disputes through dialogue.

US&nbsp;negotiators agreed to bring up the ZTE sanctions with Trump after new representations from the Chinese side, Xinhua said. ZTE was hit last month with a seven-year ban on American companies' selling components and software to it after the US&nbsp;Commerce Department found ZTE failed to comply with an agreement to settle breached US&nbsp;sanctions on Iran.

"My impression was that (the talks) didn't go well given the rhetoric," said Kevin Lai, senior economist at Daiwa Capital markets in Hong Kong. "I think the divide is still very big."

In an editorial on its website, widely read Chinese state-run tabloid Global Times cited people close to the talks as saying the Chinese "hit back hard" at US&nbsp;criticism, letting them know that China would not give in.

The United States has proposed tariffs on $50 billion of Chinese goods under its "Section 301" probe. Those could go into effect in June following the completion of a 60-day consultation period, but activation plans have been kept vague.

China has said its own retaliatory tariffs on US&nbsp;goods, including soybeans and aircraft, will go into effect if the US&nbsp;duties are imposed.

The lengthy list of demands was presented to Beijing before the start of talks Thursday and Friday between top-level Trump administration officials and their Chinese counterparts

The Trump administration has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies, people familiar with the talks said on Friday. The lengthy list of demands was presented to Beijing before the start of talks Thursday and Friday between top-level Trump administration officials and their Chinese counterparts to try to avert a damaging trade war between the world's two largest economies. A White House statement did not mention specific demands, but said the US delegation "held frank discussions with Chinese officials on rebalancing the United States–China bilateral economic relationship, improving China’s protection of intellectual property, and identifying policies that unfairly enforce technology transfers." The statement gave no indication that US President Donald Trump would back off on his threat to impose tariffs on up to $150 billion in Chinese goods over allegations of intellectual property theft. The delegation was returning to Washington to brief Trump and "seek his decision on next steps," the White House said, adding that the administration had "consensus" for "immediate attention" to change the US-China trade and investment relationship. Trump said he would meet with the delegation on Saturday. "We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with US trade wins!" he said in a Twitter post late on Friday. Our high level delegation is on the way back from China where they had long meetings with Chinese leaders and business representatives. We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with U.S. trade wins! — Donald J. Trump (@realDonaldTrump) May 5, 2018 × China's state-run Xinhua news agency described the talks as "constructive, candid and efficient" but with disagreements that remain "relatively big." Tariff threats have roiled stock markets in recent weeks, but the inconclusive outcome of the Beijing talks did little to stop a rally in US shares prompted by jobs data that eased fears of faster Federal Reserve rate hikes. Stocks in Shanghai ended 0.5 percent lower while they fell 1.3 percent in Hong Kong. Trump told reporters in Washington that he was determined to bring fairness to US-China trade. "We will be doing something one way or the other with respect to what's happening in China," Trump said. He added that he had "great respect" for China's President Xi Jinping. "That's why we’re being so nice, because we have a great relationship." China during the meetings asked that the United States ease crushing sanctions on Chinese telecom equipment maker ZTE Corp, people with knowledge of the matter said. Washington's demand for a $200 billion cut from China's US goods trade surplus doubles Trump's previous request for a $100 billion cut. China had a record US goods trade surplus of $375 billion in 2017. Trump has also demanded "reciprocity" between US and Chinese tariffs, frequently complaining about China's 25 percent car tariff while the US equivalent is 2.5 percent. The US team, led by US Treasury Secretary Steven Mnuchin, demanded that China lower tariffs to levels no higher than those imposed by the United States, two people familiar with the demands said. The delegation also asked China to halt subsidies for advanced technology linked to its "Made in China 2025," the sources said. At the heart of the dispute are US allegations that Chinese joint venture requirements and other policies force American companies to turn over their intellectual property, costing them billions of dollars annually and giving China's state enterprises an edge in the race to develop new industries crucial to future growth. China denies such coercion. Its 2025 industrial plan seeks to upgrade China's manufacturing sector to more advanced products, including information technology, semiconductors and aircraft. "I think the US is asking for the impossible. Reducing the deficit by $200 billion by 2020 is quite an unrealistic demand, but it may also be a negotiation tactic to start high first," said Tommy Xie, economist at OCBC Bank in Singapore. Beijing offers China offered to increase US imports and lower tariffs on some goods, including cars, according to the sources. But Beijing asked the United States to treat Chinese investment equally under national security reviews, refrain from new restrictions on investments and halt a proposal to impose 25 percent tariffs under its "Section 301" intellectual property probe. China also offered to reconsider anti-dumping duties on US sorghum, according to a proposal it submitted. Xinhua said there had been exchanges of opinion on intellectual property protections, expanding US exports and bilateral services trade. It gave no indication of what actions might be taken but said the two sides committed to resolve their trade disputes through dialogue. US negotiators agreed to bring up the ZTE sanctions with Trump after new representations from the Chinese side, Xinhua said. ZTE was hit last month with a seven-year ban on American companies' selling components and software to it after the US Commerce Department found ZTE failed to comply with an agreement to settle breached US sanctions on Iran. "My impression was that (the talks) didn't go well given the rhetoric," said Kevin Lai, senior economist at Daiwa Capital markets in Hong Kong. "I think the divide is still very big." In an editorial on its website, widely read Chinese state-run tabloid Global Times cited people close to the talks as saying the Chinese "hit back hard" at US criticism, letting them know that China would not give in. The United States has proposed tariffs on $50 billion of Chinese goods under its "Section 301" probe. Those could go into effect in June following the completion of a 60-day consultation period, but activation plans have been kept vague. China has said its own retaliatory tariffs on US goods, including soybeans and aircraft, will go into effect if the US duties are imposed.

Trump team demands China slash US trade surplus, cut tariffs

China has scrapped import tariffs on 28 drugs.&nbsp

The tariffs were scrapped on May 1.&nbsp

News reports quoted Chinese ambassador to India Luo Zhaohui as saying the move would prove to be a major benefit to Indian pharmaceutical companies, and would reduce the trade imbalance between the two countries.

The 28 drugs include cancer drugs.&nbsp

China has scrapped import tariffs on 28 drugs. The tariffs were scrapped on May 1. News reports quoted Chinese ambassador to India Luo Zhaohui as saying the move would prove to be a major benefit to Indian pharmaceutical companies, and would reduce the trade imbalance between the two countries. The 28 drugs include cancer drugs.

China scraps import tariffs on 28 drugs, envoy says move will benefit Indian pharma cos

The Trump administration will have a "frank discussion" with the Chinese leadership on a series of trade issues, according to US Treasury Secretary Steven Mnuchin who is leading a high-powered trade delegation to Beijing later this week.

"We're looking to have a very frank discussion on trade, on the issues of the trade imbalance. President (Donald) Trump has been very clear for the last year that he's very focused on the trade deficit and we're looking to correct that," Mnuchin told Fox News in an interview today.

Mnuchin would be accompanied by Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer. Trump's top advisers on trade and economic policies Larry Kudlow and Peter Navarro would also be part of the US delegation, the White House said.

In the last one month, Trump has taken a series of measures to address the challenge of massive $500 billion trade deficit with China. Prominent among them being increasing import duties on steel and aluminium and proposing to do the same with several hundred other Chinese items.

China too has responded by retaliatory actions. Trump has said that such a huge trade deficit with China is not acceptable to his administration.

"We are definitely going to be talking to them about intellectual property rights, about forged technology, forged joined ventures, those are all important issues that are on our list," Mnuchin said, adding that he is cautiously optimistic about the meetings.

Ahead of the US trade delegation visit to China, the Alliance for American Manufacturing said that bilateral meetings with Chinese government officials present an opportunity to affect meaningful change in the United States' lopsided trade relationship with that country, but "results-oriented," enforceable commitments must be their goal.

"Withdrawing the threat of tariffs without achieving meaningful results would be tantamount to waving the white flag of trade surrender signalling to China and other trade cheats that there will be no consequences for predatory trade behaviours," its president Scott N Paul, wrote in a letter addressed to Mnuchin, Navarro, Lighthizer, and Kudlow.

"If a negotiated solution with specific disciplines and automatic enforcement provisions can be agreed to, then, and only then, should we look at lifting tariffs. Otherwise, as I believe you know, we would be abandoning the best leverage we've had in years," he said.

Paul alleged that China is not holding up its end of the bargain, at the World Trade Organization or via its bilateral relationships and kicking the can further down the road is simply not a smart trade policy strategy.

"The past 20 years of seemingly endless dialogue with China show that polite requests to curtail state-driven industrial overcapacity or to refrain from forced technology transfers and joint ownership partnerships in exchange for market access do not yield meaningful results," he said.

In the letter, the alliance strongly urged against any rush to make trade concessions to China in exchange for promises of reforms.

"Any deal with China must be comprehensive, binding, enforceable, and backed by strong penalties if Beijing fails to live up to its words as has repeatedly been the case under previous administrations of both political parties," Paul said.

Trump has said that huge trade deficit with China is not acceptable to his administration.

The Trump administration will have a "frank discussion" with the Chinese leadership on a series of trade issues, according to US Treasury Secretary Steven Mnuchin who is leading a high-powered trade delegation to Beijing later this week. "We're looking to have a very frank discussion on trade, on the issues of the trade imbalance. President (Donald) Trump has been very clear for the last year that he's very focused on the trade deficit and we're looking to correct that," Mnuchin told Fox News in an interview today. Mnuchin would be accompanied by Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer. Trump's top advisers on trade and economic policies Larry Kudlow and Peter Navarro would also be part of the US delegation, the White House said. In the last one month, Trump has taken a series of measures to address the challenge of massive $500 billion trade deficit with China. Prominent among them being increasing import duties on steel and aluminium and proposing to do the same with several hundred other Chinese items. China too has responded by retaliatory actions. Trump has said that such a huge trade deficit with China is not acceptable to his administration. "We are definitely going to be talking to them about intellectual property rights, about forged technology, forged joined ventures, those are all important issues that are on our list," Mnuchin said, adding that he is cautiously optimistic about the meetings. Ahead of the US trade delegation visit to China, the Alliance for American Manufacturing said that bilateral meetings with Chinese government officials present an opportunity to affect meaningful change in the United States' lopsided trade relationship with that country, but "results-oriented," enforceable commitments must be their goal. "Withdrawing the threat of tariffs without achieving meaningful results would be tantamount to waving the white flag of trade surrender signalling to China and other trade cheats that there will be no consequences for predatory trade behaviours," its president Scott N Paul, wrote in a letter addressed to Mnuchin, Navarro, Lighthizer, and Kudlow. "If a negotiated solution with specific disciplines and automatic enforcement provisions can be agreed to, then, and only then, should we look at lifting tariffs. Otherwise, as I believe you know, we would be abandoning the best leverage we've had in years," he said. Paul alleged that China is not holding up its end of the bargain, at the World Trade Organization or via its bilateral relationships and kicking the can further down the road is simply not a smart trade policy strategy. "The past 20 years of seemingly endless dialogue with China show that polite requests to curtail state-driven industrial overcapacity or to refrain from forced technology transfers and joint ownership partnerships in exchange for market access do not yield meaningful results," he said. In the letter, the alliance strongly urged against any rush to make trade concessions to China in exchange for promises of reforms. "Any deal with China must be comprehensive, binding, enforceable, and backed by strong penalties if Beijing fails to live up to its words as has repeatedly been the case under previous administrations of both political parties," Paul said.

Looking to have frank discussion on trade with China: US

India will lodge a trade dispute case against the United States at the World Trade Organisation(WTO) if Washington does not grant it exemptions from higher tariffs on steel and aluminium, three government officials involved in trade talks told Reuters.

Three senior officials who did not want to be named said New Delhi would file a case citing discrimination with the WTO as a first course of action if the US&nbsp;did not grant the exemptions.

Indian steel minister Chaudhary Birender Singh declined to say how India might respond if its request for exemption was rejected.

"Our proposal is still pending with the US&nbsp;government and they have assured us they will reconsider," Singh told Reuters.&nbsp;

However, an internal note prepared by his ministry and seen by Reuters showed India could also consider temporarily raising the basic customs duty on some US&nbsp;goods in the event the exemptions were not granted.

Following an outcry over the US&nbsp;tariffs announced in March, Trump agreed to suspend their imposition until May 1 for Argentina, Australia, Brazil, South Korea, Canada, Mexico and the European Union, the biggest US&nbsp;trading partner, in order to allow discussions to continue.

"Why should there be artificial barriers when everyone else seems to be getting an exemption? We are not a security threat," one of the officials involved in the discussions told Reuters.

Earlier this month, US&nbsp;Assistant Trade Representative Mark Linscott held talks with India`s trade minister, Suresh Prabhu, and other senior officials in New Delhi.

India exported less than 1 million tonnes of steel to the US in 2017, and was the tenth biggest supplier, according to an internal note prepared by the steel ministry. Steel exports to the United States account for 2.2 percent of India`s total steel exports, it showed.

India's goods trade deficit with the United States fell by nearly six percent to less than $23 billion last year.&nbsp;

The three Indian officials involved in the trade talks said New Delhi could seek support, if needed, from other WTO member nations worried about the direction of US&nbsp;trade policy. The commerce ministry did not respond to Reuters'&nbsp;emails seeking comment.&nbsp;

India's goods trade deficit with the United States fell by nearly six percent to less than $23 billion last year

India will lodge a trade dispute case against the United States at the World Trade Organisation(WTO) if Washington does not grant it exemptions from higher tariffs on steel and aluminium, three government officials involved in trade talks told Reuters. Three senior officials who did not want to be named said New Delhi would file a case citing discrimination with the WTO as a first course of action if the US did not grant the exemptions. Indian steel minister Chaudhary Birender Singh declined to say how India might respond if its request for exemption was rejected. "Our proposal is still pending with the US government and they have assured us they will reconsider," Singh told Reuters. However, an internal note prepared by his ministry and seen by Reuters showed India could also consider temporarily raising the basic customs duty on some US goods in the event the exemptions were not granted. Following an outcry over the US tariffs announced in March, Trump agreed to suspend their imposition until May 1 for Argentina, Australia, Brazil, South Korea, Canada, Mexico and the European Union, the biggest US trading partner, in order to allow discussions to continue. "Why should there be artificial barriers when everyone else seems to be getting an exemption? We are not a security threat," one of the officials involved in the discussions told Reuters. Earlier this month, US Assistant Trade Representative Mark Linscott held talks with India`s trade minister, Suresh Prabhu, and other senior officials in New Delhi. India exported less than 1 million tonnes of steel to the US in 2017, and was the tenth biggest supplier, according to an internal note prepared by the steel ministry. Steel exports to the United States account for 2.2 percent of India`s total steel exports, it showed. India's goods trade deficit with the United States fell by nearly six percent to less than $23 billion last year. The three Indian officials involved in the trade talks said New Delhi could seek support, if needed, from other WTO member nations worried about the direction of US trade policy. The commerce ministry did not respond to Reuters' emails seeking comment.

India will file trade dispute with WTO if US rejects exemption on tariffs: Report

After the US banned its <a href="http://www.wionews.com/world/us-bans-american-companies-from-selling-to-chinese-phone-maker-zte-130846">companies to trade with China's ZTE </a>Corporation for seven years citing that it broke settlement agreement with false statement, the Chinese government hit back saying the US was "suppressing" China's technological development under the "guise of national security."&nbsp;

ZTE which is China's second largest telecom equipment maker said it regards compliance as the cornerstone of its strategy.

"Refusal orders will not only seriously endanger the survival of ZTE, but also hurt the interests of all ZTE's partners including a large number of US companies," the company said in a statement.

The Chinese foreign office spokesman Hua Chunying said the US frequently takes national security protection as an "excuse"&nbsp;and sets up restrictions on China-US trade and investment in high technology.

"US blamed China for forcing American enterprises to transfer technologies. Then it also claimed that China's high technology development threats its security. In the end, I think this only exposes the US hegemonic mentality featuring 'no others can own it except me'," China's foreign office spokesman said.

In China, there was an outpouring of support for ZTE on its social media even as the local media put the blame on the country's reliance on foreign semiconductors.

"You live in China and you can see that products like iPhone can be seen everywhere. We don't regard this as threats. However in the US, if someone buys Huawei, for some Americans, this is very serious, even can threat the national security," Chunying said, adding,"as the superpower and scientific and technological power, is the US so vulnerable now?"'

The development has already made matters worse over trade issues after US president Donald Trump last month imposed tariffs worth $60 billion on Chinese imports.

China hit back with retaliatory tariffs on US soybeans, cars and airplanes, however, it is still unclear when it would be imposed with several experts on both sides of the view that the dispute will be settled on the bargaining table.

In China, there was outpouring of support for ZTE on its social media even as the local media put the blame on the country's reliance on foreign semiconductors.

After the US banned its companies to trade with China's ZTE Corporation for seven years citing that it broke settlement agreement with false statement, the Chinese government hit back saying the US was "suppressing" China's technological development under the "guise of national security." ZTE which is China's second largest telecom equipment maker said it regards compliance as the cornerstone of its strategy. "Refusal orders will not only seriously endanger the survival of ZTE, but also hurt the interests of all ZTE's partners including a large number of US companies," the company said in a statement. The Chinese foreign office spokesman Hua Chunying said the US frequently takes national security protection as an "excuse" and sets up restrictions on China-US trade and investment in high technology. "US blamed China for forcing American enterprises to transfer technologies. Then it also claimed that China's high technology development threats its security. In the end, I think this only exposes the US hegemonic mentality featuring 'no others can own it except me'," China's foreign office spokesman said. In China, there was an outpouring of support for ZTE on its social media even as the local media put the blame on the country's reliance on foreign semiconductors. "You live in China and you can see that products like iPhone can be seen everywhere. We don't regard this as threats. However in the US, if someone buys Huawei, for some Americans, this is very serious, even can threat the national security," Chunying said, adding,"as the superpower and scientific and technological power, is the US so vulnerable now?"' The development has already made matters worse over trade issues after US president Donald Trump last month imposed tariffs worth $60 billion on Chinese imports. China hit back with retaliatory tariffs on US soybeans, cars and airplanes, however, it is still unclear when it would be imposed with several experts on both sides of the view that the dispute will be settled on the bargaining table.

iPhone is everywhere but some Americans believe Huawei threat to national security: China

<a href="http://www.wionews.com/india-news/pm-modi-to-observe-day-long-fast-on-april-12-to-protest-disruption-of-parliament-by-opposition-129617">PM Modi to observe day-long fast on April 12 to protest disruption of parliament by opposition</a>

Prime Minister Narendra Modi will observe a day-long fast on Thursday with BJP MPs to protest the recent washout of the Budget session of Parliament, while party chief Amit Shah will hold a sit-in at Hubli in poll-bound Karnataka on the same day.

<a href="wionews.com/sports/cwg-2018-power-paralifter-sachin-chaudhary-wins-bronze-takes-indias-medal-tally-to-21--129605">CWG 2018: Power </a><a href="wionews.com/sports/cwg-2018-power-paralifter-sachin-chaudhary-wins-bronze-takes-indias-medal-tally-to-21--129605">paralifter</a><a href="wionews.com/sports/cwg-2018-power-paralifter-sachin-chaudhary-wins-bronze-takes-indias-medal-tally-to-21--129605"> Sachin Chaudhary wins bronze, takes India's medal tally to 21</a>

Power paralifter Sachin Chaudhary on Tuesday won bronze to take India's overall medal tally to 21 at 2018 Commonwealth Games in Australia. He claimed the medal in men's heavyweight final at the Carrara Sports Arena 1. It is also the first medal from the country's para-athletic contingent.&nbsp

<a href="http://www.wionews.com/world/facebook-ceo-mark-zuckerberg-aims-to-pacify-us-lawmakers-129591">Facebook CEO Mark Zuckerberg aims to pacify US lawmakers</a>

Facebook Inc Chief Executive Mark Zuckerberg will strike a conciliatory tone on Tuesday in testimony before Congress in an attempt to blunt possible regulatory fallout from the privacy scandal engulfing his social network.

<a href="http://www.wionews.com/world/china-challenges-us-over-steel-aluminium-tariffs-at-wto-129567">China challenges </a><a href="http://www.wionews.com/world/china-challenges-us-over-steel-aluminium-tariffs-at-wto-129567">US</a><a href="http://www.wionews.com/world/china-challenges-us-over-steel-aluminium-tariffs-at-wto-129567"> over steel, aluminium tariffs at WTO</a>

Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday.

<a href="http://www.wionews.com/india-news/entertainment-salman-khan-to-produce-tv-show-on-cops-will-air-next-month-129559">After conviction, Salman Khan to produce TV show on Mumbai cops</a>

Salman Khan who is currently on bail in 1998 blackbuck poaching case, is now set to turn producer for an upcoming TV show. The show will interestingly be based on the lives of Mumbai police officers.&nbsp

PM Modi to observe day-long fast on April 12 to protest disruption of parliament by opposition Prime Minister Narendra Modi will observe a day-long fast on Thursday with BJP MPs to protest the recent washout of the Budget session of Parliament, while party chief Amit Shah will hold a sit-in at Hubli in poll-bound Karnataka on the same day. CWG 2018: Power paralifter Sachin Chaudhary wins bronze, takes India's medal tally to 21 Power paralifter Sachin Chaudhary on Tuesday won bronze to take India's overall medal tally to 21 at 2018 Commonwealth Games in Australia. He claimed the medal in men's heavyweight final at the Carrara Sports Arena 1. It is also the first medal from the country's para-athletic contingent. Facebook CEO Mark Zuckerberg aims to pacify US lawmakers Facebook Inc Chief Executive Mark Zuckerberg will strike a conciliatory tone on Tuesday in testimony before Congress in an attempt to blunt possible regulatory fallout from the privacy scandal engulfing his social network. China challenges US over steel, aluminium tariffs at WTO Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday. After conviction, Salman Khan to produce TV show on Mumbai cops Salman Khan who is currently on bail in 1998 blackbuck poaching case, is now set to turn producer for an upcoming TV show. The show will interestingly be based on the lives of Mumbai police officers.

News brief: Big stories of the day

Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday.

China's representative to the world trade body has requested "consultations" with Washington over its decision to impose "additional ad valorem rate of duty on imports of certain steel and aluminium products," according to the document, which stated that the complaint was filed on April 5.

US President Donald Trump decided in March to impose steep tariffs on steel and aluminium imports, primarily to target China.

China claims the duties of 25 percent and 10 percent on imports of its steel and aluminium products violate international trade rules.

The Chinese "request for consultations", which marks the first step in a full-blown legal challenge at the WTO's Dispute Settlement Body, is part of an escalating trade confrontation between Washington and Beijing.&nbsp;

Early last week, Washington also published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology.

China quickly launched a challenge against those proposed tariffs, also requesting that the WTO organise consultations.&nbsp;

Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft.&nbsp;

But Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in Chinese imports.

Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft

Beijing has requested dispute consultations with the United States at the World Trade Organization over US tariffs slapped on imports of Chinese steel and aluminium products, according to a WTO document published Tuesday. China's representative to the world trade body has requested "consultations" with Washington over its decision to impose "additional ad valorem rate of duty on imports of certain steel and aluminium products," according to the document, which stated that the complaint was filed on April 5. US President Donald Trump decided in March to impose steep tariffs on steel and aluminium imports, primarily to target China. China claims the duties of 25 percent and 10 percent on imports of its steel and aluminium products violate international trade rules. The Chinese "request for consultations", which marks the first step in a full-blown legal challenge at the WTO's Dispute Settlement Body, is part of an escalating trade confrontation between Washington and Beijing. Early last week, Washington also published a list of $50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and technology. China quickly launched a challenge against those proposed tariffs, also requesting that the WTO organise consultations. Beijing also retaliated by unveiling planned levies on $50 billion worth of major US exports including soybeans, cars and small aircraft. But Trump hit back again late Thursday, instructing trade officials to consider tariffs on an additional $100 billion in Chinese imports.

China challenges US over steel, aluminium tariffs at WTO

China's foreign minister on Thursday called on the international community to oppose the United States' recent trade moves, saying they threatened global economic growth.

Addressing a news conference in Moscow, Wang Yi condemned a move by President Donald Trump's administration to slap tariffs on a list of Chinese goods and said the world should stand up to Washington over what he called its unilateral moves.

"The world community must together resist these sorts of unilateral actions and breaking of the rules, must jointly push for global economic growth and together help bring some common sense to those who think they can do anything they like," he said.

If the United States believes it could benefit from protectionism it is making a mistake, he said after meeting with his Russian counterpart Sergei Lavrov.

"If the US is using the sanctions stick, then they've got the wrong idea," Wang Yi said.

An escalating confrontation between Washington and Beijing has been inching closer to an all-out trade war since China on Wednesday threatened retaliation against key US exports over looming US tariffs on more than 1,000 Chinese goods.

"Our counter-measures were necessary and sufficient," Wang Yi said, adding they were "a legitimate defence of our interests and our rights".

China's Foreign Minister Wang Yi called on the international community to oppose the United States' recent trade moves, saying they threatened global economic growth

China's foreign minister on Thursday called on the international community to oppose the United States' recent trade moves, saying they threatened global economic growth. Addressing a news conference in Moscow, Wang Yi condemned a move by President Donald Trump's administration to slap tariffs on a list of Chinese goods and said the world should stand up to Washington over what he called its unilateral moves. "The world community must together resist these sorts of unilateral actions and breaking of the rules, must jointly push for global economic growth and together help bring some common sense to those who think they can do anything they like," he said. If the United States believes it could benefit from protectionism it is making a mistake, he said after meeting with his Russian counterpart Sergei Lavrov. "If the US is using the sanctions stick, then they've got the wrong idea," Wang Yi said. An escalating confrontation between Washington and Beijing has been inching closer to an all-out trade war since China on Wednesday threatened retaliation against key US exports over looming US tariffs on more than 1,000 Chinese goods. "Our counter-measures were necessary and sufficient," Wang Yi said, adding they were "a legitimate defence of our interests and our rights".

China calls on world to stand up to US over trade

America&#39;s massive trade deficit with China is estimated to have resulted in about two million job losses in the US, the White House has said, defending President Donald Trump&#39;s decision to initiate strong actions against China&#39;s &quot;unfair&quot; trade practices.

Trump imposed tariffs on about $60 billion worth of Chinese imports to punish the country for its &quot;unfair&quot; seizure of American intellectual property, a move that could escalate the already tense trade relations between the world&#39;s two biggest economies.

The move came after a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations.

China also announced retaliatory measures against the US.

A senior administration official told reporters: &quot;By some calculations, every billion dollar of trade deficit that arises from market-distorted policies, costs us about 6,000 jobs. A very conservative calculation, by some estimates, is that trade deficit results in about two million more jobs in China and two million less here. This is a serious problem that the US side is keenly aware of&quot;.

China&#39;s &quot;unfair&quot; trade practices have resulted in a goods trade deficit of $370 billion, the official said.

The Trump administration said that it is for China to decide what course it wants to take.

&quot;The point here is that China will have a choice as to how to respond, and they have benefited far more from this relationship than we have. We will certainly take that into account,&quot; the official said.

The typical American corporation that wants to go to China and sell its goods into the Chinese market is on the horns of a dilemma.

Responding to questions, the official said the concerns with Chinese economic practices are widespread throughout the United States and around the world.

&quot;We have heard from many of our trading partners that they share many of these concerns,&quot; the official said.

Another administration official said China benefits far more from the US-China trade relationship than the US does.

Since 2001, when China joined the World Trade Organisation, its economy has grown from $1 trillion of GDP to $12 trillion; roughly an 800 per cent growth rate.

&quot;During the same period of time, the American economy sputtered. It went from an annual growth rate of about 3.5 per cent between 1947 and 2000, down to around two per cent, which everybody wanted to say was the new normal for America. But the contrast between China&#39;s growth and its unfair trade practices, and what had happened to the US in terms of growth and wage growth, is quite startling,&quot; the official said.

Later State Department Spokesperson Heather Nauert said Trump has been very clear from the first day on the campaign trail, longstanding concerns that he has and administration-wide people have, with China&#39;s &quot;unfair&quot; trade practices.

&quot;It&#39;s natural for us to have to address things that we don&#39;t agree on. One of them is certainly trade. The President has fought very hard for advancing opportunities, economic opportunities for American businesses, but also the American people,&quot; she said.

Senate Finance Committee Ranking Member Ron Wyden welcomed the decision.

&quot;China has cheated, stolen and bullied American industry on trade for decades, causing massive economic wreckage to workers, employers and communities across America in the process. Our country must stand up against China&#39;s trade blackmail, so I am encouraged that the administration is focused on protecting the technologies that China publicly targeted,&quot; Wyden said.

Senator Sherrod Brown welcomed the news that the Trump administration is taking steps to launch crackdown on China&#39;s violation of intellectual property laws.

Business Roundtable said unilaterally imposing tariffs or other restrictions without a long-term strategy to bring about reforms in China will only raise prices in America, make American companies and products less competitive, and harm US workers and consumers.

&quot;The administration should instead pursue a comprehensive approach centred around several strategic priorities. This includes working closely with our international partners to identify unfair trade barriers and practices that China must remove, setting deadlines for such reforms and outlining actions that the US will take if those reforms are not undertaken,&quot; it said.

China's "unfair" trade practices have resulted in a goods trade deficit of $370 billion, the official said

America's massive trade deficit with China is estimated to have resulted in about two million job losses in the US, the White House has said, defending President Donald Trump's decision to initiate strong actions against China's "unfair" trade practices. Trump imposed tariffs on about $60 billion worth of Chinese imports to punish the country for its "unfair" seizure of American intellectual property, a move that could escalate the already tense trade relations between the world's two biggest economies. The move came after a seven-month investigation into the intellectual property theft, which has been a longstanding point of contention in US-China trade relations. China also announced retaliatory measures against the US. A senior administration official told reporters: "By some calculations, every billion dollar of trade deficit that arises from market-distorted policies, costs us about 6,000 jobs. A very conservative calculation, by some estimates, is that trade deficit results in about two million more jobs in China and two million less here. This is a serious problem that the US side is keenly aware of". China's "unfair" trade practices have resulted in a goods trade deficit of $370 billion, the official said. The Trump administration said that it is for China to decide what course it wants to take. "The point here is that China will have a choice as to how to respond, and they have benefited far more from this relationship than we have. We will certainly take that into account," the official said. The typical American corporation that wants to go to China and sell its goods into the Chinese market is on the horns of a dilemma. Responding to questions, the official said the concerns with Chinese economic practices are widespread throughout the United States and around the world. "We have heard from many of our trading partners that they share many of these concerns," the official said. Another administration official said China benefits far more from the US-China trade relationship than the US does. Since 2001, when China joined the World Trade Organisation, its economy has grown from $1 trillion of GDP to $12 trillion; roughly an 800 per cent growth rate. "During the same period of time, the American economy sputtered. It went from an annual growth rate of about 3.5 per cent between 1947 and 2000, down to around two per cent, which everybody wanted to say was the new normal for America. But the contrast between China's growth and its unfair trade practices, and what had happened to the US in terms of growth and wage growth, is quite startling," the official said. Later State Department Spokesperson Heather Nauert said Trump has been very clear from the first day on the campaign trail, longstanding concerns that he has and administration-wide people have, with China's "unfair" trade practices. "It's natural for us to have to address things that we don't agree on. One of them is certainly trade. The President has fought very hard for advancing opportunities, economic opportunities for American businesses, but also the American people," she said. Senate Finance Committee Ranking Member Ron Wyden welcomed the decision. "China has cheated, stolen and bullied American industry on trade for decades, causing massive economic wreckage to workers, employers and communities across America in the process. Our country must stand up against China's trade blackmail, so I am encouraged that the administration is focused on protecting the technologies that China publicly targeted," Wyden said. Senator Sherrod Brown welcomed the news that the Trump administration is taking steps to launch crackdown on China's violation of intellectual property laws. Business Roundtable said unilaterally imposing tariffs or other restrictions without a long-term strategy to bring about reforms in China will only raise prices in America, make American companies and products less competitive, and harm US workers and consumers. "The administration should instead pursue a comprehensive approach centred around several strategic priorities. This includes working closely with our international partners to identify unfair trade barriers and practices that China must remove, setting deadlines for such reforms and outlining actions that the US will take if those reforms are not undertaken," it said.

Trade deficit with China costs 2 million jobs to US: White House

Chinese Ambassador to the United States Cui Tiankai said Thursday China would fight to the end to defend its own legitimate interests with all necessary measures if the US really wants to start a trade war.

Cui said China does not want to have a trade war with the United States or with anybody else, but China is not afraid of and will not recoil from one if somebody imposes a trade war on it.

Cui&#39;s remarks came after US President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion US dollars of imports from China, the latest unilateral move that poses a threat to global trade.

&quot;As far as a possible trade war is concerned, we never wanted to start, but if somebody imposed a trade war on us, will fight to the end. As for the overall China-US relationship, we always believe that the right approach is to base ourselves on better mutual respect and expand our cooperation, manage possible differences in a constructive way, and achieve a win-win outcome. We still follow this approach, and we hope there will be reciprocity on the US side,&quot; said Cui in the interview with China Global Television Network (CGTN).

Trump has directed US Trade Representative Robert Lighthizer to publish a list of proposed Chinese goods that could be subject to tariffs in 15 days, while the US Treasury Department will have 60 days to propose restrictions on Chinese investment in the United States, according to the presidential memorandum.

The tariffs &quot;could be about 60 billion&quot; dollars, Trump said on Thursday at the White House before signing the memorandum.&nbsp;

But a senior White House official told reporters earlier in the day that the number would be close to 50 billion dollars.

The memorandum is based on a so-called Section 301 investigation into alleged Chinese intellectual property and technology transfer practices, launched by the Trump administration in August 2017.

The ambassador said the US accusations are totally groundless and called them a form of discrimination, noting that China always encourages innovation and that Chinese people are capable of immense innovation.

&quot;I think such accusations are totally groundless. China encourages innovation. Chinese laws protect intellectual property rights. This applies to Chinese companies and American companies and other companies alike. We will do our utmost to make sure that intellectual property rights are protected, whether they are from Chinese companies or American companies. At the same time, I hope people here would understand or would realize, people in China and people in other developing countries are also fully capable of innovation. They should not believe that they have a monopoly over innovation, and everybody else is just stealing from them. I think this is a kind of discrimination,&quot; Cui said.

The Chinese ambassador believes the nature of China-US economic relations and trade features mutually-beneficial and win-win results.&nbsp;

He called on the United States to opt for cooperation rather than confrontation to promote the healthy and stable development of China-US economic relations and trade in the long run.

&quot;You see, we always advocate the idea of building up a new model of international relations and together with everybody else to build a community of mankind for a shared future. This is our philosophy. This is our basic approach to international relations, including our relationship with the United States, and we still stick to this. And I hope people in the US would have a better understanding of China&#39;s approach and would make the best choice. Actually, this is the choice between cooperation and confrontation, between constructiveness and disruptiveness, between win-win and lose-lose. I hope everybody will have really a good understanding of where their best interests lie, the long-term interest of both the Chinese people and the American people, if you have these long-term interests in mind the choice is clear,&quot; Cui said.

The memorandum follows Trump&#39;s recent tariff plan on steel and aluminium imports and January&#39;s tariffs levied on imported solar panels and washing machines. These unilateral moves have prompted strong opposition and warnings from business groups around the world.

Cui's remarks came after Trump signed a memorandum that could impose tariffs on up to 60 billion US dollars of imports from China

Chinese Ambassador to the United States Cui Tiankai said Thursday China would fight to the end to defend its own legitimate interests with all necessary measures if the US really wants to start a trade war. Cui said China does not want to have a trade war with the United States or with anybody else, but China is not afraid of and will not recoil from one if somebody imposes a trade war on it. Cui's remarks came after US President Donald Trump on Thursday signed a memorandum that could impose tariffs on up to 60 billion US dollars of imports from China, the latest unilateral move that poses a threat to global trade. "As far as a possible trade war is concerned, we never wanted to start, but if somebody imposed a trade war on us, will fight to the end. As for the overall China-US relationship, we always believe that the right approach is to base ourselves on better mutual respect and expand our cooperation, manage possible differences in a constructive way, and achieve a win-win outcome. We still follow this approach, and we hope there will be reciprocity on the US side," said Cui in the interview with China Global Television Network (CGTN). Trump has directed US Trade Representative Robert Lighthizer to publish a list of proposed Chinese goods that could be subject to tariffs in 15 days, while the US Treasury Department will have 60 days to propose restrictions on Chinese investment in the United States, according to the presidential memorandum. The tariffs "could be about 60 billion" dollars, Trump said on Thursday at the White House before signing the memorandum. But a senior White House official told reporters earlier in the day that the number would be close to 50 billion dollars. The memorandum is based on a so-called Section 301 investigation into alleged Chinese intellectual property and technology transfer practices, launched by the Trump administration in August 2017. The ambassador said the US accusations are totally groundless and called them a form of discrimination, noting that China always encourages innovation and that Chinese people are capable of immense innovation. "I think such accusations are totally groundless. China encourages innovation. Chinese laws protect intellectual property rights. This applies to Chinese companies and American companies and other companies alike. We will do our utmost to make sure that intellectual property rights are protected, whether they are from Chinese companies or American companies. At the same time, I hope people here would understand or would realize, people in China and people in other developing countries are also fully capable of innovation. They should not believe that they have a monopoly over innovation, and everybody else is just stealing from them. I think this is a kind of discrimination," Cui said. The Chinese ambassador believes the nature of China-US economic relations and trade features mutually-beneficial and win-win results. He called on the United States to opt for cooperation rather than confrontation to promote the healthy and stable development of China-US economic relations and trade in the long run. "You see, we always advocate the idea of building up a new model of international relations and together with everybody else to build a community of mankind for a shared future. This is our philosophy. This is our basic approach to international relations, including our relationship with the United States, and we still stick to this. And I hope people in the US would have a better understanding of China's approach and would make the best choice. Actually, this is the choice between cooperation and confrontation, between constructiveness and disruptiveness, between win-win and lose-lose. I hope everybody will have really a good understanding of where their best interests lie, the long-term interest of both the Chinese people and the American people, if you have these long-term interests in mind the choice is clear," Cui said. The memorandum follows Trump's recent tariff plan on steel and aluminium imports and January's tariffs levied on imported solar panels and washing machines. These unilateral moves have prompted strong opposition and warnings from business groups around the world.

China will not start a trade war but will fight ones imposed on it: Chinese ambassador

President Trump<a href="http://www.wionews.com/world/europe-6-other-countries-exempt-from-steel-aluminium-tariffs-us-36765"> today officially announced the</a> imposition of tariffs worth $50 billion on Chinese imports.

Trump also <a href="http://www.wionews.com/world/wilbur-ross-eu-to-discuss-tariffs-trade-barriers-donald-trump-35569">signed the order that&nbsp;will look at restrictions</a> on Chinese investment in the US.

&quot;We have a tremendous intellectual property theft situation going on,&quot; Trump said.

However, the products subject to the new tariffs have not yet been identified.

During his speech, Trump said,&quot; I view China as a friend.&quot;

Trump will direct US Trade Representative Robert Lighthizer to identify publish a proposed list of products that could be subject to tariffs.

He will also direct Lighthizer to take action against China at the World Trade Organization(WTO), charging Beijing with preventing US companies from licensing their technology in China.

The measure also directs the US Treasury to develop new proposals to increase safeguards on investments that could compromise US national security.

Earlier, the White House had announced that President Trump will impose $50 billion tariffs on Chinese goods in retaliation against&nbsp;alleged theft of American intellectual property.

The new import duties will target industrial sectors where &quot;China has sought to acquire an advantage through the unfair acquisition or forced technology transfer from US companies,&quot; senior White House economic advisor Everett Eissenstat told reporters.

Wall Street&#39;s selloff accelerated in the wake of the announcement with major indices falling as much as two per cent ahead of the White House trade actions targeting China.

The broad-based S&amp;P 500 dropped 1.8 per cent to 2,710.69, while the tech-rich Nasdaq Composite Index tumbled 1.9 per cent to 7,204.06.

President Trump will officially unveil the sanctions later on Thursday.

President Trump today officially announced the imposition of tariffs worth $50 billion on Chinese imports. Trump also signed the order that will look at restrictions on Chinese investment in the US. "We have a tremendous intellectual property theft situation going on," Trump said. However, the products subject to the new tariffs have not yet been identified. During his speech, Trump said," I view China as a friend." Trump will direct US Trade Representative Robert Lighthizer to identify publish a proposed list of products that could be subject to tariffs. He will also direct Lighthizer to take action against China at the World Trade Organization(WTO), charging Beijing with preventing US companies from licensing their technology in China. The measure also directs the US Treasury to develop new proposals to increase safeguards on investments that could compromise US national security. Earlier, the White House had announced that President Trump will impose $50 billion tariffs on Chinese goods in retaliation against alleged theft of American intellectual property. The new import duties will target industrial sectors where "China has sought to acquire an advantage through the unfair acquisition or forced technology transfer from US companies," senior White House economic advisor Everett Eissenstat told reporters. Wall Street's selloff accelerated in the wake of the announcement with major indices falling as much as two per cent ahead of the White House trade actions targeting China. The broad-based S&P 500 dropped 1.8 per cent to 2,710.69, while the tech-rich Nasdaq Composite Index tumbled 1.9 per cent to 7,204.06.

President Trump imposes tariffs worth $50 billion on Chinese goods

President Donald Trump on Monday said US Commerce Secretary Wilbur Ross will talk to EU representatives about lowering their tariffs and other barriers to US products.

Trump announced the talks on Twitter as a burgeoning trade row over new US tariffs on steel and aluminium heated up over the weekend.

&quot;Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the USA Not fair to our farmers and manufacturers,&quot; Trump tweeted.&nbsp;

At a campaign rally Saturday, Trump threatened to &quot;tax&quot; German cars if the EU does not lower its barriers to US goods.

The EU&#39;s top trade official, Cecilia Malmstroem, responded Monday by charging that trade was being used &quot;as a weapon to threaten and intimidate us.&quot;

&quot;But we are not afraid, we will stand up to the bullies,&quot; she said.

Top US and EU trade officials meeting in Brussels Saturday failed to overcome their differences, but Malmstroem said talks would continue this week.&nbsp;

At a campaign rally Saturday, Trump threatened to "tax" German cars if the EU does not lower its barriers to US goods

President Donald Trump on Monday said US Commerce Secretary Wilbur Ross will talk to EU representatives about lowering their tariffs and other barriers to US products. Trump announced the talks on Twitter as a burgeoning trade row over new US tariffs on steel and aluminium heated up over the weekend. "Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large Tariffs and Barriers they use against the USA Not fair to our farmers and manufacturers," Trump tweeted. At a campaign rally Saturday, Trump threatened to "tax" German cars if the EU does not lower its barriers to US goods. The EU's top trade official, Cecilia Malmstroem, responded Monday by charging that trade was being used "as a weapon to threaten and intimidate us." "But we are not afraid, we will stand up to the bullies," she said. Top US and EU trade officials meeting in Brussels Saturday failed to overcome their differences, but Malmstroem said talks would continue this week.

Wilbur Ross, EU to discuss tariffs, trade barriers: Donald Trump

US&nbsp;President Donald Trump faced growing pressure on Monday from political and diplomatic allies as well as US&nbsp;companies urging him to pull back from proposed steel and aluminium tariffs, although he said he would stick to his guns.

Inside the White House, there still appeared to be confusion about the timing and extent of the planned tariffs, which would hit allies like Canada and Mexico hard. 
Efforts by Trump and US&nbsp;trade negotiators to link the NAFTA trade pact talks to the duties received short shrift from Ottawa and Mexico City.

Leading Republicans turned up the pressure on Trump, with House of Representatives Speaker Paul Ryan leading the charge. Ryan&#39;s home state of Wisconsin would be hit by proposed European counter-measures on Harley-Davidson Inc motorbikes.&nbsp;

Representative Kevin Brady, another top House Republican, called on Trump not to hit America&#39;s closest allies.

Business leaders are pressing for a meeting with Trump to brief him on the negative repercussions of the tariffs on companies that use steel and aluminium, a source familiar with the matter said.

A meeting had not yet been set up, the source said. The White House had no comment.

The planned tariffs have roiled world stock markets as investors worried about the prospect of an escalating trade war that would derail global economic growth.

Stocks across the globe rose on Monday, however, after four days in decline as investors saw the tariff threats as a US&nbsp;negotiating tactic and not a done deal and as pressure grew on Trump to back off.&nbsp;

&quot;We&#39;re not backing down,&quot; Trump said during a White House meeting with Israeli Prime Minister Benjamin Netanyahu. &quot;I don`t think you&#39;re going to have a trade war,&quot; he added, without elaborating.

Canadian Prime Minister Justin Trudeau called Trump on Monday to tell him the tariffs would be an impediment to talks on updating NAFTA, a Canadian government official said.

Canada is the single largest supplier of steel and aluminium to the United States. In the call, Trudeau &quot;forcefully defended&quot; Canadian workers and industries, said the official, describing the conversation as constructive.

Earlier comments from Trump had stoked talk of a global trade war as he described them as easy to win and issued a threat to German carmakers. One of those, BMW, runs a plant in the United States that is the largest single autos exporter in the country and has created thousands of jobs.

Most responses to Trump&#39;s proposed tariffs have been targeted. The European Union said it would hit Harleys, bourbon and jeans, iconic American products. It did not threaten to ramp up the issue.

China has been largely mum, urging caution, and both Canada and Mexico have stressed the targeted nature of any response.

Stresses inside the White House

Trump was expected to finalize the planned tariffs later in the week, although some observers familiar with the process said it could occur next week. The initial announcement by Trump last week came as a surprise.

The United States, Mexico and Canada have been holding talks over changes to the North American Free Trade Agreement, a pact that Trump has threatened to abandon.

Six months of tense talks have produced little in the way of progress and a move by Washington to link the steel and aluminium tariffs to progress on NAFTA was rebuffed by Canada and Mexico.&nbsp;

US&nbsp;Trade Representative Robert Lighthizer also attempted to drive a wedge between Canada and Mexico when he suggested the United States would be willing to hold bilateral, rather than trilateral talks. The two countries again stood firm.&nbsp;

In Washington, aides scrambled to meet Trump&rsquo;s demand for the paperwork to be completed for a formal announcement. The exact timing was unclear as the tariff documentation had to be drafted and go through a variety of reviews, a process that takes days, an administration official said.

There was always a chance that Trump &rdquo;could amend his initial announcement&rdquo; to take account of the concerns expressed about it, said a source familiar with the internal debate at the White House.

Trump&#39;s trade trail&nbsp;

Trump has frequently talked tough on trade, although his actions have not always matched his words. On his first day in office in January 2017, he withdrew from the 14-nation Trans-Pacific Partnership agreement, a deal that was dead on arrival in the U.S. Congress in any case.

He has frequently tweeted and said that he would pull out of NAFTA, which he has called a jobs killer. But a year after taking office, the 1994 deal remains intact.

Trump has approved a series of small-scale trade actions, of which the steel and aluminium duties would be a part. Taken together with actions on washing machines and solar panels, the proposed move accounts for just 4.1 percent of US&nbsp;imports. In terms of global trade, they are just 0.6 percent, investment bank Morgan Stanley said in a report.

The head of the World Trade Organization warned of a real risk of triggering an escalation of global trade barriers and a deep recession, even as financial markets and many economists started to discount the risk of a global crisis.

&quot;We must make every effort to avoid the fall of the first dominoes. There is still time,&quot; WTO Director-General Roberto Azevedo told the heads of WTO delegations at a closed-door meeting in Geneva.&nbsp;

Inside the White House, there still appeared to be confusion about the timing and extent of the planned tariffs

US President Donald Trump faced growing pressure on Monday from political and diplomatic allies as well as US companies urging him to pull back from proposed steel and aluminium tariffs, although he said he would stick to his guns. Inside the White House, there still appeared to be confusion about the timing and extent of the planned tariffs, which would hit allies like Canada and Mexico hard. Efforts by Trump and US trade negotiators to link the NAFTA trade pact talks to the duties received short shrift from Ottawa and Mexico City. Leading Republicans turned up the pressure on Trump, with House of Representatives Speaker Paul Ryan leading the charge. Ryan's home state of Wisconsin would be hit by proposed European counter-measures on Harley-Davidson Inc motorbikes. Representative Kevin Brady, another top House Republican, called on Trump not to hit America's closest allies. Business leaders are pressing for a meeting with Trump to brief him on the negative repercussions of the tariffs on companies that use steel and aluminium, a source familiar with the matter said. A meeting had not yet been set up, the source said. The White House had no comment. The planned tariffs have roiled world stock markets as investors worried about the prospect of an escalating trade war that would derail global economic growth. Stocks across the globe rose on Monday, however, after four days in decline as investors saw the tariff threats as a US negotiating tactic and not a done deal and as pressure grew on Trump to back off. "We're not backing down," Trump said during a White House meeting with Israeli Prime Minister Benjamin Netanyahu. "I don`t think you're going to have a trade war," he added, without elaborating. Canadian Prime Minister Justin Trudeau called Trump on Monday to tell him the tariffs would be an impediment to talks on updating NAFTA, a Canadian government official said. Canada is the single largest supplier of steel and aluminium to the United States. In the call, Trudeau "forcefully defended" Canadian workers and industries, said the official, describing the conversation as constructive. Earlier comments from Trump had stoked talk of a global trade war as he described them as easy to win and issued a threat to German carmakers. One of those, BMW, runs a plant in the United States that is the largest single autos exporter in the country and has created thousands of jobs. Most responses to Trump's proposed tariffs have been targeted. The European Union said it would hit Harleys, bourbon and jeans, iconic American products. It did not threaten to ramp up the issue. China has been largely mum, urging caution, and both Canada and Mexico have stressed the targeted nature of any response. Stresses inside the White House Trump was expected to finalize the planned tariffs later in the week, although some observers familiar with the process said it could occur next week. The initial announcement by Trump last week came as a surprise. The United States, Mexico and Canada have been holding talks over changes to the North American Free Trade Agreement, a pact that Trump has threatened to abandon. Six months of tense talks have produced little in the way of progress and a move by Washington to link the steel and aluminium tariffs to progress on NAFTA was rebuffed by Canada and Mexico. US Trade Representative Robert Lighthizer also attempted to drive a wedge between Canada and Mexico when he suggested the United States would be willing to hold bilateral, rather than trilateral talks. The two countries again stood firm. In Washington, aides scrambled to meet Trump’s demand for the paperwork to be completed for a formal announcement. The exact timing was unclear as the tariff documentation had to be drafted and go through a variety of reviews, a process that takes days, an administration official said. There was always a chance that Trump ”could amend his initial announcement” to take account of the concerns expressed about it, said a source familiar with the internal debate at the White House. Trump's trade trail Trump has frequently talked tough on trade, although his actions have not always matched his words. On his first day in office in January 2017, he withdrew from the 14-nation Trans-Pacific Partnership agreement, a deal that was dead on arrival in the U.S. Congress in any case. He has frequently tweeted and said that he would pull out of NAFTA, which he has called a jobs killer. But a year after taking office, the 1994 deal remains intact. Trump has approved a series of small-scale trade actions, of which the steel and aluminium duties would be a part. Taken together with actions on washing machines and solar panels, the proposed move accounts for just 4.1 percent of US imports. In terms of global trade, they are just 0.6 percent, investment bank Morgan Stanley said in a report. The head of the World Trade Organization warned of a real risk of triggering an escalation of global trade barriers and a deep recession, even as financial markets and many economists started to discount the risk of a global crisis. "We must make every effort to avoid the fall of the first dominoes. There is still time," WTO Director-General Roberto Azevedo told the heads of WTO delegations at a closed-door meeting in Geneva.

Trump faces pushback on tariffs but says he will not back down

US&nbsp;President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week.

At a meeting with US&nbsp;industry officials at the White House, Trump vowed to rebuild American steel and aluminium industries, saying they had been treaded unfairly by other countries for decades.

The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks.

An early morning tweet from Trump that said the steel and aluminium sectors needed protecting from unfair trade drove shares in domestic industries sharply higher.&nbsp;

AK Steel Holding was up 2.8 percent, US&nbsp;Steel Corp was up 2.3 percent and Nucor rose 1 percent. By contrast, industrial stocks such as Boeing fell, with traders citing tariffs, which would hit manufacturers.

The administration says duties would protect US&nbsp;industry, but critics say they would raise costs for industry and fail to deliver on a campaign pledge to boost domestic jobs.

Trump tweeted on Thursday that American steel and aluminium companies needed &quot;free, fair and smart trade&quot;. Trump has indicated he favors a duty of 24 percent on steel imports.

The administration has also cited national security interests for its action, saying the United States needs domestic supply for its tanks and warships. The Department of Defense has recommended targeted steel tariffs and a delay in aluminium duties.

Although China only accounts for two percent of US&nbsp;steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices.

China has indicated it could retaliate against US&nbsp;steel tariffs by targeting imports of US&nbsp;agricultural commodities, such as soybeans of which America is the largest supplier.&nbsp;

Trade tensions between the United States and China have risen since Trump took office in 2017 and the administration is also pushing on what it regards as forced technology transfers to China.&nbsp;

Shares of Asian steel producers such as South Korea&#39;s POSCO and Nippon Steel fell overnight.

Few more jons from tariffs

While American steelmakers have lost three quarters of their jobs between 1962 and 2005, a major study by the American Economic Association showed that much of this had been due to improved production technology as output per worker rose fivefold.

&quot;Thus, even if trade protection leads to increased domestic production, increases in employment may be far less than many hope,&quot; a report from the highly-regarded independent Econofact economist network said last week.

Consumers of steel and aluminium have lobbied hard against the tariffs. Econofact said in its report that two million jobs were in industries that use steel &quot;intensively&quot;, including auto parts, household appliances, farm machinery and oil equipment.

Jobs in the consuming industries are concentrated in California, Texas, the Northeastern and Midwestern states that comprise the rust belt and states in the Southeast.

&quot;Across many states, the number of jobs adversely affected in these steel-using industries could far exceed any steel jobs saved,&quot; Econofact warned.

&quot;Past experience also shows that unilateral action like Section 232 tariffs will invite retaliation &mdash; the Bush-era steel tariffs led many countries to target politically sensitive US&nbsp;exports like Florida oranges and North Carolina textiles.&quot; 
&nbsp;

The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks

US President Donald Trump said on Thursday the United States would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week. At a meeting with US industry officials at the White House, Trump vowed to rebuild American steel and aluminium industries, saying they had been treaded unfairly by other countries for decades. The move is likely to increase tensions with China, whose top trade official Lui He is in Washington for trade talks. An early morning tweet from Trump that said the steel and aluminium sectors needed protecting from unfair trade drove shares in domestic industries sharply higher. AK Steel Holding was up 2.8 percent, US Steel Corp was up 2.3 percent and Nucor rose 1 percent. By contrast, industrial stocks such as Boeing fell, with traders citing tariffs, which would hit manufacturers. The administration says duties would protect US industry, but critics say they would raise costs for industry and fail to deliver on a campaign pledge to boost domestic jobs. Trump tweeted on Thursday that American steel and aluminium companies needed "free, fair and smart trade". Trump has indicated he favors a duty of 24 percent on steel imports. The administration has also cited national security interests for its action, saying the United States needs domestic supply for its tanks and warships. The Department of Defense has recommended targeted steel tariffs and a delay in aluminium duties. Although China only accounts for two percent of US steel imports, its massive industry expansion has helped produce a global glut of steel that has driven down prices. China has indicated it could retaliate against US steel tariffs by targeting imports of US agricultural commodities, such as soybeans of which America is the largest supplier. Trade tensions between the United States and China have risen since Trump took office in 2017 and the administration is also pushing on what it regards as forced technology transfers to China. Shares of Asian steel producers such as South Korea's POSCO and Nippon Steel fell overnight. Few more jons from tariffs While American steelmakers have lost three quarters of their jobs between 1962 and 2005, a major study by the American Economic Association showed that much of this had been due to improved production technology as output per worker rose fivefold. "Thus, even if trade protection leads to increased domestic production, increases in employment may be far less than many hope," a report from the highly-regarded independent Econofact economist network said last week. Consumers of steel and aluminium have lobbied hard against the tariffs. Econofact said in its report that two million jobs were in industries that use steel "intensively", including auto parts, household appliances, farm machinery and oil equipment. Jobs in the consuming industries are concentrated in California, Texas, the Northeastern and Midwestern states that comprise the rust belt and states in the Southeast. "Across many states, the number of jobs adversely affected in these steel-using industries could far exceed any steel jobs saved," Econofact warned. "Past experience also shows that unilateral action like Section 232 tariffs will invite retaliation — the Bush-era steel tariffs led many countries to target politically sensitive US exports like Florida oranges and North Carolina textiles."

US to impose tariffs on steel, aluminium imports

US businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi&#39;s move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade.

Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple Inc is concerned its iPhones have become even more expensive in the price-conscious $10 billion smartphone market.

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/eNDuo3eS5zs" width="560"></iframe>

India and the United States have built close political ties and Prime Minister Narendra Modi was in Washington last summer, bear-hugging President Donald Trump in his personalised style of diplomacy. But trade friction is casting a shadow.

A US State Department spokesperson told Reuters India must lower trade barriers, which were holding back economic ties.

Trump has already called out India for its duties on Harley-Davidson motorbikes, and this month Modi ordered them cut to 50 percent from 75 percent for high-end bikes.

But that has not satisfied Trump, who pointed to zero duties for Indian bikes sold in the United States, saying he would push for a &quot;reciprocal tax&quot; against countries, including U.S. allies, that levy tariffs on American products.

&quot;It is important that India make greater efforts to lower barriers to trade, including tariff and non-tariff barriers, which will lower prices to consumers, promote development of value chains in India,&quot; said the State Department spokesperson, referring to Trump&#39;s comments on motorbikes.

The U.S. Congress has been pushing over the past year for greater pressure on India to dismantle economic barriers, and now House Republicans have raised the issue of the new round of duties with New Delhi.

&quot;We conveyed our concerns to the Indian government last week to raising tariffs above WTO rates &ndash; especially as it relates to information technology,&quot; a Republican aide told Reuters.

Import Taxes

India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget this month. These included goods as varied as sunglasses, juices and auto components.

India says the move is aimed at giving local industry the chance to grow and is part of a broader plan to lift the share manufacturing makes up of GDP to a quarter, from around 15 percent, and create the tens of thousands of jobs needed for a young workforce.

US&nbsp;commerce department referred questions to the US&nbsp;Trade Representative&#39;s (USTR) office, where a spokesman declined to comment.

The Indian commerce ministry did not respond to a request for a comment on the US&nbsp;criticism of the import taxes.

But a senior finance ministry official defended the decision to raise duties, saying it reflected a trend in other parts of the world.

&quot;When all the major economies, including the U.S. and China, are following protectionist policies, why are we being questioned,&quot; the official said.

Trade Ties

Bilateral trade between India and the United States has grown to about $115 billion in 2016 from $20 billion in 2001. The United States buys close to a fifth of India&#39;s goods and services exports and its trade deficit has widened from $13 billion in 2006 to $31 billion in 2016.

The USTR&#39;s office is &quot;fairly negative&quot; on India at this point and is analysing the impact of the customs trade tariffs on various American companies, an industry source aware of the matter told Reuters.

&quot;They are more vigilant than earlier, they are in bulldog mode under Trump,&quot; the source said. A spokesperson for the USTR&#39;s office declined to comment.

Even before the new round of hikes, India has been seen as one of the most protected major economies. The United States had an average tariff rate of 3.4 percent on imported goods in 2016. compared with 13.5 percent for India, according to the World Trade Organisation (WTO).

China, which the Trump administration is targeting for its trade practices, had an average tariff rate of 9.9 percent that year.

Apple, whose top-end iPhone costs nearly $1,700 after the company raised prices twice in recent months due to higher duties, is in talks with other firms on whether the issue could be raised at the WTO, an industry source said.

Apple did not respond to a Reuters request for comment.

Ford and European carmaker Volkswagen have written to Indian Finance Minister Arun Jaitley saying&nbsp;the new tariffs are going to hurt the auto sector and should be reviewed, sources said.

Anurag Mehrotra, Ford India&#39;s managing director, said the company has invested $2 billion in the country and the government&#39;s move would hit the automobile sector.

&quot;Like many, we also see it as the return of protectionism,&quot; Mehrotra told Reuters, adding he expected car prices to rise up to 4 percent due to new duties.

Andreas Lauermann, the head of Volkswagen&#39;s India unit said it &quot;remains a challenge to invest further&quot; because of sudden tax hikes. 
&nbsp;

India and the United States have built close political ties. But trade friction is casting a shadow.

US businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi's move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade. Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple Inc is concerned its iPhones have become even more expensive in the price-conscious $10 billion smartphone market. India and the United States have built close political ties and Prime Minister Narendra Modi was in Washington last summer, bear-hugging President Donald Trump in his personalised style of diplomacy. But trade friction is casting a shadow. A US State Department spokesperson told Reuters India must lower trade barriers, which were holding back economic ties. Trump has already called out India for its duties on Harley-Davidson motorbikes, and this month Modi ordered them cut to 50 percent from 75 percent for high-end bikes. But that has not satisfied Trump, who pointed to zero duties for Indian bikes sold in the United States, saying he would push for a "reciprocal tax" against countries, including U.S. allies, that levy tariffs on American products. "It is important that India make greater efforts to lower barriers to trade, including tariff and non-tariff barriers, which will lower prices to consumers, promote development of value chains in India," said the State Department spokesperson, referring to Trump's comments on motorbikes. The U.S. Congress has been pushing over the past year for greater pressure on India to dismantle economic barriers, and now House Republicans have raised the issue of the new round of duties with New Delhi. "We conveyed our concerns to the Indian government last week to raising tariffs above WTO rates – especially as it relates to information technology," a Republican aide told Reuters. Import Taxes India announced higher import tax on electronics products such as mobile phones and television sets in December, and then on 40 more items in the budget this month. These included goods as varied as sunglasses, juices and auto components. India says the move is aimed at giving local industry the chance to grow and is part of a broader plan to lift the share manufacturing makes up of GDP to a quarter, from around 15 percent, and create the tens of thousands of jobs needed for a young workforce. US commerce department referred questions to the US Trade Representative's (USTR) office, where a spokesman declined to comment. The Indian commerce ministry did not respond to a request for a comment on the US criticism of the import taxes. But a senior finance ministry official defended the decision to raise duties, saying it reflected a trend in other parts of the world. "When all the major economies, including the U.S. and China, are following protectionist policies, why are we being questioned," the official said. Trade Ties Bilateral trade between India and the United States has grown to about $115 billion in 2016 from $20 billion in 2001. The United States buys close to a fifth of India's goods and services exports and its trade deficit has widened from $13 billion in 2006 to $31 billion in 2016. The USTR's office is "fairly negative" on India at this point and is analysing the impact of the customs trade tariffs on various American companies, an industry source aware of the matter told Reuters. "They are more vigilant than earlier, they are in bulldog mode under Trump," the source said. A spokesperson for the USTR's office declined to comment. Even before the new round of hikes, India has been seen as one of the most protected major economies. The United States had an average tariff rate of 3.4 percent on imported goods in 2016. compared with 13.5 percent for India, according to the World Trade Organisation (WTO). China, which the Trump administration is targeting for its trade practices, had an average tariff rate of 9.9 percent that year. Apple, whose top-end iPhone costs nearly $1,700 after the company raised prices twice in recent months due to higher duties, is in talks with other firms on whether the issue could be raised at the WTO, an industry source said. Apple did not respond to a Reuters request for comment. Ford and European carmaker Volkswagen have written to Indian Finance Minister Arun Jaitley saying the new tariffs are going to hurt the auto sector and should be reviewed, sources said. Anurag Mehrotra, Ford India's managing director, said the company has invested $2 billion in the country and the government's move would hit the automobile sector. "Like many, we also see it as the return of protectionism," Mehrotra told Reuters, adding he expected car prices to rise up to 4 percent due to new duties. Andreas Lauermann, the head of Volkswagen's India unit said it "remains a challenge to invest further" because of sudden tax hikes.

US tells India to cut tariffs as trade friction heats up

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales.&nbsp; 
 
India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers.&nbsp; 
 
The gambit to protect India&#39;s domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets.&nbsp; 
 
The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India&#39;s shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports.&nbsp; 
 
&quot;My input cost is 40 per cent higher than other nations. How will my finished product compete?&quot; Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs.&nbsp; 
 
Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter.&nbsp; 
 
Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. 
 
Also hanging over India&#39;s steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. 
 
 
Cold-roll steel mills shut down 
 
Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. 
 
Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again.&nbsp; 
 
Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue.&nbsp; 
 
India&#39;s indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place.&nbsp;By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices.&nbsp; 
 
But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses.&nbsp; 
 
About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. 
 
&quot;Others are operating at 40-50 per cent of capacity and incurring losses.&quot;&nbsp; 
 
 
Not just India vs China 
 
China, the world&#39;s largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity.&nbsp; 
 
India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. 
 
India, the world&#39;s third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016.&nbsp;It imported about 11 million tonnes that year, according to the steel ministry&#39;s Joint Plant Committee (JPC), with China supplying around 47 per cent.&nbsp; 
 
(Reuters)

A price policy to protect Indian markets from cheap imports are affecting cold-roll steel mills

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales. India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers. The gambit to protect India's domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets. The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India's shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports. "My input cost is 40 per cent higher than other nations. How will my finished product compete?" Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs. Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter. Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. Also hanging over India's steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. Cold-roll steel mills shut down Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again. Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue. India's indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place. By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices. But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses. About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. "Others are operating at 40-50 per cent of capacity and incurring losses." Not just India vs China China, the world's largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity. India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. India, the world's third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016. It imported about 11 million tonnes that year, according to the steel ministry's Joint Plant Committee (JPC), with China supplying around 47 per cent. (Reuters)

India's anti-China steel tariffs harm engineering, manufacturing firms

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