Forty-four members of the US Congress have urged President Donald Trump's trade representative to restore trade concessions to India, saying the withdrawal of the privilege had led to retaliatory tariffs from New Delhi which were hurting US industry.

In June, the United States ended its preferential trade treatment for India, removing it from the Generalized System of Preferences (GSP) programme that allowed duty-free entry for up to $5.6 billion worth of its annual exports to the United States.

The elimination of GSP brought higher retaliatory tariffs from New Delhi on 28 US products including almonds, apples and walnuts.

In the letter addressed to United State Trade Representative Robert Lighthizer and dated September 17, the members of Congress said, "Just as US industries are harmed by lack of fair and reciprocal access to India's market, American companies and workers also are harmed by new tariffs due to the GSP termination."

A lot of American jobs depend on the trade between India and the United States, the US lawmakers said in the letter seen by Reuters.

The letter comes days ahead of a meeting between Trump and Indian Prime Minister Narendra Modi.

After the Trump administration’s decision to remove trade privileges from Indian products under the GSP, US and Indian trade negotiators met in July. But they failed to make any major progress on the issue of tariffs and other protectionist measures imposed by both sides.

The two sides had resumed trade talks after Trump and Modi met on the sidelines of the G20 summit in June and agreed to seek to deepen the two countries’ relationship.

Other than seeking the rollback of Indian tariffs imposed on agricultural products like almonds and apples, Washington has also expressed its concerns over India’s tightening of regulations that have undermined major US e-commerce companies like Walmart’s Flipkart and Amazon.

India is by far the largest buyer of US almonds, paying $543 million for more than half of US almond exports in 2018, according to US Department of Agriculture. It is the second-largest buyer of US apples, taking $156 million worth in 2018.

On September 22, Trump, who has repeatedly called out India for its high tariffs, will travel to Houston, Texas, to participate in an event with Modi and to "discuss ways to deepen their energy and trade relationship."

Modi will visit Houston to participate in an event called "Howdy Modi! Shared Dreams, Bright Futures," at the NRG Stadium which is expected to draw tens of thousands of people.

Forty-four members of the US Congress have urged President Donald Trump's trade representative to restore trade concessions to India, saying the withdrawal of the privilege had led to retaliatory tariffs from New Delhi which were hurting US industry.

Forty-four members of the US Congress have urged President Donald Trump's trade representative to restore trade concessions to India, saying the withdrawal of the privilege had led to retaliatory tariffs from New Delhi which were hurting US industry. In June, the United States ended its preferential trade treatment for India, removing it from the Generalized System of Preferences (GSP) programme that allowed duty-free entry for up to $5.6 billion worth of its annual exports to the United States. The elimination of GSP brought higher retaliatory tariffs from New Delhi on 28 US products including almonds, apples and walnuts. In the letter addressed to United State Trade Representative Robert Lighthizer and dated September 17, the members of Congress said, "Just as US industries are harmed by lack of fair and reciprocal access to India's market, American companies and workers also are harmed by new tariffs due to the GSP termination." A lot of American jobs depend on the trade between India and the United States, the US lawmakers said in the letter seen by Reuters. The letter comes days ahead of a meeting between Trump and Indian Prime Minister Narendra Modi. After the Trump administration’s decision to remove trade privileges from Indian products under the GSP, US and Indian trade negotiators met in July. But they failed to make any major progress on the issue of tariffs and other protectionist measures imposed by both sides. The two sides had resumed trade talks after Trump and Modi met on the sidelines of the G20 summit in June and agreed to seek to deepen the two countries’ relationship. Other than seeking the rollback of Indian tariffs imposed on agricultural products like almonds and apples, Washington has also expressed its concerns over India’s tightening of regulations that have undermined major US e-commerce companies like Walmart’s Flipkart and Amazon. India is by far the largest buyer of US almonds, paying $543 million for more than half of US almond exports in 2018, according to US Department of Agriculture. It is the second-largest buyer of US apples, taking $156 million worth in 2018. On September 22, Trump, who has repeatedly called out India for its high tariffs, will travel to Houston, Texas, to participate in an event with Modi and to "discuss ways to deepen their energy and trade relationship." Modi will visit Houston to participate in an event called "Howdy Modi! Shared Dreams, Bright Futures," at the NRG Stadium which is expected to draw tens of thousands of people.

US lawmakers urge Trump administration to restore India's trade privileges

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by OPEC and its allies, a producer alliance known as OPEC+, to limit supplies. The deal runs until March.

"In order to avoid a price slide and a massive inventory build, OPEC+ would need to implement further voluntary production cuts," said Eugen Weinberg, analyst at Commerzbank.

"The challenge facing OPEC+ is thus likely to become even bigger next year, maintaining the pressure on the oil price."

Benchmark Brent crude was down 20 cents at $60.18 a barrel by 0955 GMT, while<a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182"> US</a> West Texas Intermediate fell 27 cents to $54.82.

Hopes of progress in the US-China trade dispute lent support. The world's two largest economies are preparing for a new round of talks aimed at curbing the spat and have been making conciliatory gestures, cheering investors.

"Both sides have made further displays of goodwill," said Stephen Brennock of broker PVM. "The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term."

Brent has traded in a range of nearly $5 this week and is heading for its first weekly loss in five weeks. The US benchmark, similarly volatile, was on track for the first weekly drop in three weeks.

Brent is up 12 per cent in 2019, helped by the deal between the Organization of the Petroleum Exporting Countries and allies including Russia to cut output by 1.2 million barrels per day.

The producers are trying to stop inventories from building up and, in a sign, the plan is bearing fruit, US crude oil stocks fell last week to the lowest in nearly a year.

An OPEC+ monitoring committee met this week and secured pledges from<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741"> OPEC </a>members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply curbs.

Some OPEC delegates say the idea of a larger cut for next year is gaining support. But Saudi Arabia's new energy minister said talks on that issue would be left until the next OPEC+ meeting in December.

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute. OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by OPEC and its allies, a producer alliance known as OPEC+, to limit supplies. The deal runs until March. "In order to avoid a price slide and a massive inventory build, OPEC+ would need to implement further voluntary production cuts," said Eugen Weinberg, analyst at Commerzbank. "The challenge facing OPEC+ is thus likely to become even bigger next year, maintaining the pressure on the oil price." Benchmark Brent crude was down 20 cents at $60.18 a barrel by 0955 GMT, while US West Texas Intermediate fell 27 cents to $54.82. Hopes of progress in the US-China trade dispute lent support. The world's two largest economies are preparing for a new round of talks aimed at curbing the spat and have been making conciliatory gestures, cheering investors. "Both sides have made further displays of goodwill," said Stephen Brennock of broker PVM. "The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term." Brent has traded in a range of nearly $5 this week and is heading for its first weekly loss in five weeks. The US benchmark, similarly volatile, was on track for the first weekly drop in three weeks. Brent is up 12 per cent in 2019, helped by the deal between the Organization of the Petroleum Exporting Countries and allies including Russia to cut output by 1.2 million barrels per day. The producers are trying to stop inventories from building up and, in a sign, the plan is bearing fruit, US crude oil stocks fell last week to the lowest in nearly a year. An OPEC+ monitoring committee met this week and secured pledges from OPEC members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply curbs. Some OPEC delegates say the idea of a larger cut for next year is gaining support. But Saudi Arabia's new energy minister said talks on that issue would be left until the next OPEC+ meeting in December.

Oil slips towards $60 on demand worries, despite trade hopes

Pakistan has restored partial trade with India. It has removed its self-imposed trade bans. Watch this video to know more.

Pakistan restores partial trade with India

Washington's attempt to politicize the China-U.S. trade issue by interfering in China's domestic affairs is not helping to resolve the dispute, as Beijing has said time and again that it won't budge on an issue of principle, according to a China Media Group (CMG) commentary published on Tuesday.

Politicizing China-U.S. trade issue won't help resolve dispute

President Donald Trump's decision to slap 10% tariffs on imported surfboards convinced surf executive Sue Bowers to move factory jobs out of China - but not back to the United States, which was one goal of Trump's tariffs.

U.S. surfboard makers not so stoked about China tariffs

Britain and the United States are discussing a partial trade accord that could take effect on November 1, the day after Britain is due to leave the European Union, a senior Trump administration official said on Tuesday.

During a visit to London, US national security adviser John Bolton discussed with British trade minister Liz Truss the possibility of the two countries` leaders signing a road map declaration towards a trade deal.&nbsp;That could take place at this month`s G7 summit meeting in France, the official said.&nbsp;

Bolton and British finance minister Sajid Javid discussed the possibility of a temporary trade agreement that covered all sectors. Such a deal could last for something like six months, the official told reporters.&nbsp;

Britain is due to leave the European Union on October 31 and Prime Minister Boris Johnson has said he is prepared to take the country out of the bloc without a deal although he hopes to secure an orderly departure with an agreement.&nbsp;

The current impasse with the EU leaves Britain facing an exit without any formal transition period or legal agreement covering issues such as trade, data transfers and border policy, prompting some businesses to warn of damage to their operations.

During a two-day visit, Bolton told British Prime Minister Boris Johnson that President Donald Trump wanted to see a successful British exit from the European Union on October 31 and that Washington would be ready to work fast on a US-UK free trade agreement.

Bolton, who has now left Britain, was seeking an improved US-British relationship with Johnson after sometimes tense ties between Trump and Johnson`s predecessor, Theresa May.

A wide-ranging trade deal with the United States, seen as Britain`s closest ally, is a much-cherished prize for Brexit supporters, who hope to show the opportunities for Britain outside of the 28-member bloc and could help cushion any disruption to trade with European neighbours.&nbsp;

However, thorny issues remain over differing farming standards between the two countries and many politicians in Britain are opposed to increased involvement of US pharmaceutical firms in the state-run National Health Service.&nbsp;

Despite that, as Britain prepares to leave the European Union, its biggest geopolitical shift since World War Two, many diplomats expect London to become increasingly reliant on the United States.

Britain and the United States are discussing a partial trade accord that could take effect on November 1, the day after Britain is due to leave the European Union, a senior Trump administration official said on Tuesday.

Britain and the United States are discussing a partial trade accord that could take effect on November 1, the day after Britain is due to leave the European Union, a senior Trump administration official said on Tuesday. During a visit to London, US national security adviser John Bolton discussed with British trade minister Liz Truss the possibility of the two countries` leaders signing a road map declaration towards a trade deal. That could take place at this month`s G7 summit meeting in France, the official said. Bolton and British finance minister Sajid Javid discussed the possibility of a temporary trade agreement that covered all sectors. Such a deal could last for something like six months, the official told reporters. Britain is due to leave the European Union on October 31 and Prime Minister Boris Johnson has said he is prepared to take the country out of the bloc without a deal although he hopes to secure an orderly departure with an agreement. The current impasse with the EU leaves Britain facing an exit without any formal transition period or legal agreement covering issues such as trade, data transfers and border policy, prompting some businesses to warn of damage to their operations. During a two-day visit, Bolton told British Prime Minister Boris Johnson that President Donald Trump wanted to see a successful British exit from the European Union on October 31 and that Washington would be ready to work fast on a US-UK free trade agreement. Bolton, who has now left Britain, was seeking an improved US-British relationship with Johnson after sometimes tense ties between Trump and Johnson`s predecessor, Theresa May. A wide-ranging trade deal with the United States, seen as Britain`s closest ally, is a much-cherished prize for Brexit supporters, who hope to show the opportunities for Britain outside of the 28-member bloc and could help cushion any disruption to trade with European neighbours. However, thorny issues remain over differing farming standards between the two countries and many politicians in Britain are opposed to increased involvement of US pharmaceutical firms in the state-run National Health Service. Despite that, as Britain prepares to leave the European Union, its biggest geopolitical shift since World War Two, many diplomats expect London to become increasingly reliant on the United States.

US and Britain discuss trade deal that could take effect on November 1

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again.

The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent.

In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October.

"Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

"Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings."

US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency.

At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&amp;P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62.

Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&amp;P sectors this week.

Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets.

DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy. Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again. The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent. In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October. "Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. "Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings." US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency. At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62. Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&P sectors this week. Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets. DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast. Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

Wall Street slips as Huawei report adds to trade concerns

China's new U.N. ambassador warned on Friday (August 2) that if the United States wanted to fight China on trade "then we will fight," and signaled that trade tensions could hurt cooperation between the countries on dealing with North Korea. U.S. President Donald Trump vowed on Thursday (August 1) to slap a 10% tariff on $300 billion of Chinese imports from next month, sharply escalating a trade dispute between the world's biggest economies. In unusually blunt remarks for a United Nations' diplomat from China, Zhang Jun described Trump's move as "an irrational, irresponsible act" and urged Washington to "come back to the right track." He also said Beijing was prepared to take countermeasures.

China's new U.N. envoy: Beijing ready to fight U.S. on trade

<a href="https://www.wionews.com/world/no-sense-for-us-to-exercise-maximum-pressure-says-china-as-trade-meeting-ends-239682">US and Chinese trade negotiators</a> agreed to meet again in the United States in September after holding "frank, highly efficient and constructive" talks in Shanghai on Wednesday, state media said.

US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer met with Vice Premier Liu He in the Chinese financial hub for the first face-to-face negotiations since a trade war truce was declared last month.

"The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," according to the official Xinhua news agency.

Negotiators also discussed "the issue of China increasing its purchases of US agricultural products according to its domestic needs" and the US creating "favourable conditions for these purchases", Xinhua said.

Shortly after the US negotiators arrived in Shanghai on Tuesday, US President Donald Trump lambasted China on Twitter, accusing Beijing of not buying agricultural products as it was supposed to do.

Trump also warned China against waiting until the November 2020 US presidential election to make a deal because "if &amp; when I win, the deal that they get will be much tougher than what we are negotiating now ... or no deal at all".

US and Chinese trade negotiators agreed to meet again in the United States in September after holding "frank, highly efficient and constructive" talks in Shanghai on Wednesday, state media said.

US and Chinese trade negotiators agreed to meet again in the United States in September after holding "frank, highly efficient and constructive" talks in Shanghai on Wednesday, state media said. US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer met with Vice Premier Liu He in the Chinese financial hub for the first face-to-face negotiations since a trade war truce was declared last month. "The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," according to the official Xinhua news agency. Negotiators also discussed "the issue of China increasing its purchases of US agricultural products according to its domestic needs" and the US creating "favourable conditions for these purchases", Xinhua said. Shortly after the US negotiators arrived in Shanghai on Tuesday, US President Donald Trump lambasted China on Twitter, accusing Beijing of not buying agricultural products as it was supposed to do. Trump also warned China against waiting until the November 2020 US presidential election to make a deal because "if & when I win, the deal that they get will be much tougher than what we are negotiating now ... or no deal at all".

US, Chinese trade negotiators to meet again in September: Report

Japanese Trade Minister Hiroshige Seko said on Tuesday it was "regrettable" that the South Korean government had made what he said was an erroneous explanation after the two sides sat down for a working-level meeting over Japan's export controls.

The feud between the two deepened over the weekend when they contested accounts of a frosty meeting last week on the dispute, which could threaten global supplies of microchips and smartphone displays.

Tokyo lodged a protest against Seoul, saying it had broken an agreement on what the two sides would disclose from the Friday discussions on Japan's curbs of exports to Korea of some materials used to make high-tech equipment, a Japanese trade ministry official said at the weekend.

Japan's Ministry of Economy, Trade and Industry (METI) also disputed a Korean official's statement that Seoul had asked Japan on Friday to withdraw the restrictions.

But a Korean trade ministry official shot back that Seoul had "clearly demanded Japan withdraw its trade restrictions at yesterday’s meeting, and there should be no disagreement over that matter with <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/more-acrimony-in-japan-south-korea-row-as-tokyo-lodges-protest-235529&amp;sa=U&amp;ved=2ahUKEwipm7SR97jjAhVK-2EKHV0YAdcQFjABegQIEBAC&amp;usg=AOvVaw2ep2wU2z8egmK_dl6grAZj">Japan</a>."

He told Reuters the two sides had discussed what they would disclose but that there was no agreement.

At a regular briefing on Tuesday, Seko disputed that claim, saying the officials had spent about an hour towards the end of the five-hour meeting to discuss and agree on what to disclose to media.

Japan recently tightened restrictions on the export of three materials used in high-tech equipment, citing what it has called "inadequate management" of sensitive items exported to <a href="https://www.wionews.com/business-economy/calls-for-boycott-of-japan-grow-in-south-korea-as-diplomatic-row-simmers-233755">South Korea</a>, as well as a lack of consultations about export controls.

But the dispute also appears to be rooted in a decades-old wartime disagreement. It comes amid deep frustration in Japan over what Tokyo sees as Seoul's failure to act in response to a South Korean court ruling ordering a Japanese company to compensate former forced labourers from the Second World War.

Seko repeated Japan's stance that its latest move - taken for reasons of national security - fell under the jurisdiction of individual countries and did not require checks from international bodies.

"The claim that (our latest steps) go against free trade ... is completely unfounded. If the topic is raised at the World Trade Organisation's (WTO) general council, we will firmly explain Japan's stance," Seko said.

Japanese Trade Minister Hiroshige Seko said on Tuesday it was "regrettable" that the South Korean government had made what he said was an erroneous explanation after the two sides sat down for a working-level meeting over Japan's export controls.

Japanese Trade Minister Hiroshige Seko said on Tuesday it was "regrettable" that the South Korean government had made what he said was an erroneous explanation after the two sides sat down for a working-level meeting over Japan's export controls. The feud between the two deepened over the weekend when they contested accounts of a frosty meeting last week on the dispute, which could threaten global supplies of microchips and smartphone displays. Tokyo lodged a protest against Seoul, saying it had broken an agreement on what the two sides would disclose from the Friday discussions on Japan's curbs of exports to Korea of some materials used to make high-tech equipment, a Japanese trade ministry official said at the weekend. Japan's Ministry of Economy, Trade and Industry (METI) also disputed a Korean official's statement that Seoul had asked Japan on Friday to withdraw the restrictions. But a Korean trade ministry official shot back that Seoul had "clearly demanded Japan withdraw its trade restrictions at yesterday’s meeting, and there should be no disagreement over that matter with Japan." He told Reuters the two sides had discussed what they would disclose but that there was no agreement. At a regular briefing on Tuesday, Seko disputed that claim, saying the officials had spent about an hour towards the end of the five-hour meeting to discuss and agree on what to disclose to media. Japan recently tightened restrictions on the export of three materials used in high-tech equipment, citing what it has called "inadequate management" of sensitive items exported to South Korea, as well as a lack of consultations about export controls. But the dispute also appears to be rooted in a decades-old wartime disagreement. It comes amid deep frustration in Japan over what Tokyo sees as Seoul's failure to act in response to a South Korean court ruling ordering a Japanese company to compensate former forced labourers from the Second World War. Seko repeated Japan's stance that its latest move - taken for reasons of national security - fell under the jurisdiction of individual countries and did not require checks from international bodies. "The claim that (our latest steps) go against free trade ... is completely unfounded. If the topic is raised at the World Trade Organisation's (WTO) general council, we will firmly explain Japan's stance," Seko said.

Japan trade minister blasts South Korea for 'mistaken' explanation after bilateral meeting

India and the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/us-house-approves-funding-for-911-responders-sends-to-senate-235437&amp;sa=U&amp;ved=2ahUKEwjgxpv2obHjAhUPM94KHZUaDYEQFjACegQIDxAC&amp;usg=AOvVaw3wIt_wFvreSEVxiI2ONNYP">United States</a> on Friday held a detailed discussion on a range of trade issues with an aim to strengthen bilateral economic relations, the Ministry of Commerce and Industry said on Friday.

"Both sides discussed the broad contours of bilateral <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/videos/sources-no-breakthrough-in-india-us-trade-talks-235423&amp;sa=U&amp;ved=2ahUKEwjqrbbCorHjAhUHFogKHetjA4wQFjACegQIDxAC&amp;usg=AOvVaw2_tIqXrtuG3Q87eZVAoarr">trade</a> and commercial ties and agreed to continue their discussions for achieving mutually beneficial outcomes aimed at further growing the economic relationship and addressing mutual trade concerns," a statement by the ministry read.

The US delegations headed by Assistant USTR for India Christopher Wilson reached New Delhi on Thursday for a meeting with senior officials of the Commerce and Industry Ministry.

This was the first engagement between the two sides on trade issues after <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/pm-modi-asks-mps-to-take-150-kilometres-march-on-gandhi-jayanti-234213&amp;sa=U&amp;ved=2ahUKEwiSkpPuorHjAhXOFIgKHbjbD5Y4ChAWMAN6BAgOEAI&amp;usg=AOvVaw2eZNfoZwSSLRzY_M0LRRBZ">Prime Minister Narendra Modi</a> met with <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/donald-trump-backs-down-on-including-citizenship-question-in-2020-census-235152&amp;sa=U&amp;ved=2ahUKEwjc6PDFo7HjAhW7yYsBHbFuBd84ChAWMAN6BAgKEAI&amp;usg=AOvVaw2HfrX-LYPoBfosTC2LcCAw">US President Donald</a> Trump in Osaka on the sidelines of G20 Summit last month.

The statement added that the meeting was "aimed at providing a new impetus to bilateral trade and commercial ties, in line with the mandate" given by Modi and Trump during the bilateral at Osaka.

Trump has repeatedly raised the issue of India putting high import duties on American products.

&nbsp;The trade tensions between the two nations escalated on June 5 when Washington rolled back the privileges that New Delhi was enjoying under their GSP or Generalised System of Preferences programme.

The GSP, implemented since 1974, is the largest and oldest US trade-preference scheme and it allows duty-free imports for thousands of products from designated beneficiary countries.

On its part, India had imposed retaliatory tariffs on 25 American goods, less than two weeks after the Trump administration announced an end to the preferential trade treatment for India.

India on Thursday said that it seeks very constructive and positive engagement with the US counterparts.&nbsp;

India and the United States on Friday held a detailed discussion on a range of trade issues with an aim to strengthen bilateral economic relations, the Ministry of Commerce and Industry said on Friday.

India and the United States on Friday held a detailed discussion on a range of trade issues with an aim to strengthen bilateral economic relations, the Ministry of Commerce and Industry said on Friday. "Both sides discussed the broad contours of bilateral trade and commercial ties and agreed to continue their discussions for achieving mutually beneficial outcomes aimed at further growing the economic relationship and addressing mutual trade concerns," a statement by the ministry read. The US delegations headed by Assistant USTR for India Christopher Wilson reached New Delhi on Thursday for a meeting with senior officials of the Commerce and Industry Ministry. This was the first engagement between the two sides on trade issues after Prime Minister Narendra Modi met with US President Donald Trump in Osaka on the sidelines of G20 Summit last month. The statement added that the meeting was "aimed at providing a new impetus to bilateral trade and commercial ties, in line with the mandate" given by Modi and Trump during the bilateral at Osaka. Trump has repeatedly raised the issue of India putting high import duties on American products. The trade tensions between the two nations escalated on June 5 when Washington rolled back the privileges that New Delhi was enjoying under their GSP or Generalised System of Preferences programme. The GSP, implemented since 1974, is the largest and oldest US trade-preference scheme and it allows duty-free imports for thousands of products from designated beneficiary countries. On its part, India had imposed retaliatory tariffs on 25 American goods, less than two weeks after the Trump administration announced an end to the preferential trade treatment for India. India on Thursday said that it seeks very constructive and positive engagement with the US counterparts.

India, United States discuss broad contours of bilateral trade and commercial ties

A row between <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/calls-for-boycott-of-japan-grow-in-south-korea-as-diplomatic-row-simmers-233755&amp;sa=U&amp;ved=2ahUKEwjkh4bL67HjAhWQOnAKHdK0CDwQFjAHegQIBBAC&amp;usg=AOvVaw1rNFlubgai0uu1K36l6Dq6">Japan and South Korea</a> escalated on Saturday, with contested accounts of a frosty meeting the day before that had failed to make progress on a dispute that could threaten global supplies of microchips and smartphone displays.

Tokyo lodged a protest against Seoul, saying it had broken an agreement on what the two sides would disclose from the Friday discussions on Japan's curbs of exports to Korea of some materials used to make high-tech equipment, said Japanese trade ministry official Jun Iwamatsu.

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/japan-restricts-chip-smartphone-materials-exports-to-south-korea-231877&amp;sa=U&amp;ved=2ahUKEwjl1rby67HjAhWGFYgKHYb8B_QQFjAAegQIARAC&amp;usg=AOvVaw29aGx03LnTm9o7nxEPuTA6">Japan's Ministry of Economy, Trade, and Industry (METI)</a> also disputed a Korean official's statement that Seoul had asked Japan on Friday to withdraw the restrictions.

But a Korean trade ministry official shot back that Seoul had "clearly demanded Japan withdraw its trade restrictions at yesterday’s meeting, and there should be no disagreement over that matter with Japan."

He told Reuters the two sides had discussed what they would disclose but that there was no agreement.

"I am frustrated," said the Korean official, who declined to be named due to the sensitivity of the matter.

Japan recently tightened restrictions on the export of three materials used in high-tech equipment, citing what it has called "inadequate management" of sensitive items exported to South Korea, as well as a lack of consultations about export controls.

But the dispute also appears to be rooted in a decades-old wartime disagreement. It comes amid deep frustration in Japan over what Tokyo sees as Seoul's failure to act in response to a South Korean court ruling ordering a Japanese company to compensate former forced labourers from the Second World War.

In the Friday talks, South Korean officials expressed regret over Japan's export restrictions and asked Tokyo to remove them, participant Han Cheol-hee, a trade ministry director, told reporters as he was leaving Japan on Saturday.

In response, Iwamatsu, director of METI's trade control policy division, told a hastily arranged news conference: "We've checked the record of the meeting ... We found no clear comment asking for the withdrawal."

Iwamatsu said the two sides had agreed on what they would disclose from the talks but that the Korean official went beyond the agreement.&nbsp;

"We believe this is something that affects our relationship of trust," he said.

One reason for the sensitivity over characterising the talks could be a Japanese fear that if Korea can assert that it used consultations and unsuccessfully sought to have Tokyo withdraw the curbs, Seoul could justify escalating the matter to the World Trade Organisation.

"The nature of the meeting is not a consultation, but an occasion where Japan gives an explanation after getting a request from the South Korean government," Iwamatsu said.

"Therefore we would like to correct expression from a South Korean official that the meeting can appropriately be described as consultation for problem-solving."

Friday's talks began with two negotiators from each side facing off in stony silence in a small meeting room, without greeting each other and with the Japanese officials not standing or bowing when their Korean counterparts entered.

A Japanese official later explained that the bureaucrats had earlier met and exchanged greetings. South Korean media, however, reported there was a "cold reception" for their officials, and that the meeting took place in a room that looked like a "garage".

A row between Japan and South Korea escalated on Saturday, with contested accounts of a frosty meeting the day before that had failed to make progress on a dispute that could threaten global supplies of microchips and smartphone displays.

A row between Japan and South Korea escalated on Saturday, with contested accounts of a frosty meeting the day before that had failed to make progress on a dispute that could threaten global supplies of microchips and smartphone displays. Tokyo lodged a protest against Seoul, saying it had broken an agreement on what the two sides would disclose from the Friday discussions on Japan's curbs of exports to Korea of some materials used to make high-tech equipment, said Japanese trade ministry official Jun Iwamatsu. Japan's Ministry of Economy, Trade, and Industry (METI) also disputed a Korean official's statement that Seoul had asked Japan on Friday to withdraw the restrictions. But a Korean trade ministry official shot back that Seoul had "clearly demanded Japan withdraw its trade restrictions at yesterday’s meeting, and there should be no disagreement over that matter with Japan." He told Reuters the two sides had discussed what they would disclose but that there was no agreement. "I am frustrated," said the Korean official, who declined to be named due to the sensitivity of the matter. Japan recently tightened restrictions on the export of three materials used in high-tech equipment, citing what it has called "inadequate management" of sensitive items exported to South Korea, as well as a lack of consultations about export controls. But the dispute also appears to be rooted in a decades-old wartime disagreement. It comes amid deep frustration in Japan over what Tokyo sees as Seoul's failure to act in response to a South Korean court ruling ordering a Japanese company to compensate former forced labourers from the Second World War. In the Friday talks, South Korean officials expressed regret over Japan's export restrictions and asked Tokyo to remove them, participant Han Cheol-hee, a trade ministry director, told reporters as he was leaving Japan on Saturday. In response, Iwamatsu, director of METI's trade control policy division, told a hastily arranged news conference: "We've checked the record of the meeting ... We found no clear comment asking for the withdrawal." Iwamatsu said the two sides had agreed on what they would disclose from the talks but that the Korean official went beyond the agreement. "We believe this is something that affects our relationship of trust," he said. One reason for the sensitivity over characterising the talks could be a Japanese fear that if Korea can assert that it used consultations and unsuccessfully sought to have Tokyo withdraw the curbs, Seoul could justify escalating the matter to the World Trade Organisation. "The nature of the meeting is not a consultation, but an occasion where Japan gives an explanation after getting a request from the South Korean government," Iwamatsu said. "Therefore we would like to correct expression from a South Korean official that the meeting can appropriately be described as consultation for problem-solving." Friday's talks began with two negotiators from each side facing off in stony silence in a small meeting room, without greeting each other and with the Japanese officials not standing or bowing when their Korean counterparts entered. A Japanese official later explained that the bureaucrats had earlier met and exchanged greetings. South Korean media, however, reported there was a "cold reception" for their officials, and that the meeting took place in a room that looked like a "garage".

More acrimony in Japan-South Korea row as Tokyo lodges protest

Two-day India-US talks are underway in Delhi with a team of United States Trade Representative (USTR) meeting with Indian officials.&nbsp;

The team from USTR include Assistance USTR Christopher Wilson, Deputy Assistance USTR Brendan Lynch are in India for the talks.

Both sides will hold comprehensive dialogue on July 12, 2019, in the Commerce and Industry ministry with additional secretary Sanjay Chaddha.

The visiting USTR &nbsp;delegation will also call on Commerce and Industry Minister Piyush Goyal on Friday.

Ministry of external affairs spokesperson Raveesh Kumar in his weekly presser said "You are aware that the team is already here. It is represented by Wilson. We have a matching delegation from our side. When we engage in these issues, we have to keep in mind the bigger picture."

The meet happens days after US President Donald Trump met PM Modi on the sidelines of G20 summit in Osaka, Japan with both sides agreeing to start trade talks.

Asked if New Delhi's position on Huawei being allowed to participate in 5G operations in India will be raised, Raveesh said, "Entire things will be on the trade...Whatever we decide, will take into account our economic interests."

Friday will be the last day talks which can help Delhi Washington resolve trade issues.

Earlier this week US President Donald Trump has again lashed out at India on trade issues in a tweet saying "India has long had a field day putting Tariffs on American products. No longer acceptable!"

In the past, he has called India a Tariff King and called New Delhi to reduce tariffs on several US products including Harley Davidson motorbikes.

Two-day India-US talks are underway in Delhi with a team of United States Trade Representative (USTR) meeting with Indian officials. The team from USTR include Assistance USTR Christopher Wilson, Deputy Assistance USTR Brendan Lynch are in India for the talks.

Two-day India-US talks are underway in Delhi with a team of United States Trade Representative (USTR) meeting with Indian officials. The team from USTR include Assistance USTR Christopher Wilson, Deputy Assistance USTR Brendan Lynch are in India for the talks. Both sides will hold comprehensive dialogue on July 12, 2019, in the Commerce and Industry ministry with additional secretary Sanjay Chaddha. The visiting USTR delegation will also call on Commerce and Industry Minister Piyush Goyal on Friday. Ministry of external affairs spokesperson Raveesh Kumar in his weekly presser said "You are aware that the team is already here. It is represented by Wilson. We have a matching delegation from our side. When we engage in these issues, we have to keep in mind the bigger picture." The meet happens days after US President Donald Trump met PM Modi on the sidelines of G20 summit in Osaka, Japan with both sides agreeing to start trade talks. Asked if New Delhi's position on Huawei being allowed to participate in 5G operations in India will be raised, Raveesh said, "Entire things will be on the trade...Whatever we decide, will take into account our economic interests." Friday will be the last day talks which can help Delhi Washington resolve trade issues. Earlier this week US President Donald Trump has again lashed out at India on trade issues in a tweet saying "India has long had a field day putting Tariffs on American products. No longer acceptable!" In the past, he has called India a Tariff King and called New Delhi to reduce tariffs on several US products including Harley Davidson motorbikes.

India, US begin trade talks; New Delhi says keep bigger picture in mind

African Leaders Launch Free-Trade Zone, $3.4 Trillion economic bloc to be created.

WION Wallet: African Leaders Launch Free-Trade Zone

The G20 Summit 2019 will focus on Trade, Innovation, and Energy. Women empowerment will be one of the focus areas.

G20 Summit will focus on Trade, Innovation and Energy

H1B visas, trade, 5G trials India's arms deal with Russia would be some of the key issues that are likely to be discussed in Jaishankar-Pompeo meet. Watch full video to know more.

H1B visas, trade, 5G trials, India's arms deal with Russia to top agenda of Jaishankar-Pompeo meet

Southeast Asian leaders gathered in Bangkok on Saturday determined to drive forward the world's largest commercial pact, with the trade war between the US and China clouding the outlook for their export-led economies.

Disputes in the flashpoint South China Sea, Myanmar's persecution of Rohingya Muslims and plastic pollution in the seas are also set to be discussed at the two-day Association of Southeast Asian Nations (ASEAN) summit, chaired by Thailand.

But trade will take centre stage with ASEAN leaders keen to hasten the signing of a China-drafted commercial deal covering around half the world's population.

The Regional Comprehensive Economic Partnership (RCEP) includes all 10 ASEAN economies, plus India, Japan, South Korea, Australia and New Zealand.

It is seen as a mechanism for China to draft the rules of Asia-Pacific trade, following a US retreat from the region.

Shortly after his election, President Donald Trump pulled the US from the Trans-Pacific Partnership (TPP) -- which would have been the world's largest trade deal -- slamming it as an American "job killer".

While tit-for-tat tariffs between the world's biggest two economies have seen some manufacturers flee China to safer ASEAN hubs, economists say the big picture for global growth is bleak.

In that context, "RCEP is key to increasing trade volume", Thai government spokesman Werachon Sukhondhapatipak told reporters.

"The faster it (RCEP) gets implemented the better," Martin M. Andanar, Philippines Communications Secretary, told reporters.

"Free trade is definitely what we need here in this region," he said, adding that the US-China trade row has resulted in "the entire world catching a cold".

Progress on the deal has stuttered in recent months with India digging in over fears cheap Chinese goods could flood its massive consumer market.

Australia and New Zealand have also raised concerns over a lack of labour and environmental safeguards.

The meat of the negotiations is expected to be got into later in the year, when trade envoys from all of the potential signatory countries assemble.

ASEAN is often criticised as a soft forum where diplomatic niceties often outweigh concrete action on pressing problems.

Malaysian leader Mahathir Mohamad on Friday raised the prospect of a joust with Myanmar over the Rohingya, the Muslim minority driven in massive numbers into Bangladesh by waves of concussive violence.

"We hope something can be done to stop the oppression," he said.

Myanmar's Aung San Suu Kyi will attend the summit. The bloc is set to agree on a statement to "prevent and significantly reduce" marine debris -- including plastic -- across the region, according to a draft text seen by AFP.&nbsp;

Southeast Asian leaders gathered in Bangkok on Saturday determined to drive forward the world's largest commercial pact, with the trade war between the US and China clouding the outlook for their export-led economies.

Southeast Asian leaders gathered in Bangkok on Saturday determined to drive forward the world's largest commercial pact, with the trade war between the US and China clouding the outlook for their export-led economies. Disputes in the flashpoint South China Sea, Myanmar's persecution of Rohingya Muslims and plastic pollution in the seas are also set to be discussed at the two-day Association of Southeast Asian Nations (ASEAN) summit, chaired by Thailand. But trade will take centre stage with ASEAN leaders keen to hasten the signing of a China-drafted commercial deal covering around half the world's population. The Regional Comprehensive Economic Partnership (RCEP) includes all 10 ASEAN economies, plus India, Japan, South Korea, Australia and New Zealand. It is seen as a mechanism for China to draft the rules of Asia-Pacific trade, following a US retreat from the region. Shortly after his election, President Donald Trump pulled the US from the Trans-Pacific Partnership (TPP) -- which would have been the world's largest trade deal -- slamming it as an American "job killer". While tit-for-tat tariffs between the world's biggest two economies have seen some manufacturers flee China to safer ASEAN hubs, economists say the big picture for global growth is bleak. In that context, "RCEP is key to increasing trade volume", Thai government spokesman Werachon Sukhondhapatipak told reporters. "The faster it (RCEP) gets implemented the better," Martin M. Andanar, Philippines Communications Secretary, told reporters. "Free trade is definitely what we need here in this region," he said, adding that the US-China trade row has resulted in "the entire world catching a cold". Progress on the deal has stuttered in recent months with India digging in over fears cheap Chinese goods could flood its massive consumer market. Australia and New Zealand have also raised concerns over a lack of labour and environmental safeguards. The meat of the negotiations is expected to be got into later in the year, when trade envoys from all of the potential signatory countries assemble. ASEAN is often criticised as a soft forum where diplomatic niceties often outweigh concrete action on pressing problems. Malaysian leader Mahathir Mohamad on Friday raised the prospect of a joust with Myanmar over the Rohingya, the Muslim minority driven in massive numbers into Bangladesh by waves of concussive violence. "We hope something can be done to stop the oppression," he said. Myanmar's Aung San Suu Kyi will attend the summit. The bloc is set to agree on a statement to "prevent and significantly reduce" marine debris -- including plastic -- across the region, according to a draft text seen by AFP.

At ASEAN Summit, trade talks to take centre stage

China has demonstrated more than enough sincerity to reach a mutually beneficial deal and end trade tensions with the United States. However, trapped in hegemonic ideology, the U.S. has responded by unilateral and protectionist tariff hikes that put world economy in danger, according to a commentary published by China's Xinhua News Agency on Sunday.

China's utmost sincerity in trade talks a sign of strength

China's Communist Party newspaper warned the United States on Wednesday that the country was ready to use rare earths to strike back in their <a href="https://www.wionews.com/world/china-says-any-us-trade-talks-must-be-based-on-mutual-respect-221968">bitter trade war</a>, saying in an extremely strongly worded commentary "don't say we didn't warn you".

President Xi Jinping's visit to a rare earths plant last week fuelled speculation that <a href="http://wionews.com/world/us-treasury-again-says-china-is-not-manipulating-currency-222375">China</a> would use its dominant position as a supplier of rare earths for leverage in the trade war.

Rare earths are a group of 17 chemical elements used in everything from high-tech consumer electronics to military equipment.

While China has so far not explicitly said it will restrict rare earths exports to the United States, Chinese media has strongly implied this will happen, including remarks from the editor of influential paper the Global Times on Twitter late on Tuesday.

In a commentary headline "United States, don't underestimate China's ability to strike back", the ruling Communist Party's official People's Daily noted the "uncomfortable" dependence on rare earths from China of the United States.

Watch: China's utmost sincerity in trade talks a sign of strength

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/chinas-utmost-sincerity-in-trade-talks-a-sign-of-strength-222362/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Will rare earths become a counter weapon for China to hit back against the pressure the United States has put on for no reason at all? The answer is no mystery," it said.

"Undoubtedly, the US&nbsp;side wants to use the products made by China's exported rare earths to counter and suppress China's development. The Chinese people will never accept this!" the paper added.

The industrial chain between China and the United States is highly integrated and highly complementary, and there are no winners in a trade war, it said.

"We advise the US&nbsp;side not to underestimate the Chinese side's ability to safeguard its development rights and interests. Don't say we didn't warn you!"

The expression "don't say we didn't warn you" is generally only used by official Chinese media to warn rivals over major areas of disagreement, for example during a border dispute with India in 2017 and in 1978 before China invaded Vietnam.

China accounted for 80% of rare earth imports between 2014 and 2017 by the United States, which has excluded them from recent tariffs along with some other critical Chinese minerals.

Beijing, however, has raised tariffs on imports of US&nbsp;rare earth metal ores from 10% to 25% from June 1, making it less economical to process the material in China.

China's Communist Party newspaper warned the United States on Wednesday that the country was ready to use rare earths to strike back in their bitter trade war, saying in an extremely strongly worded commentary "don't say we didn't warn you".

China's Communist Party newspaper warned the United States on Wednesday that the country was ready to use rare earths to strike back in their bitter trade war, saying in an extremely strongly worded commentary "don't say we didn't warn you". President Xi Jinping's visit to a rare earths plant last week fuelled speculation that China would use its dominant position as a supplier of rare earths for leverage in the trade war. Rare earths are a group of 17 chemical elements used in everything from high-tech consumer electronics to military equipment. While China has so far not explicitly said it will restrict rare earths exports to the United States, Chinese media has strongly implied this will happen, including remarks from the editor of influential paper the Global Times on Twitter late on Tuesday. In a commentary headline "United States, don't underestimate China's ability to strike back", the ruling Communist Party's official People's Daily noted the "uncomfortable" dependence on rare earths from China of the United States. Watch: China's utmost sincerity in trade talks a sign of strength "Will rare earths become a counter weapon for China to hit back against the pressure the United States has put on for no reason at all? The answer is no mystery," it said. "Undoubtedly, the US side wants to use the products made by China's exported rare earths to counter and suppress China's development. The Chinese people will never accept this!" the paper added. The industrial chain between China and the United States is highly integrated and highly complementary, and there are no winners in a trade war, it said. "We advise the US side not to underestimate the Chinese side's ability to safeguard its development rights and interests. Don't say we didn't warn you!" The expression "don't say we didn't warn you" is generally only used by official Chinese media to warn rivals over major areas of disagreement, for example during a border dispute with India in 2017 and in 1978 before China invaded Vietnam. China accounted for 80% of rare earth imports between 2014 and 2017 by the United States, which has excluded them from recent tariffs along with some other critical Chinese minerals. Beijing, however, has raised tariffs on imports of US rare earth metal ores from 10% to 25% from June 1, making it less economical to process the material in China.

'Don't say we didn't warn you!' China ready to hit back at US with 'rare earths'

India fears China could soon start flooding excess steel into its market after the United States raised tariffs on Chinese products due to the escalating trade war between the world's two largest economies.

India worried of excess Chinese steel exports after US-China trade war

China announced higher tariffs on 60 billion US dollars worth of American goods in retaliation for US President Donald Trump's latest penalties on Chinese products, sending Wall Street into a slide.

China's hike of US tariffs sparks Asia stock losses

By raising tariffs on Chinese products, the United States will harm the interests of its businesses and consumers in the long term, according to Chinese economic experts at a seminar on China-US trade in Beijing on Sunday.

US raising tariffs will harm American businesses, consumers: Chinese experts

Traders of India's diamond hub Surat city, in Prime Minister, Narendra Modi's home state Gujarat, are claiming a steep fall in the export of the polished precious stones owing to the ongoing US-China trade war.

India's diamond traders claim drop in exports due to US-China trade war

US President<a href="https://www.wionews.com/world/china-says-to-hold-more-trade-talks-with-us-in-beijing-217628"> Donald Trump</a> cranked up the heat in a trade battle with China on Friday, ordering a tariff hike on almost all remaining imports from the world's second-biggest economy, but Beijing said talks would continue to resolve the row.

After tweeting that two days of trade talks in Washington had been "candid and constructive," the businessman-turned-politician changed tack and followed through on a threat he had been making for months.

"The President... ordered us to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion," US Trade Representative Robert Lighthizer said in a statement.

The move came less than 24 hours after Washington increased punitive duties on $200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent, days after the Trump administration accused Beijing of reneging on its commitments.

Details on the process for public notice and comment will be posted Monday, ahead of a final decision on the new tariffs, Lighthizer said. They were not expected to go into effect for several months.

China's top trade negotiator, Vice Premier Liu He, had warned earlier that Beijing "must respond" to any US tariffs.&nbsp;

The developments came like two days of talks to resolve the trade battle ended Friday with no deal, but no immediate breakdown either, offering a glimmer of hope that Washington and Beijing could find a way to avert damage to the global economy.

"Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries," Trump tweeted.&nbsp;

"The relationship between President Xi (Jinping) and myself remains a very strong one, and conversations into the future will continue."

The tariffs on China "may or may not be removed depending on what happens with respect to future negotiations!"

Three disagreements&nbsp;

Liu told reporters the talks had been "productive" and said the <a href="https://www.wionews.com/world/china-says-to-hold-more-trade-talks-with-us-in-beijing-217628">two sides would meet again in Beijing</a> at an unspecified date, but he warned that China would make no concessions on "important principles."

"Negotiations have not broken down, but rather, on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable," Liu said.

The seemingly positive messages -- coming before the announcement that Trump had ordered the latest round of tariffs -- had cheered Wall Street with shares rising after being under pressure all week.&nbsp;

US Treasury Secretary Steven Mnuchin and Lighthizer met for about two hours with Liu on Friday and then headed for the White House to brief Trump, who had said he was in no hurry to reach a deal, arguing the United States was negotiating from a position of strength.

"We have a consensus in lots of areas but to speak frankly there are areas we have differences on, and we believe these concern big principles," Liu said.

Liu pointed to three major areas of disagreement: whether to cancel all trade war tariffs when an agreement is reached, the exact size of Chinese purchases of US goods, and a "balanced" agreement text.

"Any country needs its own dignity, so the text must be balanced," Liu said.

Liu and his backer Xi cannot be seen as giving in too much with trade concessions to the US in fear of triggering comparisons to past "unequal treaties" forced on China in the 19th and 20th centuries.&nbsp;

"Every country has important principles, and we will not make concessions on matters of principle," Liu said

'Darkness before dawn'&nbsp;

Yang Delong, the chief economist at First Seafront Fund Management in Shanghai, told AFP that the "sudden hardening" of Trump's tone is likely linked to the 2020 US presidential election.

"The US hopes China will make greater concessions in many areas, these concessions might harm a foundation of our economic development or impact our institutional reform," Yang said.

"When it comes to core interests China is not able to yield," he said.

Washington is pressing China to change its policies on protections for intellectual property, as well as massive subsidies for state-owned firms, and to reduce the yawning trade deficit.

After weeks of rising optimism about the chances for an agreement, the tone out of the White House has veered from anger to nonchalance.&nbsp;

In a series of early morning tweets Friday, Trump said there was "absolutely no need to rush" towards a deal.

The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal.

"Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump wrote.

Since last year the United States and China have exchanged tariffs on more than $360 billion in two-way trade, weighing on both countries' economies.

Economists stress that duties are paid by US companies and consumers and result in higher prices, while farmers and manufacturers complain about the loss of markets for their exports due to retaliation from China.

Liu compared the negotiations to a marathon: "When you get to the last stage it is comparatively the hardest stage, now we need to hold on, it is the darkness before dawn."

US President Donald Trump cranked up the heat in a trade battle with China on Friday, ordering a tariff hike on almost all remaining imports from the world's second-biggest economy, but Beijing said talks would continue to resolve the row.

US President Donald Trump cranked up the heat in a trade battle with China on Friday, ordering a tariff hike on almost all remaining imports from the world's second-biggest economy, but Beijing said talks would continue to resolve the row. After tweeting that two days of trade talks in Washington had been "candid and constructive," the businessman-turned-politician changed tack and followed through on a threat he had been making for months. "The President... ordered us to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion," US Trade Representative Robert Lighthizer said in a statement. The move came less than 24 hours after Washington increased punitive duties on $200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent, days after the Trump administration accused Beijing of reneging on its commitments. Details on the process for public notice and comment will be posted Monday, ahead of a final decision on the new tariffs, Lighthizer said. They were not expected to go into effect for several months. China's top trade negotiator, Vice Premier Liu He, had warned earlier that Beijing "must respond" to any US tariffs. The developments came like two days of talks to resolve the trade battle ended Friday with no deal, but no immediate breakdown either, offering a glimmer of hope that Washington and Beijing could find a way to avert damage to the global economy. "Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries," Trump tweeted. "The relationship between President Xi (Jinping) and myself remains a very strong one, and conversations into the future will continue." The tariffs on China "may or may not be removed depending on what happens with respect to future negotiations!" Three disagreements Liu told reporters the talks had been "productive" and said the two sides would meet again in Beijing at an unspecified date, but he warned that China would make no concessions on "important principles." "Negotiations have not broken down, but rather, on the contrary, this is only a normal twist in the negotiations between the two countries, it is inevitable," Liu said. The seemingly positive messages -- coming before the announcement that Trump had ordered the latest round of tariffs -- had cheered Wall Street with shares rising after being under pressure all week. US Treasury Secretary Steven Mnuchin and Lighthizer met for about two hours with Liu on Friday and then headed for the White House to brief Trump, who had said he was in no hurry to reach a deal, arguing the United States was negotiating from a position of strength. "We have a consensus in lots of areas but to speak frankly there are areas we have differences on, and we believe these concern big principles," Liu said. Liu pointed to three major areas of disagreement: whether to cancel all trade war tariffs when an agreement is reached, the exact size of Chinese purchases of US goods, and a "balanced" agreement text. "Any country needs its own dignity, so the text must be balanced," Liu said. Liu and his backer Xi cannot be seen as giving in too much with trade concessions to the US in fear of triggering comparisons to past "unequal treaties" forced on China in the 19th and 20th centuries. "Every country has important principles, and we will not make concessions on matters of principle," Liu said 'Darkness before dawn' Yang Delong, the chief economist at First Seafront Fund Management in Shanghai, told AFP that the "sudden hardening" of Trump's tone is likely linked to the 2020 US presidential election. "The US hopes China will make greater concessions in many areas, these concessions might harm a foundation of our economic development or impact our institutional reform," Yang said. "When it comes to core interests China is not able to yield," he said. Washington is pressing China to change its policies on protections for intellectual property, as well as massive subsidies for state-owned firms, and to reduce the yawning trade deficit. After weeks of rising optimism about the chances for an agreement, the tone out of the White House has veered from anger to nonchalance. In a series of early morning tweets Friday, Trump said there was "absolutely no need to rush" towards a deal. The US leader continues to argue that tariffs could in some ways be preferable to reaching a trade deal. "Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump wrote. Since last year the United States and China have exchanged tariffs on more than $360 billion in two-way trade, weighing on both countries' economies. Economists stress that duties are paid by US companies and consumers and result in higher prices, while farmers and manufacturers complain about the loss of markets for their exports due to retaliation from China. Liu compared the negotiations to a marathon: "When you get to the last stage it is comparatively the hardest stage, now we need to hold on, it is the darkness before dawn."

Trump orders tariff hike on remaining Chinese imports

The benchmark S&amp;P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

A late slide in shares of Intel Corp contributed to losses in the last half-hour of trading. Shares of the chipmaker fell 2.5% after the company's outlook during its investor day presentation disappointed.

Wall Street had edged higher for much of the session after White House spokeswoman Sarah Sanders said that the United States had received an indication from Beijing that China wants to make a trade deal. China's lead negotiator, Vice Premier Liu He, is due to visit Washington on Thursday and Friday.

Still, the US&nbsp;government said in its official journal that it would raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. China's commerce ministry later said it would have to take retaliatory measures if US&nbsp;tariffs were raised.

The mixed tone of trade developments made it difficult for US stocks to sustain their rally, investors said.

"The last 30 minutes lets you know that people are still leaning bearish mid-week," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.

Even as the S&amp;P 500 rose in the afternoon, defensive sectors such as real estate and healthcare were among the index's top gainers. The trade-sensitive industrial sector ended little changed, while Intel's decline dragged down technology shares.

"It's consistent with people being unsure about what's actually going to come out of Washington this week," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

The Dow Jones Industrial Average rose 2.24 points, or 0.01%, to 25,967.33, the S&amp;P 500 lost 4.63 points, or 0.16%, to 2,879.42 and the Nasdaq Composite dropped 20.44 points, or 0.26%, to 7,943.32.

The benchmark S&amp;P 500 is now 2.5% below its record high of 2,954.13 hit last week.

Shares of Walt Disney Co rose 1.2% ahead of its quarterly results. Disney was the top boost to the S&amp;P 500.

Disney shares were last up 0.8% in aftermarket trading.

McKesson Corp shares climbed 4.8% after the drug distributor's quarterly results eased concerns about pricing pressures and costs related to opioid-related litigation.

Conversely, TripAdvisor Inc shares tumbled 11.4%, the most among S&amp;P 500 companies, after the online travel company's quarterly revenue missed analysts' estimates.

With earnings season entering its final stretch, first-quarter profits are now seen rising 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season.

Of the 426 S&amp;P companies that have reported so far, about 75% have beaten profit estimates, according to Refinitiv data.

Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favoured decliners.

The S&amp;P 500 posted five new 52-week highs and seven new lows; the Nasdaq Composite recorded 45 new highs and 67 new lows.

Volume on U.S. exchanges was 7 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.

The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement. A late slide in shares of Intel Corp contributed to losses in the last half-hour of trading. Shares of the chipmaker fell 2.5% after the company's outlook during its investor day presentation disappointed. Wall Street had edged higher for much of the session after White House spokeswoman Sarah Sanders said that the United States had received an indication from Beijing that China wants to make a trade deal. China's lead negotiator, Vice Premier Liu He, is due to visit Washington on Thursday and Friday. Still, the US government said in its official journal that it would raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. China's commerce ministry later said it would have to take retaliatory measures if US tariffs were raised. The mixed tone of trade developments made it difficult for US stocks to sustain their rally, investors said. "The last 30 minutes lets you know that people are still leaning bearish mid-week," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. Even as the S&P 500 rose in the afternoon, defensive sectors such as real estate and healthcare were among the index's top gainers. The trade-sensitive industrial sector ended little changed, while Intel's decline dragged down technology shares. "It's consistent with people being unsure about what's actually going to come out of Washington this week," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. The Dow Jones Industrial Average rose 2.24 points, or 0.01%, to 25,967.33, the S&P 500 lost 4.63 points, or 0.16%, to 2,879.42 and the Nasdaq Composite dropped 20.44 points, or 0.26%, to 7,943.32. The benchmark S&P 500 is now 2.5% below its record high of 2,954.13 hit last week. Shares of Walt Disney Co rose 1.2% ahead of its quarterly results. Disney was the top boost to the S&P 500. Disney shares were last up 0.8% in aftermarket trading. McKesson Corp shares climbed 4.8% after the drug distributor's quarterly results eased concerns about pricing pressures and costs related to opioid-related litigation. Conversely, TripAdvisor Inc shares tumbled 11.4%, the most among S&P 500 companies, after the online travel company's quarterly revenue missed analysts' estimates. With earnings season entering its final stretch, first-quarter profits are now seen rising 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season. Of the 426 S&P companies that have reported so far, about 75% have beaten profit estimates, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favoured decliners. The S&P 500 posted five new 52-week highs and seven new lows; the Nasdaq Composite recorded 45 new highs and 67 new lows. Volume on U.S. exchanges was 7 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.

Wall Street falls as investors cautious on trade; Intel slides

Oil prices dropped on Thursday amid concerns over the <a href="https://www.wionews.com/world/trump-says-he-would-be-happy-to-keep-tariffs-on-chinese-imports-in-place-217051">escalating trade battle between the United States and China</a>, despite a surprise fall in US crude stockpiles.

Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 per cent, from their previous settlement.

US West Texas Intermediate (WTI) crude futures were at $61.67 per barrel, down 45 cents, or 0.72 per cent, from their last close.

The Sino-US&nbsp;trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies could the global economic outlook.

US&nbsp;President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.

Higher tariffs are set to take effect on Friday, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday.

Despite this, oil prices have been supported by signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both benchmarks have risen more than 30 per cent so far this year.

Global supply has also been tightened by US sanctions on OPEC members Venezuela and Iran.

"From a fundamental point of view, OPEC supply discipline is still in check, and US supplies show tighter markets than expected while Asia demand is still robust," said Stephen Innes head of trading at SPI Asset Management.

"All of which suggests once the trade war-induced sell-offs abate conditions could settle themselves quickly," Innes said.

In a sign that Asia demand remains firm, China's crude imports in April hit a record for the month, at 10.6 million barrels per day (bpd), customs data showed on Wednesday. China is the world's biggest oil importer.

An unexpected drop in US crude inventories kept oil price declines in check. US crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday.

Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles.

Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles. Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 per cent, from their previous settlement. US West Texas Intermediate (WTI) crude futures were at $61.67 per barrel, down 45 cents, or 0.72 per cent, from their last close. The Sino-US trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies could the global economic outlook. US President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached. Higher tariffs are set to take effect on Friday, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday. Despite this, oil prices have been supported by signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both benchmarks have risen more than 30 per cent so far this year. Global supply has also been tightened by US sanctions on OPEC members Venezuela and Iran. "From a fundamental point of view, OPEC supply discipline is still in check, and US supplies show tighter markets than expected while Asia demand is still robust," said Stephen Innes head of trading at SPI Asset Management. "All of which suggests once the trade war-induced sell-offs abate conditions could settle themselves quickly," Innes said. In a sign that Asia demand remains firm, China's crude imports in April hit a record for the month, at 10.6 million barrels per day (bpd), customs data showed on Wednesday. China is the world's biggest oil importer. An unexpected drop in US crude inventories kept oil price declines in check. US crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday.

Oil falls on trade dispute despite surprise drop in US crude inventories

India's decision to not join <a href="https://www.wionews.com/world/xi-jinping-says-more-nations-joining-belt-and-road-64-billion-in-deals-signed-at-summit-213907">China's Belt and Road Initiative</a> over sovereignty concerns related to the CPEC has not affected the bilateral trade ties which have seen an "exponential growth", India's Ambassador to China Vikram Misri has said.

India skipped China's 2nd Belt and Road Forum (BRF) held from April 25 to 27 aimed at showcasing its trillion-dollar Belt and Road Initiative (BRI) over its objection to $60 billion China-Pakistan Economic Corridor (CPEC) which passes through Pakistan-occupied Kashmir (PoK).

India had also boycotted the first BRF held in 2017. New Delhi's reluctance to join the BRI has become a major irritant in the relations between the two countries.

"We feel that the infrastructure connectivity should be aligned with national priorities and should respect and follow certain well respected or broadly accepted (norms) in the world, which include the elements of transparency openness, level playing field, social, environmental and financial sustainability," Misri said.

"These are the principles we follow in our own initiatives. The most important thing is that (they) must be aligned with national priorities. That is one basket. The other basket is that these initiatives can be sustainable and successful only in so far as they respect issues related to sovereignty and territorial integrity," he said in an interview to China's state-run CGTN.

In an interview to the state-run Global Times in March, Misri signalled India's plans to stay out the conference which was attended by 37 heads of state and governments, including Pakistan Prime Minister Imran Khan.

Though the latest interview was recorded well ahead of the 2nd BRF meet, parts of it were telecast on May 1, according to a post on the CGTN website.

In the full interview accessed by PTI, Misri said India had its own infrastructure connectivity projects in the neighbourhood and New Delhi's view is that all such projects should be aligned with national priorities.

"With regard to trade and BRI, despite the fact that we are not part of the BRI, there has been no impact on the bilateral trade between India and China. We have seen exponential growth in bilateral trade with China," he said.

"So, we don't necessarily need to look at India-China trade, or indeed the larger economic and commercial relationship through the prism of BRI. I think we can very well progress on that front," Misri said.

The bilateral trade has grown to about $95.5 billion, inching towards the $100 billion mark, a target set by Chinese President Xi Jinping and Prime Minister Narendra Modi to be achieved by 2020.&nbsp;

Misri said India has had its concerns over the way the BRI has been put out and New Delhi's views are not unknown or a secret.

"These have been made known to the Chinese authorities and we have had conversations with regard to this and I am quite sure that the Chinese authorities understand our position and our point of view," he said.

"I would also say that with the point of view we have had with regard to especially with the issue related to sovereignty and territorial integrity is not a new point of view. It is a very long-held point of view by us. I would imagine that our partners and our neighbours are well aware of our positions," he said.

Misri also pointed to how China-sponsored Asia Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, helped financing projects in the region without any problems.

With an authorised capital of $100 billion, China is the largest shareholder with 26.06 per cent voting shares. India is the second largest shareholder in AIIB with 7.5 per cent followed by Russia 5.93 per cent and Germany with 4.5 per cent.

"That just goes to prove my point that the fact we are in AIIB and AIIB is funding a number of countries in the region. Each project is assessed based on certain parameters.

"It follows very high international standards. I think India is probably the largest client of the AIIB, every project is subjected to a study and if it passes those tests they are approved," Misri said.

"We have no problem with it. If we are in agreement about the parameters we would have no objection in going forward with any of the partnership initiatives. But as I said with regard to the BRI there are other elements related to sovereignty and territorial integrity and those issues have not been addressed in the context," he said.

Misri said the last year's Wuhan summit between Prime Minister Narendra Modi and Chinese President Xi Jinping was a major gain.

"That is a major gain in our relationship and I think they share a special relationship, they have also provided a compass to the bilateral relationship that helps to guide the officials," he said.

He said both India and China regard their bilateral ties as an important relationship.

"There are large elements of cooperation in this relationship and in a relationship as large as this there will be elements of competition. In the last few years, we have seen elements of cooperation triumphing the elements of competition," he said.

He said both countries have about 36 bilateral forums for official level dialogue on different issues.

"We have today very good understanding in a number of bilateral political forums. We are working very hard to expand the trade and economic relations and people to people relationship which is a very important aspect of it," he said.

India's decision to not join China's Belt and Road Initiative over sovereignty concerns related to the CPEC has not affected the bilateral trade ties which have seen an "exponential growth", India's Ambassador to China Vikram Misri has said.

India's decision to not join China's Belt and Road Initiative over sovereignty concerns related to the CPEC has not affected the bilateral trade ties which have seen an "exponential growth", India's Ambassador to China Vikram Misri has said. India skipped China's 2nd Belt and Road Forum (BRF) held from April 25 to 27 aimed at showcasing its trillion-dollar Belt and Road Initiative (BRI) over its objection to $60 billion China-Pakistan Economic Corridor (CPEC) which passes through Pakistan-occupied Kashmir (PoK). India had also boycotted the first BRF held in 2017. New Delhi's reluctance to join the BRI has become a major irritant in the relations between the two countries. "We feel that the infrastructure connectivity should be aligned with national priorities and should respect and follow certain well respected or broadly accepted (norms) in the world, which include the elements of transparency openness, level playing field, social, environmental and financial sustainability," Misri said. "These are the principles we follow in our own initiatives. The most important thing is that (they) must be aligned with national priorities. That is one basket. The other basket is that these initiatives can be sustainable and successful only in so far as they respect issues related to sovereignty and territorial integrity," he said in an interview to China's state-run CGTN. In an interview to the state-run Global Times in March, Misri signalled India's plans to stay out the conference which was attended by 37 heads of state and governments, including Pakistan Prime Minister Imran Khan. Though the latest interview was recorded well ahead of the 2nd BRF meet, parts of it were telecast on May 1, according to a post on the CGTN website. In the full interview accessed by PTI, Misri said India had its own infrastructure connectivity projects in the neighbourhood and New Delhi's view is that all such projects should be aligned with national priorities. "With regard to trade and BRI, despite the fact that we are not part of the BRI, there has been no impact on the bilateral trade between India and China. We have seen exponential growth in bilateral trade with China," he said. "So, we don't necessarily need to look at India-China trade, or indeed the larger economic and commercial relationship through the prism of BRI. I think we can very well progress on that front," Misri said. The bilateral trade has grown to about $95.5 billion, inching towards the $100 billion mark, a target set by Chinese President Xi Jinping and Prime Minister Narendra Modi to be achieved by 2020. Misri said India has had its concerns over the way the BRI has been put out and New Delhi's views are not unknown or a secret. "These have been made known to the Chinese authorities and we have had conversations with regard to this and I am quite sure that the Chinese authorities understand our position and our point of view," he said. "I would also say that with the point of view we have had with regard to especially with the issue related to sovereignty and territorial integrity is not a new point of view. It is a very long-held point of view by us. I would imagine that our partners and our neighbours are well aware of our positions," he said. Misri also pointed to how China-sponsored Asia Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, helped financing projects in the region without any problems. With an authorised capital of $100 billion, China is the largest shareholder with 26.06 per cent voting shares. India is the second largest shareholder in AIIB with 7.5 per cent followed by Russia 5.93 per cent and Germany with 4.5 per cent. "That just goes to prove my point that the fact we are in AIIB and AIIB is funding a number of countries in the region. Each project is assessed based on certain parameters. "It follows very high international standards. I think India is probably the largest client of the AIIB, every project is subjected to a study and if it passes those tests they are approved," Misri said. "We have no problem with it. If we are in agreement about the parameters we would have no objection in going forward with any of the partnership initiatives. But as I said with regard to the BRI there are other elements related to sovereignty and territorial integrity and those issues have not been addressed in the context," he said. Misri said the last year's Wuhan summit between Prime Minister Narendra Modi and Chinese President Xi Jinping was a major gain. "That is a major gain in our relationship and I think they share a special relationship, they have also provided a compass to the bilateral relationship that helps to guide the officials," he said. He said both India and China regard their bilateral ties as an important relationship. "There are large elements of cooperation in this relationship and in a relationship as large as this there will be elements of competition. In the last few years, we have seen elements of cooperation triumphing the elements of competition," he said. He said both countries have about 36 bilateral forums for official level dialogue on different issues. "We have today very good understanding in a number of bilateral political forums. We are working very hard to expand the trade and economic relations and people to people relationship which is a very important aspect of it," he said.

Boycott of Belt and Road Initiative not to affect trade ties with China: Indian envoy 

Twenty-four US&nbsp;members of Congress sent a letter on Friday to US&nbsp;Trade Representative Robert Lighthizer, urging him not to end a vital trade concession for India, a day before the Trump administration is likely to announce a decision on it.

Ending the Generalized System of Preferences (GSP), which allows preferential duty-free imports of up to $5.6 billion from India, would impose "hundreds of millions of dollars annually in new taxes" on American companies, the lawmakers said in a bipartisan letter led by Democratic Representative Jim Himes from Connecticut.

"In the past, even temporary lapses in such benefits have caused companies to lay off workers, cut salaries and benefits, and delay or cancel job-creating investments in the United States," the letter says. They urged the administration to continue negotiating a deal with India that would protect American jobs.

A decision to scrap the trade privilege comes as President Donald Trump has vowed to cut the US&nbsp;trade deficit and repeatedly <a href="https://www.wionews.com/world/china-india-vietnam-charged-us-big-tariffs-trump-at-wisconsin-rally-214388">called out India for high tariffs</a>.

India is the world's largest beneficiary of GSP, which dates from the 1970s, and ending its participation would not only be the strongest punitive action against the country since Trump took office, but would also open a new front in the global trade war.

The elimination of GSP is likely to bring retaliatory tariffs from New Delhi, according to a senior source with direct knowledge of the matter. Last June, India said it would step up import duties varying from 20 per cent to 120 per cent on a slew of US&nbsp;farm, steel and iron products, angered by Washington's refusal to exempt it from new steel and aluminium tariffs.

But it has since repeatedly delayed adopting the higher duties - a move that could be implemented if GSP is withdrawn, the source added.

India is hoping the decision to end the trade privilege is delayed and the Trump administration is open to further negotiations, the source said. In April, Republican Senator John Cornyn and Democratic Senator Mark Warner, co-chairs of the Senate India caucus, urged Lighthizer to delay adopting the plan.

India sent a trade package listing the concessions it was willing to make to the USTR in late February but hasn't heard from them, the source said.

"They are usually very responsive so it is highly unusual for them to not respond to the trade package that was sent," the source said.

The decision to drop GSP is also ill-timed as it comes in the middle of elections in India, hampering the country's ability to negotiate further, the source added.

Despite close political ties between the two countries, trade between India and the United States, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential.

Trade relations suffered in the past few months after India adopted new rules on e-commerce, reining in how US&nbsp;companies such as Amazon.com Inc and Walmart Inc can do business in the country.

Twenty-four US members of Congress sent a letter on Friday to US Trade Representative Robert Lighthizer, urging him not to end a vital trade concession for India, a day before the Trump administration is likely to announce a decision on it.

Twenty-four US members of Congress sent a letter on Friday to US Trade Representative Robert Lighthizer, urging him not to end a vital trade concession for India, a day before the Trump administration is likely to announce a decision on it. Ending the Generalized System of Preferences (GSP), which allows preferential duty-free imports of up to $5.6 billion from India, would impose "hundreds of millions of dollars annually in new taxes" on American companies, the lawmakers said in a bipartisan letter led by Democratic Representative Jim Himes from Connecticut. "In the past, even temporary lapses in such benefits have caused companies to lay off workers, cut salaries and benefits, and delay or cancel job-creating investments in the United States," the letter says. They urged the administration to continue negotiating a deal with India that would protect American jobs. A decision to scrap the trade privilege comes as President Donald Trump has vowed to cut the US trade deficit and repeatedly called out India for high tariffs. India is the world's largest beneficiary of GSP, which dates from the 1970s, and ending its participation would not only be the strongest punitive action against the country since Trump took office, but would also open a new front in the global trade war. The elimination of GSP is likely to bring retaliatory tariffs from New Delhi, according to a senior source with direct knowledge of the matter. Last June, India said it would step up import duties varying from 20 per cent to 120 per cent on a slew of US farm, steel and iron products, angered by Washington's refusal to exempt it from new steel and aluminium tariffs. But it has since repeatedly delayed adopting the higher duties - a move that could be implemented if GSP is withdrawn, the source added. India is hoping the decision to end the trade privilege is delayed and the Trump administration is open to further negotiations, the source said. In April, Republican Senator John Cornyn and Democratic Senator Mark Warner, co-chairs of the Senate India caucus, urged Lighthizer to delay adopting the plan. India sent a trade package listing the concessions it was willing to make to the USTR in late February but hasn't heard from them, the source said. "They are usually very responsive so it is highly unusual for them to not respond to the trade package that was sent," the source said. The decision to drop GSP is also ill-timed as it comes in the middle of elections in India, hampering the country's ability to negotiate further, the source added. Despite close political ties between the two countries, trade between India and the United States, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential. Trade relations suffered in the past few months after India adopted new rules on e-commerce, reining in how US companies such as Amazon.com Inc and Walmart Inc can do business in the country.

US lawmakers urge Trump administration to not end India's trade privileges

President <a href="https://www.google.com/aclk?sa=l&amp;ai=DChcSEwjr9vfW1bXhAhXFHCsKHdTOAysYABAAGgJzZg&amp;sig=AOD64_3iM9q50Huq9d4W92Y2X1Yd4qT8YQ&amp;adurl=&amp;q=&amp;nb=0&amp;res_url=https%3A%2F%2Fwww.wionews.com%2Fsearch%3Fq%3DTrade%2Btalks%2Bbetween%2Bthe%2BUnited%2BStates%2Band%2BChina%2B&amp;rurl=https%3A%2F%2Fwww.wionews.com%2F&amp;nm=12&amp;nx=430&amp;ny=13&amp;is=1202x105&amp;clkt=20&amp;bg=!EhGlEQlEFGBdG9h9VrwCAAAALFIAAAARmQFtJ1BE-hTq7AQejpu8uUOsXzV7EqbgOGioj0lzBrI21i0JSvzA9hyaSxnaY9-DDlocsOM4BuVuJPYAvEml0LFGXwetJNMi5XMlZIaxLMJFx_feByFvCOFrZZxua_svpJYUDYehCRhO3WtVP_nHdw3LmlAwhk0XkRsCCMJAAzxkdsJUOvHJoQhm6kRGGZRbpSdhVNdy_O2zZdUKbo7fPWt5HYmrQSAKL5CTcp9ssCwSvhZtLEBojgmCjPrNG-cksEhHwopEnSWZ3444FvgJ6SoUobCqI2R17uJ9BgSYuTt_V06VkDxwM57mIipvL-NEd5mbjk83VpQ90j50wkMxo6velR_854KMAXbELPgrlnudETNBZj0MBVrdA_lIRPqm0MSnRnPMSz3uy4aRUHbOQfjmpkPGnzkEMQJwPNJtoY_pYUR9qw5bxpw32zaNRtCuYGI_oAAwAG2GKRjLT3jsk7ahju-rm8LJIj7X6MdiYTo">Donald Trump</a> is set to meet with Chinese Vice Premier <a href="https://www.google.com/url?q=https://www.wionews.com/world/us-and-china-open-trade-talks-in-beijing-197284&amp;sa=U&amp;ved=0ahUKEwiw1Lfj1bXhAhU26XMBHZs2DRkQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2obpWY6kbNmqwi0SyUEZzI">Liu He</a> on Thursday, officials said, signalling that a deal to end a<a href="https://www.google.com/url?q=https://www.wionews.com/world/trump-team-has-no-plan-to-go-to-china-for-trade-talks-official-202115&amp;sa=U&amp;ved=0ahUKEwjByt_w1bXhAhUzg-YKHTdPAMUQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3AdFL3cS9Uk-sOMu8jIh7t"> tariff battle </a>between the two countries may be close.

Trump will meet Liu, who is also China's top trade negotiator, in the afternoon at the<a href="https://www.google.com/url?q=https://www.wionews.com/world/white-houses-kudlow-says-us-china-talks-making-progress-could-extend-207811&amp;sa=U&amp;ved=0ahUKEwiMwoaR1rXhAhWB_XMBHW_SDlQQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1Cl3Dj3QFPadw60YxYvAcC"> White House</a>, according to an official scheduling note from the president's office.

US and Chinese negotiators are working to find a binding agreement to address Trump's complaints about years of unfair treatment of US companies by China, which would allow a rollback of the tariffs hitting businesses in both countries.

US officials say that China has been using unfair trade practices for years by heavily subsidizing its companies while snatching the technological know-how of American firms.

On March 29, Trump said that negotiations to end the bruising tariffs battle with Beijing were going "very well," but reiterated that he will only accept a "great deal."

Trump said that US and Chinese negotiators were close to a deal, but US officials, however, played down expectations of an imminent agreement.

The research "provides evidence that healthy cells in mammals can also efficiently repopulate adult tissues, replacing unfit or damaged cells," wrote professors Ganna Bilousova and James DeGregori.

And they said the research offered "proof-of-principle" that the two chemical compounds could combat ageing.

"Future studies are needed to determine the mechanisms of cell competition in other tissues, and to identify compounds capable of reversing ageing in other organs," they said.

Nishimura told AFP that the work could eventually lead to products like creams or tablets that could stop skin deterioration and promote repair.

"We are going to collaborate with the pharmaceutical or cosmetic companies for the clinical use of the chemicals," she said.

She said additional research would investigate whether the same process might also be at work in other parts of the body that have so-called epithelial cells as skin does.

President Donald Trump is set to meet with Chinese Vice Premier Liu He on Thursday, officials said, signalling that a deal to end a tariff battle between the two countries may be close.

President Donald Trump is set to meet with Chinese Vice Premier Liu He on Thursday, officials said, signalling that a deal to end a tariff battle between the two countries may be close. Trump will meet Liu, who is also China's top trade negotiator, in the afternoon at the White House, according to an official scheduling note from the president's office. US and Chinese negotiators are working to find a binding agreement to address Trump's complaints about years of unfair treatment of US companies by China, which would allow a rollback of the tariffs hitting businesses in both countries. US officials say that China has been using unfair trade practices for years by heavily subsidizing its companies while snatching the technological know-how of American firms. On March 29, Trump said that negotiations to end the bruising tariffs battle with Beijing were going "very well," but reiterated that he will only accept a "great deal." Trump said that US and Chinese negotiators were close to a deal, but US officials, however, played down expectations of an imminent agreement. The research "provides evidence that healthy cells in mammals can also efficiently repopulate adult tissues, replacing unfit or damaged cells," wrote professors Ganna Bilousova and James DeGregori. And they said the research offered "proof-of-principle" that the two chemical compounds could combat ageing. "Future studies are needed to determine the mechanisms of cell competition in other tissues, and to identify compounds capable of reversing ageing in other organs," they said. Nishimura told AFP that the work could eventually lead to products like creams or tablets that could stop skin deterioration and promote repair. "We are going to collaborate with the pharmaceutical or cosmetic companies for the clinical use of the chemicals," she said. She said additional research would investigate whether the same process might also be at work in other parts of the body that have so-called epithelial cells as skin does.

Trump to meet China's top trade negotiator in White House

China's State Council said on Sunday that the country would continue to suspend additional tariffs on US vehicles and auto parts after April 1, in a goodwill gesture following a US decision to delay tariff hikes on Chinese imports.

In December, China said it would suspend additional 25 percent tariffs on US-made vehicles and auto parts for three months, following a truce in a trade war between the world's two largest economies.

The State Council, or cabinet, said Sunday's move was aimed at "continuing to create a good atmosphere for the ongoing trade negotiations between both sides".

"It is a positive reaction to the US decision to delay tariff hikes and a concrete action adopted (by the Chinese side) to promote bilateral trade negotiations," the State Council said.

"We hope the US can work together with China, accelerate negotiations and make concrete efforts towards the goal of terminating trade tensions."

The government also said it would announce separately when the suspension would end.

US President Donald Trump said on Friday that trade talks with China were going very well, but cautioned that he would not accept anything less than a "great deal" after top US and Chinese trade officials wrapped up two days of negotiations in Beijing.

US Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since Trump delayed a scheduled March 2 increase in tariffs on $200 billion worth of Chinese goods.

The talks are set to resume next week in Washington with a Chinese delegation led by Vice Premier Liu He.

China's State Council said on Sunday that the country would continue to suspend additional tariffs on US vehicles and auto parts after April 1, in a goodwill gesture following a US decision to delay tariff hikes on Chinese imports.

China's State Council said on Sunday that the country would continue to suspend additional tariffs on US vehicles and auto parts after April 1, in a goodwill gesture following a US decision to delay tariff hikes on Chinese imports. In December, China said it would suspend additional 25 percent tariffs on US-made vehicles and auto parts for three months, following a truce in a trade war between the world's two largest economies. The State Council, or cabinet, said Sunday's move was aimed at "continuing to create a good atmosphere for the ongoing trade negotiations between both sides". "It is a positive reaction to the US decision to delay tariff hikes and a concrete action adopted (by the Chinese side) to promote bilateral trade negotiations," the State Council said. "We hope the US can work together with China, accelerate negotiations and make concrete efforts towards the goal of terminating trade tensions." The government also said it would announce separately when the suspension would end. US President Donald Trump said on Friday that trade talks with China were going very well, but cautioned that he would not accept anything less than a "great deal" after top US and Chinese trade officials wrapped up two days of negotiations in Beijing. US Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer were in the Chinese capital for the first face-to-face meetings between the two sides since Trump delayed a scheduled March 2 increase in tariffs on $200 billion worth of Chinese goods. The talks are set to resume next week in Washington with a Chinese delegation led by Vice Premier Liu He.

China says it will continue to suspend additional tariffs on US vehicles, auto parts

Trade ministry has proposed that the government delays by a month the imposition of retaliatory tariffs on some US&nbsp;goods that were due to go into effect from April 1, a trade ministry spokeswoman told Reuters on Friday.

Trade friction between India and the United States has escalated after US&nbsp;President Donald Trump announced plans earlier this month to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

Indian officials believe India could lose its preferential treatment in early May. The government has asked the US&nbsp;administration to review its decision, two government officials with close knowledge of the matter said.

In June last year, India said it would increase import duties varying from 20 per cent to 120 per cent on a slew of US&nbsp;farm, steel and iron products, angered by Washington's refusal to exempt it from new steel and aluminium tariffs.

But since then, New Delhi has repeatedly delayed the implementation of the higher duties.

The trade ministry spokeswoman said the government planned to send a delegation to Washington to address bilateral trade issues, and that the ministry was seeking to hold off imposing retaliatory tariffs until May.

"The Ministry of Commerce has requested the Department of Revenue to extend the deadline for the&nbsp;imposition of tariffs on US&nbsp;goods by another 30 days," the spokeswoman said.

The revenue department falls within the finance ministry, and the two ministries need to consult over any decision to delay the tariffs.

India is the world's largest beneficiary of the Generalized System of Preferences (GSP), which dates from the 1970s.

Ending its participation would be the strongest punitive action the United States has taken against India since Trump took office.

The timing of the US&nbsp;decision to revoke the trade privileges is awkward for India as Prime Minister Narendra Modi's government is heading into a general election from April 11 to May 19, with results due out on May 23.

India and the United States have developed close political and security ties. But bilateral trade, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential.

Trump has criticised India for its high tariffs, and the dispute has widened over investment policies such as new rules on the e-commerce sector that led to the US&nbsp;pulling the plug on India's vital trade concessions.

India, however, does not want to escalate the trade fight, two sources with knowledge of the matter said.

"India is obviously upset. But what can we do? Can we stop trade? You are importing oil, gas, defence equipment and aircraft&nbsp;and nuclear energy. The stakes are much larger," one of the officials said.

The USTR did not answer questions emailed to them about any ongoing trade discussions.

If the United States eliminates duty-free access for about 2,000 Indian product lines, it will mostly hurt small and medium businesses, such as engineering goods. The number of items qualifying for preferential treatment could be reduced, or the whole programme could be withdrawn.

A leading Indian trade body official said both the US&nbsp;customers and domestic suppliers could be hit in some categories of engineering products where clients typically enter into long-term contracts.

However, China could benefit on exports of products made from iron and steel and low-end engineering goods, said Suranjan Gupta, executive director, EEPC India, a government-affiliated engineering exports trade body.

"Some of the low-value exports of engineering goods are likely to face competitive pressure from other suppliers, with China being one of the major ones," Gupta said.

Trade ministry has proposed that the government delays by a month the imposition of retaliatory tariffs on some US goods that were due to go into effect from April 1, a trade ministry spokeswoman told Reuters on Friday.

Trade ministry has proposed that the government delays by a month the imposition of retaliatory tariffs on some US goods that were due to go into effect from April 1, a trade ministry spokeswoman told Reuters on Friday. Trade friction between India and the United States has escalated after US President Donald Trump announced plans earlier this month to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States. Indian officials believe India could lose its preferential treatment in early May. The government has asked the US administration to review its decision, two government officials with close knowledge of the matter said. In June last year, India said it would increase import duties varying from 20 per cent to 120 per cent on a slew of US farm, steel and iron products, angered by Washington's refusal to exempt it from new steel and aluminium tariffs. But since then, New Delhi has repeatedly delayed the implementation of the higher duties. The trade ministry spokeswoman said the government planned to send a delegation to Washington to address bilateral trade issues, and that the ministry was seeking to hold off imposing retaliatory tariffs until May. "The Ministry of Commerce has requested the Department of Revenue to extend the deadline for the imposition of tariffs on US goods by another 30 days," the spokeswoman said. The revenue department falls within the finance ministry, and the two ministries need to consult over any decision to delay the tariffs. India is the world's largest beneficiary of the Generalized System of Preferences (GSP), which dates from the 1970s. Ending its participation would be the strongest punitive action the United States has taken against India since Trump took office. The timing of the US decision to revoke the trade privileges is awkward for India as Prime Minister Narendra Modi's government is heading into a general election from April 11 to May 19, with results due out on May 23. India and the United States have developed close political and security ties. But bilateral trade, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential. Trump has criticised India for its high tariffs, and the dispute has widened over investment policies such as new rules on the e-commerce sector that led to the US pulling the plug on India's vital trade concessions. India, however, does not want to escalate the trade fight, two sources with knowledge of the matter said. "India is obviously upset. But what can we do? Can we stop trade? You are importing oil, gas, defence equipment and aircraft and nuclear energy. The stakes are much larger," one of the officials said. The USTR did not answer questions emailed to them about any ongoing trade discussions. If the United States eliminates duty-free access for about 2,000 Indian product lines, it will mostly hurt small and medium businesses, such as engineering goods. The number of items qualifying for preferential treatment could be reduced, or the whole programme could be withdrawn. A leading Indian trade body official said both the US customers and domestic suppliers could be hit in some categories of engineering products where clients typically enter into long-term contracts. However, China could benefit on exports of products made from iron and steel and low-end engineering goods, said Suranjan Gupta, executive director, EEPC India, a government-affiliated engineering exports trade body. "Some of the low-value exports of engineering goods are likely to face competitive pressure from other suppliers, with China being one of the major ones," Gupta said.

Trade ministry proposes delaying retaliatory tariffs on US goods

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