US TRADE WAR ramps up: World on brink of ECONOMIC CHAOS as Beijing issues stern warning
CHINA and the US remain on the brink of a £75billion trade war with catastrophic economic implications after Beijing issued a tough warning to President Donald Trump over his threat of huge American tariffs.
By REBECCA PERRING
Express.co.uk
Mon, Jun 4, 2018
Beijing quickly warned Washington that it could not commit to buying more American goods after a third round of trade talks between the world’s two biggest economies failed to deliver a breakthrough.
The stalemate comes after Mr Trump said he would move to implement $50billion (£38billion) tariffs on Chinese industrial exports “shortly” after June 15.
US commerce secretary Wilbur Ross and vice premier Liu He did not issue a joint statement after they wrapped up two days of discussions.
But in a statement released on behalf of the Chinese government by the official news agency, Xinhua, China said economic sanctions on its exports would derail negotiations.
The Chinese statement said: “Agreements between China and the United States should be based on the premise of both sides moving in the same direction and not waging a trade war.
“If the US launches trade sanction measures, including the imposition of tariffs, then all the economic and trade benefits negotiated by both sides are not going to take effect.”
The US and China held a previous round of talks in May, where Chinese officials said they would “substantially” reduce their country’s trade surplus with America.
Last week, President Donald Trump announced 25 percent tariffs on steel and aluminium imports from the EU, Mexico and Canada, despite previous exemptions.
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