China Slates US Unilateralism And Protectionism After Tariff Move

Leah Millis  Reuters

Leah Millis Reuters

On May 30, China's commerce ministry said the us trade delegation had arrived in Beijing and teams from both countries would discuss coming up with a consensus over the next few days.

Pointing to a pause in the trade dispute, the administration had pointed to China's plans to "significantly increase" its purchases of USA goods and services and make "meaningful increases" in US exports of agriculture and energy products. The list will include $50 billion of imports that will face a 25 percent tariff.

President Donald Trump has repeatedly said the $375 billion trade deficit between the USA and China is a result of failed trade policy.

Meanwhile, the ministry said a team of more than 50 American officials was meeting with Chinese officials to prepare for the talks due to start Saturday involving Commerce Secretary Wilbur Ross.

Beijing has portrayed itself as a defender of free trade, despite China's status as the most closed major economy, in response to Trump's support for import controls. "So, I think the US used to have a lot of leverage, now the USA doesn't have a lot of leverage".

The move would be in step with Beijing's pledge to its trade partners - including the United States - that China will take steps to increase imports, and offers a boon to global brands looking to deepen their presence in China.

"Since March 1, when speculation about Chinese retaliation against USA pork began, hog futures have dropped $18 per animal, translating to a $2.2 billion loss on an annualized basis", Dermot Hayes, Iowa State University economist, said in a press release from NPPC on Tuesday.

Temporary reprieve from steel and aluminum tariffs for the EU, Canada and Mexico expire Friday.

White House Press Secretary Sarah Huckabee Sanders also gave an alternative interpretative of Mnuchin's remarks. Under the deal, ZTE will oust its management team, hire American compliance offers and pay a fine - on top of the $1 billion it's already paid for selling equipment to North Korea and Iran in violation of USA sanctions. Argentina, Australia, Brazil and South Korea all came to the negotiating table, while European Union officials said they would not negotiate trade issues "at gunpoint".

In return, the Commerce Department lifted a seven-year ban on ZTE's purchase of USA components that it imposed earlier in May.

Recent months have also seen Trump pull out of the Iran nuclear deal, open a United States embassy in Jerusalem, leave the Paris climate pact and lambast North Atlantic Treaty Organisation allies for not paying their way.

Economists say the changes also can help generate jobs in China by allowing consumers to buy higher-quality goods locally instead of when they travel overseas.

Among those actions was the threat of new tariffs.

'Serena came out': Williams fights back as Nadal, Sharapova cruise
Lego’s replica model of the Bugatti Chiron will get your pulse racing