China warns of risks if US imposes tariffs
BEIJING SAYS TRADE BENEFITS FROM AGREEMENTS WOULD BE VOID
China warned the United States yesterday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures, as the two ended their latest round of talks in Beijing.
A short statement, carried by the official Xinhua News Agency, made no mention of any specific new agreements after US Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He.
It referred instead to a consensus they reached last month in Washington, when China agreed to significantly increase its purchases of US goods and services.
“To implement the consensus reached in Washington, the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress,” the state news agency said, adding details would be subject to “final confirmation by both parties”. The US and China have threatened tit-for-tat tariffs on goods worth up to $150 billion (Dh550 billion) each.
Increase imports
Xinhua said China’s attitude had been consistent, that it was willing to increase imports from all countries, including the United States. “Reform and opening up and expanding domestic demand are China’s national strategies. Our established rhythm will not change,” it added.
“The achievements reached by China and the United States should be based on the premise that the two sides should meet each other halfway and not fight a trade war,” Xinhua said.
“If the United States introduces trade sanctions including raising tariffs, all the economic and trade achievements negotiated by the two parties will be void.” There was no immediate comment or statement from the US delegation or from Ross himself.
At the end of last month’s Washington talks the two countries put out a joint statement.
But just when it appeared a trade truce between the two countries was on the cards, the White House last week warned it would pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the US and tighter export controls.
State-run Chinese newspaper the Global Times said in an editorial on its website that China needed to prepare for the long haul due to the US propensity for changing its mind and coming up with new demands.