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May tells Trump that United States tariffs on European Union steel are unjustified

May tells Trump that United States tariffs on European Union steel are unjustified

The resulting outcry and threat of retaliatory tariffs by Canada, Mexico, and the European Union gave Beijing cover to do nothing.

"The outcome of the talks should be based on the prerequisite that the two parties meet each other halfway and will not engage in a trade war", according to the statement carried by Xinhua, China's official news agency.

U.S. President Donald Trump.

Trump has threatened to raise tariffs on a total of up to $150 billion of Chinese goods.

Ross made the brief remarks in front of reporters as he and Chinese Vice Premier Liu He, the top economic adviser to President Xi Jinping, prepared to continue the negotiations.

"Theresa May is appeasing Donald Trump in the hope of getting a race-to-the-bottom trade deal with the USA after we leave the European Union", Corbyn will say, according to speech extracts released by his office.

China balked at making concessions unless the US lifted the tariff threat.

Trump is set to meet the leaders of the six countries in person at a G7 summit later this week.

Mnuchin rejected comments from some G7 officials that the United States was circumventing worldwide trade rules with the tariffs or ceding leadership of a global economic and trading system it largely built after World War Two.

It calls for China to develop global leaders in electric cars, renewable energy, robotics, artificial intelligence and other fields.

Tim Phillips, the president of Americans for Prosperity, said the tariffs amounted to "self-imposed barriers" to the $1.5 trillion tax overhaul that Trump signed into law in December.

"If the USA 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".

But China has refused to commit to the United States demand to slash the gap by $200 billion. The perceived high costs of a trade war had previously kept either side from seriously considering tariffs.

The two-day talks in Beijing which ended on Sunday followed an earlier round in Washington where officials had met to discuss the situation. Adding to the uncertainty, according to people familiar with the matter, US officials preparing for Mr. Ross's visit and their Chinese peers haggled over how to get Beijing to purchase more American farm and energy products.

Tensions temporarily eased May 19 after China promised to "significantly increase" its purchases of US farm, energy and other products.

Ross is "going there to tread water", the person said, declining to be identified due to the sensitivity of the matter. Chinese officials have linked the company's punishment to the trade talks.

The weekend concluded-for now-a tense several months of jockeying for position by both sides. One thing Daniel Ikenson wrote at Cato last week was China would probably do okay in a trade war because their government would just keep propping up business. -China trade relationship also remain unresolved.

Sunday's statement also emphasized that reform and opening-up as well as boosting domestic demand are China's national strategies and the established pace (of implementing the strategies) will not change.

"It's useful and meaningful for China to make allies under the WTO's multilateral trade system".

Treasury Secretary Steven Mnuchin, who announced the tariff truce with China, said at the G7 summit in Canada that the U.S. was pushing for "structural changes" to the Chinese economy.

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