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Chinese vice premier says trade talks with US went 'fairly well'

Chinese vice premier says trade talks with US went 'fairly well'

The official spoke on condition of anonymity because they were not authorized to speak publicly on the matter.

Asked about the tariffs that hit $200 billion worth of Chinese goods on Friday, Liu said: "if the the United States slaps on tariffs, we must respond".

Meanwhile, China says it "deeply regrets" the USA move and would have to take "necessary counter-measures".

The United States and China had much mutual understanding, but they still had differences over "principle issues", Liu was quoted by Reuters news agency as saying.

A commentary by China's official news agency Xinhua also on Saturday appealed to the U.S. not to make "unilateralist moves" that will harm the global interests, pointing to the upheaval in the markets after President Trump announced last week he was raising tariffs on China. Liu spoke to reporters before leaving Washington for Beijing after the talks ended with China insisting a deal requires that tariffs on its exports be lifted first.

Liu He, China's vice premier, tried to strike a resolute but relatively conciliatory note as he left Washington following the end of the fractious talks.

FILE - Chinese Vice Premier Liu He, right, gestures as U.S. Treasury Secretary Steven Mnuchin, center, chats with his Trade Representative Robert Lighthizer before their meeting in Beijing, May 1, 2019.

"The sides carried out open and constructive talks".

After reaching two-month lows on Friday, Asian shares have pulled up slightly ahead of the midnight tariff deadline.

The latest increase extends 25 percent duties to about $250 billion of Chinese imports. The government will have to get public comment before it can target more Chinese goods.

On Wall Street, stocks fell initially Friday but turned positive on optimism over future talks.

Trump justified the higher tariffs with a string of bogus economic logic, proclaiming on Twitter that the tariffs will make the USA economy stronger and bring more wealth to the United States. China is the fourth largest export market for US agriculture. Trump accused Beijing of reneging on commitments it had made during months of negotiations. "China deeply regrets that it will have to take necessary countermeasures", a Commerce Ministry statement said.

British Finance Minister Philip Hammond told Sky News that he was optimistic, but that an escalated U.S.

A Chinese employee walks past newly made USA flags at a factory in Fuyang in China's eastern Anhui province, July 13, 2018. Trump also said he may hold a phone call with his Chinese counterpart, Xi.

Beijing retaliated for previous tariff hikes by raising duties on $110bn (£85bn) of American imports.

"A major rift between the US and China is that they see "fairness" differently". "If businesses sit on their hands and don't invest until they figure out what's going on here, it has the potential to be more significant", he said.

In earlier tweets, Trump defended the tariff hike and said he was in "absolutely no rush" to finalize a deal, adding that the USA economy would gain more from the levies than any agreement.

But the status remains tense after the United States followed through on a threat to ramp up tariffs, and China vowed to retaliate, angering many USA businesses and farmers that are feeling the brunt of the impact from the trade war. "These massive payments go directly to the Treasury of the United States", he said. -China Business Council, an industry group.

The American Farm Bureau Federation said it was too soon to throw its support behind the potential program, as did the American Soybean Association.

A 25 percent hike "needs to be passed on to the consumer", Parker said.

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