Ross arrives in Beijing for talks on trade surplus

Another round of trade talks between the U.S. and China will resume this weekend. More

Another round of trade talks between the U.S. and China will resume this weekend. More

Trade war fears had receded after the Trump administration said it had reached a deal to put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying usa technology parts for seven years.

The trade war between the United States and China is reportedly heating up, despite announcements last week that a tentative solution has been found. The list will include $50 billion of imports that will face a 25 percent tariff.

Mexico came out swinging after the announcement, immediately announcing that they will meet the metals tariffs with duties of their own on U.S. imports including pork bellies, fruit, cheeses and flat steel.

"China does not want, but is not afraid of, a trade war", Hua said.

"We are alienating all of our friends and partners at a time when we could really use their support", added Wendy Cutler, a former USA trade negotiator who is now vice president at the Asia Society Policy Institute.

Hua also called for handling trade disputes through talks on an equal basis and in a constructive way, which is "in line with the fundamental and long-term interests of both the Chinese and American people, as well as the common aspirations of the worldwide community".

On Tuesday, Trump renewed his threat to place 25 percent tariffs on $50 billion of Chinese goods, in retaliation for what his administration says are China's unfair trade practices.

The U.S. commerce secretary, Wilbur Ross, is due in Beijing this weekend for talks on details of China's promise in mid-May to buy more American goods.

"Of course, we have said that China's door to dialogue and consultations is open", Hua said.

White House Press Secretary Sarah Huckabee Sanders also gave an alternative interpretative of Mnuchin's remarks.

Investors monitor stock prices at a securities company in Shanghai, May 30. New research from JPMorgan and The Conference Board suggest it's not just how much USA companies import from China, but how much they make in China.

Last month, the administration proposed tariffs on $50 billion of Chinese imports to punish China for forcing US companies to hand over technology in exchange for access to its market. We urge the USA to honor its words and meet China halfway in the spirit of our joint statement.

It makes economic sense for USA companies to make bold moves in China - demand is booming and the production cost is relatively low.

China introduced Thursday night that it could reduce tariffs sharply on July 1 for an eclectic array of imported items, the most recent in a sequence of strikes by Beijing to dismantle steep commerce boundaries at a time of rising frictions with america. The two countries have not yet implemented their tariff increases.

"All countries, especially the major economies, should resolutely oppose all forms of trade and investment protectionism", foreign ministry spokeswoman Chunying Hua told a regular media briefing, when asked about the US move.

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