UC commerce chief in Beijing for talks on tariffs

U.S. President Donald Trump left speaks before signing S. 2155 the Economic Growth Regulatory Relief And Consumer Protection Act with administration officials and members of Congress in the Roosevelt Room of the White House in Washington D.C. U.S

The lawmakers were trying to draft a narrowly focused bill that would require a vote in Congress to approve tariffs when the administration claims they're needed for national security, as it did for those on steel and aluminum from the top US allies.

The president took to Twitter on Saturday to defend his aggressive trade policies.

"Even though some buyers wanted to buy from the USA, we dared not sell".

Tariffs are a tax on imports. It is not investment advice or a solution to buy or sell securities.

China also signaled that it won't be pressured into making major changes to its economic policies.

And former Iowa Governor Terry Branstad was appointed USA ambassador to China in part because of his agricultural ties.

Asked specifically on Fox's "Sunday Morning Futures" if the U.S.is willing to throw away its relationship with China by proceeding with threatened tariff hikes, Peter Navarro, director of the White House National Trade Council, pointed in part to an unfair relationship involving a multi-billion dollar trade deficit, Defense Secretary Jim Mattis' warning of China's activities in the South China Sea and the threat of China stealing US intellectual property. Proceeds go to the Treasury.

Secretary Ross's team left Beijing without settling those issues and without any joint statement by negotiators. In addition, the first approach has already raised concerns amongst U.S. allies, partners, and competitors that increased United States exports to China will come at the expense of their own exports to China. It's not always easy to match a specific product to a specific tariff or to keep up with which products from which countries are facing, say, special anti-dumping duties.

Beijing has staked out a role as defender of free trade in response to Trump's support for import controls. "The big companies will have staff that this is all they do". He additionally pushed again in opposition to the argument that Canadian metal poses a US safety risk.

Theresa May attacks Donald Trump's 'unjustified' steel tariffs
US Commerce Secretary Wilbur Ross said this was because negotiations over the past two months have failed to result in a deal. The tariffs are particularly damaging to the UK's hopes of a trade liberalisation deal with the United States after Brexit .

On the Chinese side, officials including Commerce Minister Zhong Shan, Central Bank Governor Yi Gang, Vice Agricultural Minister Han Jun, and Li Fanrong, vice minister of national energy administration, accompanied Liu in the talks, according to a media pool report.

In the fiscal year that ended September 30, the US government collected $34.6 billion in customs duties and fees. The groups - Freedom Partners Chamber of Commerce, Americans for Prosperity and The LIBRE Initiative - called on Congress to exert oversight by requiring House and Senate votes on any new tariffs and urged the lifting of the recent steel and aluminum tariffs as well as those being proposed on goods from China.

With Washington set to unveil the final list of Chinese products targeted by tariffs on June 15, time is running short for the two sides to avoid the first salvo in the trade war.

During a meeting at a Canadian ski resort, top officials from six of the world's largest economies - Canada, France, Germany, Italy, Japan and the United Kingdom - took the rare step of asking US Treasury Secretary Steven Mnuchin to convey their "unanimous concern and disappointment" to Trump about the metal tariffs decision. The average US tariff is now one of the lowest in the world: 1.6 percent, the same as the European Union's, the Pew Research Center reports.

"That will dampen productivity growth in the long term", he said.

After years of trade agreements that bound the countries of the world more closely and erased restrictions on trade, a populist backlash has grown against globalization.

Mr Trump has threatened to raise tariffs on a total of up to $US150 billion ($198 billion) of Chinese goods.

But the European Union, which that day filed a complaint with the World Trade Organisation about China's practices, is also pursuing a WTO complaint about the USA steel and aluminium tariffs - putting it on the same side as China on this issue. Trump has often railed against the massive trade gap between the two countries.

Analysts had noted in recent weeks a seesawing of United States demands of China, that may reflect division among Trump's inner circle on whether reducing the trade deficit, demanding structural change to China's economy or addressing forced technology transfers was the priority. By imposing tariffs, he is beginning to turn his hard-line campaign rhetoric into action. For example, Republican Senator Marco Rubio (one of Trump's competitors for the 2016 presidential nomination) tweeted, "Sadly #China is out-negotiating the administration & winning the trade talks right now".

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