All trade deals could be off, China warns US


White House advisers, meanwhile, insisted on fundamental changes in ties between the world's two biggest economic powers.

US Commerce Secretary Wilbur Ross said on Sunday trade talks have been "friendly and frank" as the US and China continued with a second day of negotiations in Beijing aimed at deescalating tensions between the two sides.

Ross said at the start of the event that they had discussed specific U.S. exports China might purchase, but the talks ended with no joint statement and neither side released details.

But Beijing warned all the results were premised on "not fighting a trade war".

In an expression of the "America First" agenda of the Trump administration, he directed attention to the handouts of hundreds of billions of dollars to United States corporations and the ultra-wealthy. It also left unresolved the issue of the Chinese telecommunications company ZTE, which had violated sanctions against North Korea and Iran.

"Each side seem to have hardened their negotiating stances and are ready for the opposite aspect to blink", stated Eswar Prasad, professor of commerce coverage at Cornell College. Still, Beijing resisted pressure to commit to a specific target of narrowing its annual surplus with the United States by $200 billion.

But in a surprise move last Tuesday, the White House said it would proceed with imposing tariffs on US$50 billion (S$66.9 billion) worth of imported Chinese goods, with the final list to be announced on June 15.

While it was not clear how many cargoes COFCO booked, one of the two sources briefed on the buying said COFCO and state grain stockpiler Sinograin have together bought at least 10 million tonnes of US soybeans.

The second approach of strengthening IPR for USA companies in China is more strategically targeted to stall fulfillment of Xi Jinping's ambitious high technology goals for China in the coming decade. "However we're additionally standing agency that the president is the chief on this".

Liu offered the United States team a "special welcome" to Beijing for the talks.

Beijing has resisted USA pressure to commit to a firm target of narrowing its annual surplus with the United States by $US200 billion ($264 billion). The talks were focussed on getting China to move ahead with its recent promises to increase energy and farm imports from the U.S.

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US Secretary of the Treasury Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed.

China and the United States left the thorniest issues untouched during their latest round of trade talks with the White House's internal divisions hampering the chances of reaching a deal, business insiders and observers have said.

Kuijs of Oxford Economics said an extended conflict could lead to a "technological cold war" that would carve up the global market into isolated regions with different standards for mobile phones and other products.

Ross nonetheless journeyed to Beijing on Friday to work out details of the vague agreement Mnuchin had earlier cobbled together with the Chinese vice premier. China balked at making concessions except the USA lifted the tariff risk.

China's attitude towards imports has been consistent: It is willing to increase imports from all countries, including the United States, according to Xinhua. That would amount to more than one-third of Chinese imports of American goods.

The tone of the statement suggested that China's concessions at last month's talks in Washington were not enough for the Trump administration, says BBC Asia Business correspondent Karishma Vaswani. Oddly, there was no mention of either the looming tariffs or the stated rationale behind them - other than a brief reference to "President Donald J. Trump's clear goal for achieving a fair trading relationship with China".

"The Trump administration has taken some incredibly positive steps for the American economy, but tariffs will undercut that progress and needlessly hamstring our full economic potential", he said in a statement. Each statement was met with either retaliatory or conciliatory remarks from Beijing.

Given that the "framework" reached at the previous U.S.

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

The U.S. government has said a team of commerce, treasury and agriculture officials were in Beijing to make preparations.

The tariffs announced Thursday on steel from Canada, Mexico and Europe have no effect on China.