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Top US officials in Beijing to avert trade war with China
May 3, 2018, 7:45 am

Beijing has strongly criticized the Trump administration for pushing tariffs on billions of dollars of imported goods from China but said it would fight to the end to protect its interests

The world’s top two economies will be locked in trade discussions over the next two days after both sides issued warnings about an escalation of trade hostilities.

A US trade delegation, led by senior officials including Trade Representative Robert Lighthizer, arrived in Beijing on Thursday for crucial talks over tariffs dispute even as China sought to temper expectations about a breakthrough.

“Consultation between China and the United States on economic and trade issues will be constructive as long as the U.S. delegation comes with sincerity,” Chinese Foreign Ministry spokesperson Hua Chunying said on Wednesday.

“As long as the U.S. delegation is sincere about maintaining the overall stability of China-U.S. economic and trade relations and an attitude of mutual respect, equal consultation and mutual benefits, the consultation will be constructive, she added.

Both US and China have announced imposition of tariffs on each others’ imports although they are yet to be implemented.

US Treasury Secretary Steven Mnuchin, White House advisers Larry Kudlow and Peter Navarro, and Commerce Secretary Wilbur Ross are among the officials who will lead trade talks with China this week.

Chinese Vice Premier Liu He will hold talks with the visiting US trade delegation in Beijing on Thursday and Friday.

According to a report by Consumer Technology Association and the National Retail Federation the US decision to impose tariffs on around $50 billion worth of Chinese exports is going to hit the American economy.

The US tariffs and an ensuing trade war would reduce the GDP of the United States by $2.9 billion and cost almost 134,000 American jobs, says the report.

Both countries have been locked in a war of words and threats over US President Donald Trump’s decision to impose substantial tariffs on Chinese goods entering US markets. China has responded by doing the same, largely focused on agricultural industries in the American heartland.

International Monetary Fund chief Christine Lagarde has called on China and the US to resolve their looming trade disputes through the use of existing multilateral provisions and organizations.

 

 

TBP and Agencies

 

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