All trade deals could be off, China warns US

Commerce Secretary Wilbur Ross hints a trade war could be the result of new EU privacy laws given that the regulations include'unnecessary barriers to trade. If that happens it would be an additional front in a global trade war the President Donald Trum

China on Sunday threatened retaliation against the us during a round of trade talks, saying that economic and trade deals negotiated by the two countries would become "void" should Washington impose new sanctions.

China says any trade and business deals will be void if the United States goes ahead with its threats of sanctions.

"To implement the consensus reached in Washington, the two sides have had good communication in various areas such as agriculture and energy, and have made positive and concrete progress", Xinhua reported, adding that "details" would be subject to "final confirmation by both parties".

U.S. Commerce Secretary Wilbur Ross led the U.S. team in negotiations this weekend with Chinese officials after several days of talks by lower-level officials.

The Trump Administration said Tuesday that the United States would follow through with tariffs on billions of dollars of Chinese imports, defying a trade truce reached last month in Washington.

But this time no joint statement was issued.

US President Donald Trump threw the status of the talks into doubt by renewing a threat to raise tariffs on US$50 billion of Chinese goods over complaints Beijing steals or pressures foreign companies to hand over technology.

Trump is pressing Beijing to narrow its politically volatile trade surplus with the United States, which reached a record $375.2 billion a year ago.

Following Beijing's announcement, US Treasury Secretary Steven Mnuchin said the dispute was "on hold".

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"China is willing to increase imports from other countries, including the United States, to satisfy the Chinese people's increasing consumption needs and the country's high-quality economic growth", the statement said.

Last week the White House announced it would impose curbs on Chinese investment and purchases of US high-tech goods and on visas for Chinese students.

Last week, the Trump administration then announced it would roll out duties on Chinese imports worth $50 billion, mainly from the technology sector.

The looming tariff hikes have also raised hackles among United States trade partners in Canada, Mexico and the European Union, stoking fears that a full-scale trade war could erupt within days. "The Chinese side has realised that the U.S. has just delayed its trade actions rather than giving them up - but Beijing didn't expect a change of attitude so quickly".

"It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7", said Le Maire, who called the tariffs unjustified.

China too threatened a tit-for-tat retaliation but blinked in the end with a categorical undertaking to import more goods from the U.S., sparking off concerns over the likely trade war between the two countries.

Bruno Le Maire, France's finance and economy minister, also called the US tariffs unjustified.

The European Union lodged a complaint with the World Trade Organisation last week over China's technology transfer practices, targeting a similar concern to that which has prompted the Trump administration's more unorthodox use of national security law to trigger punitive tariffs against China. Liu's delegation included China's central bank governor and commerce minister.

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