China: Smaller trade surplus, OK. But tech concessions? No.

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Commerce Secretary To Press China To Buy As Allies Seethe Over Tariffs

But the International Monetary Fund has warned that a trade war could threaten the recovery, and policy makers are contending with a growing list of geopolitical risks, from a political crisis in Italy to the rocky progress of peace talks with North Korea.

Our correspondent says acrimonious debate is likely to continue next weekend when the leaders of the G7 countries - including Mr Trump - meet for a summit in Quebec.

'We're putting the same kinds of tariffs exactly on steel and aluminum coming from the United States into Canada, ' Trudeau told NBC's 'Meet the Press.' 'We're also putting a number of tariffs on consumer goods, finished products for which Canadians have easy alternatives'.

The tensions stem from a March decision by Trump to impose tariffs on $50 billion worth of Chinese goods as a punishment for Chinese companies stealing U.S. intellectual property.

Mnuchin had said on Saturday the USA wanted China to agree to structural change to its economy. But the fundamental issue is that the United States wants to curtail Made in China 2025.

"I don't think in any way the U.S. is abandoning its leadership in the global economy".

China has responded by warning that it would end its agreement to buy more USA goods if the sanctions were imposed, while He argued that Trump was following this path for political reasons and warned "China will not serve the United States to meet its domestic political needs". China has targeted $50 billion in US products for possible retaliation.

Ross, who was preceded in Beijing last week by more than 50 US officials, is expected during the two-day visit to try to secure long-term purchases of USA farm and energy commodities to help shrink the USA trade deficit. The purchases are supposed to cut back America's huge commerce deficit in items and companies with China, which final 12 months got here to $337 billion, in keeping with the U.S. Commerce Division.

Washington is demanding that China end state subsidies to key industries, which it says give them a major advantage in global markets, and that it cease efforts to develop high-tech industries, accusing China of stealing American intellectual property.

All of these countries have threatened retaliation over Trump's tariffs. Navarro later called Mnuchin's conciliatory comments "an unfortunate soundbite".

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Ross had a working dinner Saturday evening with Liu, also at the same guesthouse in Beijing. China balked at making concessions except the USA lifted the tariff risk. That would amount to more than one-third of Chinese imports of American goods.

Ross, who was preceded in Beijing last week by more than 50 US officials, had been expected during the two-day visit to try to secure long-term purchases of USA farm and energy commodities to help shrink the USA trade deficit.

State-run Chinese newspaper the Global Times said in an editorial on its website that China needed to prepare for the long haul due to the US propensity for changing its mind and coming up with new demands. 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 attitude of the Chinese side remains consistent", said the statement. Before the establishment of the federal income tax in 1913, tariffs were a big money raiser for the USA government. But though the Bureau of Industry and Security, a law enforcement agency, is legally part of the Commerce Department, it has considerable autonomy.

United States allegations that China steals company secrets are at the heart of the ongoing trade dispute between the world's two biggest economies.

"Yet the markets are reacting with the same indifference with which they responded to the tariffs being levied on the US's closest allies last week, in a sign that traders are becoming increasingly accustomed to Trump's heavy-handed negotiating tactics".

Canadian Prime Minister Justin Trudeau told NBC's Meet the Press on Sunday that the reciprocal tariffs would hurt both USA and Canadian workers and consumers. "As a fine friend and ally of the United States, nobody denies that".

French Finance Minister Bruno Le Maire even referred to the bloc as G6+1 as an indication of the deepening rift.

Larry Kudlow's remarks came after finance ministers from the Group of Seven industrialized countries on Saturday expressed outrage over US-imposed tariffs on steel and aluminum and called on Washington to reverse course. "Regardless of the potential detrimental repercussions for each economies, the chance of a full-blown China-U.S. commerce conflict, with tariffs and different commerce sanctions being imposed by either side, has risen considerably".

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