Kudlow: Don't Blame Trump as China Warns of Trade Pullback


China has threatened to withdraw from its previously agreed commitments with Washington to cut its bilateral trade deficit on goods with the U.S. if President Donald Trump moves ahead with tariffs on $50bn-worth of Chinese products.

The warning came after delegations led by U.S. Commerce Secretary Wilbur Ross and China's top economic official Vice Premiere Liu He wrapped up a meeting on Beijing's pledge to narrow its trade surplus.

On Sunday, Ross said the two sides discussed specific exports Beijing might buy, but the meeting ended with no commitments.

The United States and China have threatened tit-for-tat tariffs on goods worth up to $150 billion each, as U.S. President Donald Trump has pushed Beijing to open its economy further and address the United States' large trade deficit with China.

The dispute is in two largely unrelated halves: American frustration with China's overall trade surplus with the United States - a record $375.2 billion a year ago and forecast to grow - and more narrowly focused complaints about Beijing's technology policy. "It won't be the case that the United States can get whatever they want".

Most economists - Trump's trade adviser Peter Navarro is a notable exception - say no.

'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'. Mnuchin, who announced the truce in mid-May, has been at loggerheads with more protectionist-minded Trump administration figures.

Buyers in China remain cautious about buying US beans because of the uncertainty, four traders involved in the market said. "Our established rhythm will not change", Xinhua said.

Tensions quickly eased on Might 19 after China promised to "considerably improve" its purchases of USA farm, power and different merchandise.

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"Chinese officials know these talks are precarious but may underestimate the domestic political cost Trump now sees in lifting the ZTE ban without major concessions from China", said Andrew Gilholm, director of China analysis at Control Risks, a political and security consulting firm.

"It has been a great pleasure to spend yesterday with you and we are especially grateful for last night's dinner", Ross said as he met with Liu at the Diaoyutai state guesthouse.

Jake Parker, vice-president of China operations at the US-China Business Council, said that the US party had explored ways to increase US exports and decrease the bilateral trade deficit.

Allies together with Canada and the European Union are threatening retaliatory tariffs.

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.

The Trump administration's own internal divisions may also be affecting the direction of the talks.

Calling the U.S. tariffs on steel and aluminium "deeply deplorable", Japanese Finance Minister Taro Aso said, "I've been to these meetings for a long time". -China trade talks dissolved in a matter of days, expectations were low for Ross' visit this week. Through its "Made in China 2025" program, Beijing has issued directives to move the country up the manufacturing value chain and become a global leader in advanced sciences such as robotics, semiconductors, and artificial intelligence. China has also threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in United States goods.

Analysts say that the statement could have been designed as a bargaining tactic aimed at increasing pressure on China ahead of Sunday's meeting, amid criticism at home that Mr Trump is going soft on China. In addition, the first approach has already raised concerns amongst USA allies, partners, and competitors that increased USA exports to China will come at the expense of their own exports to China.