China, USTrade Talks End With No Agreement

US Treasury Secretary Steven Mnuchin has been locked in the trade talks with China

Three issues lie in the way of an agreement between China and the United States, which will have to be ironed out in upcoming talks in Beijing, said China's chief trade negotiator as the USA moved to impose higher tariffs on Chinese goods.

USA and Chinese officials are to resume negotiations later on Friday morning for a second day as the world's two largest economies seek to hammer out an agreement.

The official spoke on condition of anonymity because they were not authorized to speak publicly on the matter.

The tariffs are a one-two punch for Beijing, coming on the heels of Friday morning's tariff hike which more than doubled levies on US$200 billion of Chinese goods from 10 per cent to 25 per cent. Without elaborating, it threatened to take "necessary countermeasures".

On Saturday, however, Chinese stat-run media said that three main differences remain in the trade talks, including the removal of all the additional tariffs.

"The most direct countermeasure would be raising existing tariffs on USA goods or imposing tariffs on more United States products", Song said.

Furthermore, both China and the United States should bear in mind the persistency, complexity and toughness of their economic and trade disputes, and render more patience and perseverance.

The spat erupted as U.S. and Chinese negotiators were due to begin further talks in Washington aimed at resolving a dispute which has rocked financial markets and disrupted world trade.

Liu He, China's vice premier, tried to strike a resolute but relatively conciliatory note as he left Washington following the end of the fractious talks.

A White House official confirms that trade talks between Chinese and USA negotiators have concluded for the day.

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In the afternoon, a motorcade of sport-utility vehicles and a police escort, both with lights flashing, carried the Chinese delegation away from their lodgings at the Willard InterContinental Hotel.

But Liu told reporters the talks had been "productive" and said the two sides would meet again in Beijing at an unspecified date.

Equal footing and win-win results are fundamental guarantees for the two sides to reach a final agreement.

The Trump administration raised import taxes on billions of dollars in Chinese goods from 10% to 25% Friday. The government will have to get public comment before it can target more Chinese goods.

U.S. Agriculture Secretary Sonny Perdue said on Friday that President Donald Trump had asked him to create a plan to help American farmers cope with the heavy impact of the US-China trade war on agriculture.

Trump justified the higher tariffs with a string of bogus economic logic, proclaiming on Twitter that the tariffs will make the US economy stronger and bring more wealth to the United States.

Despite his insistence that China will absorb the cost of the tariffs, it is USA businesses that will pay them and likely pass them on to consumers. Trump announced the unexpected move on May 5 in response to Beijing allegedly reneging on commitments made during months of negotiations. US consumers and businesses get electronics, furniture, clothing and other goods in return for their money.

Since past year, the United States and China have exchanged tariffs on more than $360bn in two-way trade, weighing on both countries' economies.

Philip Wee, of the Singapore-based DBS Bank, warned in a report that a tariff hike and a breakdown in talks meant that "risks of a financial market collapse, extreme risk aversion, and sharp slowdown in global growth will spike".

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