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China warns US trade deals off if tariff hike goes ahead

AP  |  Beijing 

renewed its threat today to scrap deals with aimed at defusing a sprawling trade dispute as the prepared to release a list of Chinese goods targeted for hikes.

has threatened to raise tariffs on up to USD 150 billion of Chinese goods in response to complaints about Beijing's trade surplus and As part of that, the is due to issue a list tomorrow of USD 50 billion of Chinese goods targeted for a 25 per cent

In Beijing, US told reporters he had constructive discussions with Chinese officials, including Wang Yi, today.

"Our deficit with is still too high," Pompeo said. "I stress how important it is for Trump to rectify that situation so that trade becomes more balanced, more reciprocal and more fair, with the opportunity for American workers to be treated fairly."

has promised to buy more American soybeans, and other exports but warned after June 3 talks between US and China's top economic official, Liu He, that all deals were off if Trump's threatened tariffs went ahead.

"We made clear that if the US rolls out trade sanction including the imposition of tariffs, all outcomes reached by the two sides in terms of trade and economy will not come into effect," said a foreign ministry spokesman,

"I just want to repeat this point today." also has announced plans to cut import duties on autos and some consumer goods and to ease limits on foreign ownership in auto manufacturing, insurance and some other industries, though those don't directly address US complaints.

Economists also warn that will resist changing dislikes but that Chinese leaders see as successful.

The first round of hikes planned by is in response to complaints Beijing steals or pressures foreign companies to hand over technology in violation of its market-opening commitments.

also has threatened to retaliate with its own tariff hikes on USD 50 billion of US exports including pork and soybeans, though authorities avoided renewing that threat following the latest round of talks.

Today, a said some Chinese exporters are rushing to fill orders due to concern about possible trade risks. The didn't mention Washington and Trump's threat of tariff hikes.

"A few companies have increased the number of 'short orders' to avoid risks," Gao Feng said at a regular briefing. "However, this is not the mainstream and will not affect our country's situation of steady and healthy development of foreign trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 22:35 IST