GPS News  
TRADE WARS
China offers to buy $70 bn of US goods, says official
by Staff Writers
Washington (AFP) June 7, 2018

China has offered to buy $70 billion worth of US goods if Washington drops plans to impose tariffs in return, an official in President Donald Trump's administration told AFP on Wednesday, confirming an earlier report.

Top Chinese economic advisor Liu He made the offer during weekend trade talks in Beijing with a US delegation led by Commerce Secretary Wilbur Ross, The Wall Street Journal reported Tuesday.

The new purchases would include soybeans, natural gas, crude oil and coal.

The Commerce Department on Wednesday told AFP no definitive agreement had been reached and no further information was available.

During a regular news briefing Thursday in Beijing, the Chinese commerce ministry confirmed the two sides had discussed detailed proposals during the trade negotiations.

"China and the US carried out in-depth and concrete discussions in some specific areas of trade cooperation, especially agricultural products and energy," said Gao Feng, the ministry's spokesman, when asked about the $70 billion figure.

"China is willing to expand imports from the US under the precondition of both sides walking towards each other," Gao said.

US exports to China last year hit $130.4 billion, according to the Department. A $70 billion package of purchases would amount to a 53.8 percent increase.

For goods alone, the US trade deficit with China hit a record $375 billion last year, and the White House has demanded Beijing cut the imbalance by $200 billion.

"If the United States introduces trade sanctions including tariffs, all the economic and trade achievements negotiated by the two parties will be void," China's official news agency Xinhua said Sunday.

According to the Wall Street Journal, Liu personally explained to Ross the offer would be void in the event Washington imposed additional tariffs.

Trump had announced last week that the US was pressing ahead with plans to impose 25 percent tariffs on $50 billion worth of Chinese imports tied to the tech sector, which Washington says has benefitted from the alleged theft of US know-how and intellectual property.

Washington's trade battles with China, Europe, Mexico and others are an effort to make those countries buy more US goods and force down the US trade deficit, which Trump sees as a job killer and threat to the American industrial base.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
China 'regrets' EU challenge at WTO
Beijing (AFP) June 4, 2018
China voiced regret over the European Union's decision to lodge an intellectual property rights complaint at the World Trade Organization, just as Beijing is embroiled in a similar dispute with Washington. The EU brought the challenge to the WTO on Friday, accusing Beijing of unfairly requiring foreign firms to hand over their technology to Chinese companies in order to do business in China. "China expresses regret over the EU launching the complaint and will properly handle it according to the ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Sugarcane pest produces foam to protect itself from heat

Hail storms batter French champagne makers

Radish cover crop traps nitrogen; mystery follows

Italy's oldest olive oil discovered in peculiar pot

TRADE WARS
Building nanomaterials for next-generation computing

Novel insulators with conducting edges

Toshiba completes $21 bn sale of chip unit

Time crystals may hold secret to coherence in quantum computing

TRADE WARS
Zero 2 Infinity completed another successful launch from Europe's Stratoport, this time for Airbus

US search firm says to end MH370 hunt in 'coming days'

Lockheed tapped for support of developmental test F-35 aircraft

China plane makes emergency landing after window cracks

TRADE WARS
New material could replace expensive platinum catalysts used in hydrogen cars

French carmaker PSA to exit Iran over US sanction risk

Electric vehicle market exposed to risk from violence

Hamburg leads charge with Germany's first diesel ban

TRADE WARS
China warns US against tariffs as trade talks end

EU joins global battle against Trump tariff onslaught

China 'regrets' EU challenge at WTO

Eurozone inflation leaps higher delivering 'headache' to ECB

TRADE WARS
New research finds tall and older Amazonian forests more resistant to droughts

Zangbeto: voodoo saviour of Benin's mangroves

New technique reveals details of forest fire recovery

Forest loss in one part of US can harm trees on the opposite coast

TRADE WARS
New algorithm fuses quality and quantity in satellite imagery

The case of the relativistic particles solved with NASA missions

Researchers Use Satellite Imagery to Map Economic Inequality Among Indians

Sentinels modernise Europe's agricultural policy

TRADE WARS
Researchers use magnets to move tiny DNA-based nano-devices

AI-based method could speed development of specialized nanoparticles

Atomically thin nanowires convert heat to electricity more efficiently

Change the face of nanoparticles and you'll rule chemistry









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.