After the latest round of trade negotiations between the U.S. delegation, led by Commerce Secretary Wilbur Ross, and China over the weekend, Beijing said "positive and concrete progress" had been made, saying there was "good communication" between both sides on agriculture and energy, while relevant details were yet to be confirmed by both sides, Xinhua reported.
The warning came after delegations led by US Commerce Secretary Wilbur Ross and China's top economic official Vice Premier Liu He wrapped up a meeting on Beijing's pledge to narrow its trade surplus.
U.S. Treasury Secretary Steven Mnuchin said on Saturday that the United States wanted this weekend's Beijing talks to result in structural changes to China's economy, in addition to increased Chinese purchases of American goods.
Sure enough, there was no joint statement issued after the talks. "As a fine friend and ally of the United States, nobody denies that".
At a gathering of G-7 leaders in the Canadian ski town of Whistler on Saturday, finance ministers from six of the world's largest economies asked Mr Mnuchin to convey their "unanimous concern and disappointment" to US President Donald Trump over the latest trade actions, which they said were harmful to the world's economic development.
"The United States will continue efforts to protect domestic technology and intellectual property, stop noneconomic transfers of industrially significant technology and intellectual property to China, and enhance access to the Chinese market", the White House statement read.
Since November, China has announced plans to end limits on foreign ownership in its insurance and auto industries and to reduce import tariffs on autos and a range of consumer goods. 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.
Gao said China will also publish a "negative list" of foreign investment by June 30 to ease restrictions in fields including energy, resources, infrastructure and transportation. Ross is expected to seek a firmer commitment to buy more American farm goods, energy and other products and services.
The Chinese state-run news agency Xinhua said there had been "positive, concrete" progress in some areas, but then made clear that the tariff threat was the key sticking point. President Trump, along with his Treasury Secretary Steve Mnuchin and Commerce Secretary Wilbur Ross tend to emphasize reducing the current $337 billion annual deficit by raising U.S. exports in agriculture, energy, and other sectors.
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China, it said, was willing to increase its quota of imports as it was part of the country's national strategy.
Allies together with Canada and the European Union are threatening retaliatory tariffs.
Donald Trump has accused China of forcing USA firms to hand over their industrial secrets to Chinese firms in order to do business in the country, a charge that Beijing has rejected.
But just nine days later, a White House statement declared the USA intention to place a 25 percent tariffs on $50 billion worth of Chinese imports, focusing on technology products.
French Finance Minister Bruno Le Maire warned a trade war could begin in "a few days". Beijing had said it reserved the right to retaliate.
The United States has several unresolved issues with China, some longstanding, that Trump and his cabinet are looking to address.
Those hard issues include what the United States complains is rampant theft of intellectual property, as well as Beijing's support for cutting-edge technologies under its Made in China 2025 policy.
In 2017, Trump vetoed the sale of a USA semiconductor manufacturer to a Chinese investor on national security grounds after Washington concluded the financing came from China's government.