USApple "extremely disappointed" over proposed Chinese import tariffs

Markets calm amid signs of US-China trade war truce

China's ministry of commerce accused the United States of "creating a serious precedent" and imposed sanctions on USA goods worth 3 billion Dollars, including fruit, pork, recycled aluminum and steel pipes, and the ministry said these measures were a direct response to new U.S. tariffs Chinese steel and aluminum.

Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer "actively engage with the Chinese side", Navarro said.

"China's retaliatory response to USA tariffs are just the latest chapter in a long and sad story where USA apple growers get hurt in a fight we didn't start and in which we have no interest", it said.

Soybeans, as the largest-traded agricultural commodity from U.S.to China, were not included in the list of 128 commodities released Friday by the Chinese Ministry of Commerce for retaliatory tariffs against the United States.

Yu said China and the USA have a valued partnership.

But Mnuchin said Sunday he's optimistic the US can reach an agreement with China that will forestall the need to impose the tariffs that Trump has ordered. During the day, a weakening US dollar weighed on European stocks, which ended their trading day on weaker footing, while gold gained and oil languished.

It also said that Beijing did not want a trade war with Washington D.C., but at the same time, was not afraid of a trade war. Soybeans were the biggest US agricultural export to China previous year.

"China alone accounts for almost half of the total USA trade deficit, and the ratio of exports to imports is seriously imbalanced between the two", says Porter.

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"Markets have swung from euphoria over [U.S.] tax cuts to the protectionism pits".

China and the United States have launched secret talks to improve USA access to the Chinese markets, following the Washington's threat to use punitive duties to tackle trade imbalances.

Trump wants to see a $100-billion reduction in America's trade deficit with China this year, as well as action on intellectual property, Navarro said.

The newspaper reported that Mnuchin was considering a visit to Beijing to pursue negotiations.

China now has a 25pc tariff on USA cars.

A spokeswoman said Severstal strongly believed the tariffs violated global regulations and USA law, and the national security claim was unfounded. Just before the China tariffs were announced, Navarro signaled a break from the diplomatic approach toward China that has defined USA economic policy since Richard Nixon visited the Communist nation in 1972.

China has yet to say how it might respond to Trump's approval Thursday of possible higher duties on $60 billion of Chinese goods in response to complaints Beijing of stealing or improperly pressuring foreign companies to hand over technology.

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