It was supposed to create a warmth and establish good trade relations between the US and China once more. Instead, what they came to terms with was a chilling reception from each other. While the US went ahead with planned tariffs, China's Minister of Finance Liu Kun said that the country would respond with absolute terms.
The escalating threats, according to BBC UK, sees China and the US slapping tariffs on each other, to about $50 billion of goods-about 25% of the total tariffs. This even came with a warning that the US would slap tariffs on about $200 billion worth of Chinese goods. Trump vowed to do better, saying that the administration would impose $500 billion tariffs on imports.
Minister Liu said that China would be responding to these threats in a way that doesn't cloud their judgement or decision. While he cleared that the tariffs had little to no effect on China's economy, he said that if the US insists on continuing its imposition of the tariffs, China would respond accordingly to protect their own interests.
The Chinese delegation had been headed by vice-minister for commerce Wang Shouwen, who met with counterparts in Washington, headed by Treasury Undersecretary David Malpass. The discussion lasted two days, with the focus aimed at creating fairness and balance of trade between the two countries, as well as reciprocating goodwill, if any, shown between the two.
SCMP notes that there had been earlier rounds of these talks featuring a different set of people. Previously, it was China's vice-premier Lu He who represented their side, while the US side was headed by Treasure Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross. For one, the Chinese were looking forward to these talks; it was a chance to finally lift the tariffs, as well as test the waters, to see whether the Trump administration had any different recourse at all, other than just to slap tariffs.
Pessimism was a main tone that the talks emitted even before these bilateral, low-key discussions. The US president, for his part, said that he didn't expect much from the results of these meetings. A lack of progress will remain a hindering block on the road to resolving differences.
Perhaps, the biggest takeaway was the seeming unwillingness of the US to participate. Concerning China, the Chinese government reportedly had yet to address any of the concerns the US had raised.
