"The attitude of the Chinese side remains consistent".
"Despite the potential negative repercussions for both economies, the risk of a full-blown China-U.S. trade war, with tariffs and other trade sanctions being imposed by both sides, has risen significantly". Washington and Beijing have threatened tit-for-tat tariffs on goods worth up to $150 billion each. "Our established rhythm will not change", it said.
"[The move] targets America's allies when we should be working with them to address the unfair trading practices of countries like China", he told the USA media. "But we're also standing firm that the president is the leader on this".
The agreements reached between the United States and China will become void, if Washington imposes the tariffs and other trade barriers, the Chinese Commerce Ministry said Sunday. China is by far the world's largest steel producer, accounting for almost 50 percent of all steel production in 2017. China's willingness to buy more American products and allow USA investments with IPR protections raised hopes of an agreement, which led to current round of talks in Beijing.
US Treasury Secretary Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed. It said the White House also would impose curbs on Chinese investment and purchases of U.S. high-tech goods and on visas for Chinese students.
Trade tensions between the U.S. and China, the world's two largest economies, had intensified in April after Beijing said it was slapping duties on 106 American imports following Washington's plans to put new tariff on hundreds of Chinese items. The tariffs are meant to pressure Beijing for allegedly stealing trade secrets and forcing foreign companies to hand over technology in exchange for access to the Chinese market.
Ross nonetheless journeyed to Beijing Friday to work out details of the vague agreement Mnuchin had earlier cobbled together with the Chinese vice premier. Critics say that the deal risks making the US a supplier of raw materials to fuel China's expansion and plans to dominate high-tech manufacturing.
To meet the people's ever-growing needs for a better life and the requirements of high-quality economic development, China is willing to increase imports from other countries, including the United States, which will benefit people of both countries and the rest of the world, it noted.
He Weiwen, deputy director of the Centre for China and Globalisation and a former Commerce Ministry official in NY, said Beijing was prepared to take measures to narrow the trade gap but it was also prepared for a trade war.
The dispute with China comes at the same time Trump has riled some of America's closest allies with the imposition of tariffs on steel and aluminum imports.
The warning came after the latest round of trade talks ended inconclusively in Beijing.
At the center of the row was the White House's decision to slap tariffs on steel and aluminum produced by key USA allies in the European Union and Canada.
The U.S. team had also wanted to secure greater intellectual property protection and an end to Chinese subsidies that have contributed to overproduction of steel and aluminum.
French Finance Minister Bruno Le Maire compared Washington's action to something out of the old "Wild West".
It's when countries attack each other's trade with taxes and quotas.
That might alienate allies who share complaints about Chinese technology policy and a flood of low-cost steel, aluminium and other exports they say are the result of improper subsidies and hurt foreign competitors.