All trade deals could be off, China warns US

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French Finance Minister Bruno Le Maire compared Washington's action to something out of the old "Wild West".

On Saturday President Trump insisted on Twitter that the U.S. had been "ripped off by other countries for years on trade".

Parker said tariffs would inflict real harm on the USA economy.

Beijing has resisted USA pressure to commit to a firm target of narrowing its annual surplus with the United States by $US200 billion ($264 billion). "The U.S. has been ripped off by other countries for years on Trade, time to get smart!"

What are the Chinese saying?

China said Thursday it wanted to avoid an escalation of trade tensions with the United States, as the two sides held new talks and Beijing made a decision to lower some tariffs.

The outcome of the talks should be based on the prerequisite that the two parties meet each other halfway and will not engage in a trade war, according to the statement. The U.S. says China's outsized production artificially depresses global metals prices, endangering U.S. national security by undermining its domestic steel industry. "Our established rhythm will not change", it said.

Gao slammed the proposal, saying US measures to implement investment restrictions and export controls against China "do not conform with the basic principles and spirits of the WTO (World Trade Organization)".

What is the United States trying to do?

The President's propensity to move in many directions all at once with little sense of a strategy arc is not limited to the trade front. "We would love to have a peaceful, friendly relationship with China".

Crude oil prices ease on record US production, higher OPEC supplies
Russia could raise oil output within months if there is a decision to unwind the pact, a Russian Energy Ministry official said. Leading Index, one widely watched measure of turns in the business cycle, is at some of its highest levels on record.

"I think trade can dovetail into this in a positive way if the president is able to challenge these trading practices and allow Americans to export freely around the world", Mr. Kudlow said.

"Both sides appear to have hardened their negotiating stances and are waiting for the other side to blink", said Eswar Prasad, professor of trade policy at Cornell University. "If the deal was done in Geneva, the cargoes might be traded in the worldwide market instead of being brought to China to crush", said Tian Hao, a senior analyst with First Futures.

China made the statement after talks with a USA delegation led by Commerce Secretary in Beijing on Saturday and Sunday.

U.S. leverage against China appears to have been weakened by a sour mood among United States allies after Washington imposed tariffs on steel and aluminum from the European Union, Canada and Mexico.

A 50-strong USA delegation arrived in Beijing on Wednesday for follow-up meetings, Chinese commerce ministry spokesman Gao Feng said, without proving more details.

Further, no joint statement was released either.

Larry Kudlow's remarks came after finance ministers from the Group of Seven industrialized countries on Saturday expressed outrage over US-imposed tariffs on steel and aluminum and called on Washington to reverse course.

China announced last week it was cutting tariffs on a range of foreign consumer items, including clothes, home appliances, seafood and healthcare goods from July 1.

Requested particularly on Fox's "Sunday Morning Futures" if the U.S.is prepared to throw away its relationship with China by continuing with threatened tariff hikes, Peter Navarro, director of the White Home Nationwide Commerce Council, pointed partially to an unfair relationship involving a multi-billion greenback commerce deficit, Protection Secretary Jim Mattis' warning of China's actions within the South China Sea and the specter of China stealing USA mental property.

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