06:34 GMT13 August 2020
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    Earlier on Friday, US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthize met with Chinese Vice Premier Liu He for the second day of trade negotiations. Mnuchin said the talks were constructive but added there is nothing planned for further rounds of the talks.

    Later on Friday, Chinese Vice Premier Liu He agreed that the last round of negotiations was constructive, adding that the next meeting for trade talks will take place in Beijing. Liu stressed that China will be forced to retaliate against US tariff hikes while hoping to exercise restraint.

    "The sides carried out open and constructive talks. Both sides believe that we should maintain this good trend. The sides have agreed to further meet in Beijing and continue their consultations", Liu said on Friday after the two-day talks in Washington, DC.

    READ MORE: Trade War: 1 Million Lbs of Smuggled Chinese Meat Seized in NJ Amid Swine Plague

    "At present, the sides share a common vision of on a lot of issues. But, frankly speaking, there are still some disagreements. We believe that they mainly concern the most important key issue. Every country has its own important key issues. We absolutely cannot make concessions on these issues," Liu said in an interview with the Chinese CCTV broadcaster on Friday.

    The vice premier emphasized he did not believe that the trade talks with the United States had been undermined.

    "Firstly, the sides have clarified their position on a lot of issues and have discussed the agenda for further consultations. After all, I do not believe that the talks had been undermined. It is just some minor disagreements that emerge during talks. This is inevitable," Liu pointed out.

    US President Donald Trump said earlier on Twitter that trade talks with China were proceeding in a "very congenial manner" despite his administration's decision to impose 25 percent tariffs on $200 billion worth of Chinese goods.

    READ MORE: Mnuchin: 'Nothing Planned' for Further US-China Trade Talks — Reports

    He added that the latest tariffs, which went into effect at 12:01 a.m. on Friday, would produce "massive payments" that would go directly to the US Treasury Department.

    Washington and Beijing have been trying to overcome disagreements that emerged in the wake of Trump’s decision last June to impose 25 percent tariffs on $50 billion worth of Chinese goods in a bid to fix the US-Chinese trade deficit. Since then, the sides have exchanged several rounds of trade duties.

    Beijing has already vowed to retaliate against Washington's decision on Friday to impose the latest 25 percent tariffs on $200 billion worth of Chinese goods.

    READ MORE: China Considers Cancelling Trade Talks with US – Reports


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