Earlier comments by Mnuchin, following discussions in Washington, that tariffs had been put "on hold" were described by anti-China hawk Peter Navarro, the White House adviser on trade, as an "unfortunate sound bite" and were followed by the decision that the list of Chinese goods to be targeted would be finalised on June 15 and implemented "shortly" thereafter, and that there would be an announcement by June 30 on restrictions to be placed on Chinese investment.
"The achievements reached by China and the United States should be based on the premise that the two sides should meet each other halfway and not fight a trade war", said the Chinese statement, carried by the official Xinhua News Agency. "It won't be the case that the United States can get whatever they want".
Trump has pledged to reduce this as well as curtailing President Xi Jinping's "Made in China 2025" program, which will turn the world's second-largest economy into a technological powerhouse.
China is set to boost its imports of cotton by issuing additional import quotas to mills, said the China Cotton Association on Monday, a move seen by the market as another step toward meeting the demands of top exporter the United States. He blames what he calls their abusive trade policies for America's persistent trade deficits - $566 billion a year ago.
According to the statement, both sides have exchanged views in various areas such as agriculture and energy, and have made positive and concrete progress.
The US is also skeptical of the deal, the report said, because the energy purchases that would be directed to China could just come from exports to other countries - which would mitigate the overall trade deficit benefit - and there is a sense that US farmers could not ramp up production fast enough.
"It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7", said Le Maire, who called the tariffs unjustified.
Ross had been expected to seek clear commitments from Beijing to boost Chinese imports of USA products in areas such as energy and agriculture.
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"Yet the markets are reacting with the same indifference with which they responded to the tariffs being levied on the US's closest allies last week, in a sign that traders are becoming increasingly accustomed to Trump's heavy-handed negotiating tactics".
The Trump administration's quick turn away from the trade truce may also have been motivated by the negative response to the fledgling U.S.
It has positioned itself as a defender of the global trade system in the face of Washington's tougher stance under Trump.
Not only did the latest talks in Beijing fail to clarify this issue, Beijing has since threatened to rescind the offer if the Trump administration went ahead with a plan to slap tariffs on US$50 billion of Chinese goods.
"The "just say no" crowd in China is getting emboldened by the American allies that are strongly pushing back as the USA ratchets up the pressure", he said. China has also threatened to hit back with tit-for-tat tariffs on tens of billions of dollars in USA goods.
French Finance Minister Bruno Le Maire referred to the "G6 plus one" and expressed "total incomprehension" over the United States actions.
They are particularly anxious about "Made in China 2025", a program which will pump hundreds of billions of dollars into high-tech industries like robotics and electric cars with the aim of making China a global leader.
Members of Congress criticized the agreement to lift a ban on sales of US components to ZTE, which admitted violating rules on exports to Iran and North Korea.