China welcomes USA trade talks offer as new tariffs loom

Galtero Lara
Setiembre 14, 2018

Trump appeared nonchalant about whether China met with his trade representatives to make a deal.

Stocks in Europe rose earlier as prospects for U.S.

On Thursday, the United States business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on USA companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".

But Larry Kudlow, head of the White House Economic Council, said Wednesday on the Fox Business Network that Treasury Secretary Steven Mnuchin had invited senior Chinese officials to rekindle the talks.

Beijing has pledged to hit back with five to 25 per cent tariffs on $60 billion in USA imports in retaliation for any measures from the US.

The European Union Chamber of Commerce in China released its own survey on Thursday saying the tariffs were causing "significant disruptions" to global supply chains and "seriously impacting" non-Chinese and non-American companies.

Zheng expressed support for Trump's wider aim of levelling the playing field between the USA and China, and addressing "long-standing inequities".

Both countries are set to return to the table with the threat of new U.S. tariffs looming.

The US President Donald Trump said Washington is under "no pressure" to achieve a trade deal with China as the prospect of new tariffs loom. It was unclear whether any U.S.

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More than half of firms say they are already feeling Beijing's wrath, with 27% reporting increased inspections, 19% feeling heightened regulatory scrutiny and 23% witnessing slower customs clearance.

To avoid the tariffs, 30 percent of US companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

More than 60% of USA companies polled said the US tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business.

Trump said last week he could move "very soon" to impose tariffs on an additional $200bn (£153bn) worth of products with taxes on another $267bn "ready to go on short notice". A similar amount said they were delaying investment decisions because of the trade tensions.

In the ongoing trade dispute between the USA and China, perhaps no companies are more affected than American automakers that are manufacturing their cars in China.

"The U.S. administration runs the risk of a downward spiral of attack and counterattack, benefiting no one", William Zarit said in the statement.

Roughly a third of firms are shifting supply chains out of China, or the USA, and an equal proportion are delaying or cancelling investment decisions, the survey showed.

The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans.

"The White House has threatened to fire the next barrage of tariffs at $200 billion more Chinese goods, expecting with this onslaught, or subsequent ones, China will wave a white flag", he said.

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