Monday, 19 November, 2018

China welcomes United States trade talks offer as new tariffs loom

US reached out to China for new trade talks, sources say Running Out of Tariff Options, China Takes Aim at American Companies
Priscilla Morrison | 14 September, 2018, 20:25

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

But China will not buckle to USA demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

Two people familiar with the effort said Mr Mnuchin's invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks.

Trump said last week that he also had tariffs on an additional $267 billion worth of goods ready "on short notice if I want".

Americans don't notice the 25 percent duty on light trucks, known as the "chicken tax", that has been on the books since 1964, when President Johnson levied it in retaliation for France and West Germany's tariff on USA chicken.

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the US tariffs and 62.5 percent said the same about retaliatory Chinese tariffs. It was unclear whether any US-China talks would delay the duties.

Details on the potential talks were thin, but Larry Kudlow, White House economic advisor, said the prospect of talks was a positive development.

President Donald Trump's push to impose tariffs on China and other countries is aimed at deterring what he views as unfair trade practices and, equally important, to encourage American consumers and businesses to buy and sell more goods made at home. "That's what we've been asking for months and months".

AmCham's survey results come a day after more than 60 US industry groups launched a coalition called Americans For Free Trade, which aims to halt the White House's proposed tariffs.

More news: The larger iPhone Xs might be called the iPhone Xs Max

Mid-level USA and Chinese officials met on August 22 and 23 with no agreements.

A U.S. Treasury spokesman did not respond to requests for comment.

The Trump administration has reached out to China for a new round of trade talks as it prepares to activate punitive US tariffs on $200 billion worth of Chinese goods, two people familiar with the matter said Wednesday.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation.

While China doesn't import enough from the U.S. to match the duties dollar-for-dollar, it could increase tariff rates or use qualitative measures like creating administrative headaches for American companies.

The escalating trade spat between Washington and Beijing has generated turbulence in global markets.

Roughly three-in-four firms surveyed said duties on an additional $200-billion worth of Chinese goods would hurt business further, and close to 70 per cent said additional retaliatory Chinese tariffs would be bad for business.

China has also warned it could unleash "qualitative" measures, which US business groups have interpreted as more burdensome regulations, stalled visas and other red-tape headaches.

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