Friday, 21 September, 2018

China welcomes USA trade talks offer as new tariffs loom

President Donald Trump holds an Oval Office meeting at the White House on Sept. 11 2018. LEAH MILLIS  Reuters President Donald Trump holds an Oval Office meeting at the White House on Sept. 11 2018. LEAH MILLIS Reuters
Priscilla Morrison | 13 September, 2018, 21:52

Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes of course".

News of the invite comes as it emerged Thursday that U.S. firms in China are beginning to feel the pinch of tariffs already imposed on the Asian giant.

The United States and China have so far slapped tariffs of 25% on more than $50 billion worth of each other's exports and more are in the pipeline.

China said on Thursday that it welcomed an invitation by the United States to hold a new round of trade talks, as Washington prepares to further escalate the US-China trade war with tariffs on US$200 billion worth of Chinese goods.

"If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping", he said. "The US administration will be hurting the companies it should be helping".

"There seem to be domestic political pressures that are working against the perception of USA companies receiving benefits" during trade disputes, Parker told the South China Morning Post.

But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60% of businesses, according to the poll.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions. More than half of U.S. firms are already feeling Beijing's wrath from non-tariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey.

The two chambers of commerce on Thursday urged the USA and Chinese governments to resume negotiations.

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On Wednesday, Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials to restart trade talks.

China's Commerce Minister confirmed it received the invitation but after this tweet from Trump, you have to wonder how much there is to negotiate.

According to a Tuesday report by the Hong Kong-based South China Morning Post, the Chinese government has suspended issuing new licenses to American companies that want to conduct business in China.

"We support President Trump's efforts to reset US-China trade relations, address long-standing inequities and level the playing field", Zheng said.

The trade war has already contributed to sell-offs in China's stock markets and currency. We will soon be taking in Billions in Tariffs & making products at home.

William Zarit, the chairman of the American Chamber of Commerce in China, warned the Trump administration against assuming those difficulties will force Beijing to cave in to its demands.

Mr Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch".

"But that scenario risks underestimating China's capability to continue meeting fire with fire", he added.

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