USA seeking new trade talks with China

14 September, 2018, 15:24 | Author: Billie Castillo
  • US reached out to China for new trade talks, sources say

It is also important to note that things are only getting started in the trade conflict, and unless China is willing to make some major concessions, and soon, then the world is likely to witness a protracted conflict lasting years. "Likewise, Trump's ill-advised trade war, which started in January when he approved the tariffs on imported washing machines, is really largely a war on Americans". "We may think that China's rise may be bad for the USA, that China is a strategic competitor. but the moment China's growth rate declines, we will regret it", he said at the Milken Institute's annual Asia Summit in Singapore. Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing.

China welcomed on Thursday a U.S. offer to hold fresh trade talks, adding that the two are discussing the details and providing some hope the world's top economies could step back from the brink of an all-out trade war.

The invitation comes amid a swelling chorus of opposition to tariffs from Western business circles.

"This survey affirms our concerns: tariffs are already negatively impacting US companies and the imposition of a proposed $200-billion tranche will bring a lot more pain", said Eric Zheng, chairman of AmCham Shanghai.

The current world trade system is not ideal and China supports reforms to it, including to the World Trade Organization, to make it fairer and more effective, Beijing's top diplomat said.

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.

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

The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture.

Washington has offered to restart negotiations with Beijing as the trade war escalates, a move analysts say reflects pressure on the White House ahead of critical midterm elections and a weaker Chinese negotiating position as its economy slows.

The White House says tariffs are a response to China's unfair trade policies, which Mr Trump blames for helping to create a huge trade deficit.

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But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said.

Envoys from the two countries last met August 22 in Washington but reported no progress.

Just six percent, meanwhile, said they would consider moving factories to US soil.

"China's economy has slowed a tiny amount, and it certainly has financial anxieties, but it is nowhere near any kind of tipping point".

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

The U.S. administration is readying a final list of $200 billion in Chinese imports on which it plans to levy tariffs of 10-25 percent in coming days, which would ramp up the trade war between the world's two largest economies.

Sixty-four percent of companies that responded to the AmCham survey, which was conducted between August 29 and September 5, said the first round of tariffs that Trump slapped on $50 billion in Chinese imports this year have negatively affected their operations, while 63 percent said the same about the equal amount of duties Beijing imposed in retaliation.

One of the highest-profile casualties of the trade war was USA chipmaker Qualcomm's (QCOM) $44 billion acquisition of Dutch rival NXP Semiconductors (NXPI), which China killed in July by refusing to grant it regulatory approval.

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