USA reached out to China for new trade talks, sources say

15 September, 2018, 03:26 | Author: Billie Castillo
  • President Donald Trump holds an Oval Office meeting at the White House on Sept. 11 2018. LEAH MILLIS  Reuters

So far, the United States and China have hit $50 billion worth of each others' goods with tariffs in a dispute over USA demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.

Chamber president Alan Beebe said the poll would provide officials in Washington and Beijing with facts on how the tariffs are playing out.

Kyle Bruns packs a live lobster for shipment to Hong Kong at The Lobster Company in Arundel, Maine, on Tuesday.

If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against USA tariffs to safeguard China's interests", it added.

Reuters could not immediately verify the report, which had an immediate effect on financial markets.

The news sent stocks down sharply Friday on trade war fears, erasing gains for the day.

Technology shares led declines, with Apple Inc. falling 1.7 percent. After these were first proposed several weeks ago, Apple warned that they'll likely increase the cost of many of its products.

Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over US threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

Treasury secretary's attempt to restart trade talks with Beijing and China welcomed the invitation on Thursday. "AmCham China and AmCham Shanghai urge both governments to return to the negotiating table".

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Some businesses reported other changes in recent months, such as more tax or environmental inspections and slower clearance of goods at Chinese customs, according to the study.

In a survey by two American chambers of commerce in China, almost two-thirds of United States firms who responded said the waves of new tariffs have harmed their business.

The comments come amid reports the two sides could resume talks to stave off a third round of U.S. tariffs. And we all know when the New York Stock Exchange sneezes, world markets catch a cold.

On 7 September, Mr Trump said tariffs on $200bn in goods "could take place very soon" and added that tariffs on a further $267bn in goods were "ready to go on short notice if I want".

It has become tricky to find additional products for duties that won't more obviously impact American consumers, according to two people.

"With the $200 billion round of tariffs looming, this is probably the best time for the USA to go back to the table with a "take it or leave it" type of trade demand", Robert Carnell, the chief Asia-Pacific economist at investment bank ING, said in a note.

The decision also comes despite a Treasury invitation earlier this week to senior Chinese officials, including Vice Premier Liu He, for more talks to try to resolve trade differences between the world's two largest economies.

Efforts to end the dispute have fizzled so far.

However, the last round of talks, between mid-level USA and Chinese officials in August, failed to reach any agreement.

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