Economy

Trump says United States under 'no pressure' for China trade deal

Trump says United States under 'no pressure' for China trade deal”

Some of them have criticized Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy. So, as Trump's tariff hikes on Chinese imports keep ramping up, China is naturally running out of room to retaliate.

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

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

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.

The negative impact of the tariffs on US companies has been "clear and far reaching", according to the joint survey by AmCham China and AmCham Shanghai published on Thursday.

A broad coalition of USA businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the us economy.

The sides have been engaged in an escalating tit-for-tat trade fight for months but on Wednesday it emerged that US Treasury Secretary Steven Mnuchin had invited top Chinese officials to discuss the issue.

Even Mr. Scott said the tariffs have failed to accomplish Mr. Trump's stated goal of forcing better trade deals, notably with China, and reducing the US trade deficit.

"There's some discussions and information that we received that the Chinese government - the top of the Chinese government - wished to pursue talks", Kudlow said.

But he cautioned: "I guarantee nothing".

As of June 30, almost 450 entities employed lobbyists on trade issues - up from about 160 at the start of the year and about 100 when Trump took office, according to lobbying-disclosure reports compiled by the nonprofit Center for Responsive Politics.

A day earlier, more than 60 USA industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

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

In recent meetings with cabinet-level Chinese officials, USCBC representatives were told that licensing won't resume "until the trajectory of the U.S".

About 30 per cent said they were adjusting supply chains by seeking to source components and/or assembly outside the USA, and about the same number were seeking to source components and/or assembly outside China.

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.

The invitation was first reported by the Wall Street Journal.

The negative impact of the tariffs on US firms has been "clear and far-reaching", according to a joint survey by AmCham China and AmCham Shanghai.

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 USA tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.

"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.



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