Economy

U.S. Invites China to Trade Talks as Tariffs Loom

U.S. Invites China to Trade Talks as Tariffs Loom”

"We support President Trump's efforts to reset US-China trade relations, address long-standing inequities and level the playing field", Zheng said. Treasury yields jumped. Offshore, the Chinese yuan sank 0.36% against the dollar.

The new round would be in addition to $50 billion in Chinese goods that already face a 25 percent duty.

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

If both sets of tariffs go ahead it would mean virtually all of China's United States exports would be subject to new tariffs.

"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".

Zheng expressed support for Trump's wider aim of levelling the playing field between the USA and China, and addressing "long-standing inequities".

The U.S. has enjoyed near-record low joblessness and faster economic growth in 2018, while Beijing's economy faces growing long-term concerns, including a sharp decline in the value of its currency.

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

As the Trump administration readies major trade actions this month, including a potential $200 billion in new tariffs on imported Chinese goods, America's biggest trade associations - representing a wide swath of industries - have formed what they say will be a sweeping campaign against tariffs.

Half the respondents reported they had endured more inspections, delayed customs clearance and other forms of heightened regulatory scrutiny.

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.

President Donald Trump said on Twitter on Thursday that the United States holds the upper hand in talks.

About 74.3 percent said they would be affected if Washington's tariff increase on $200 billion of Chinese goods goes ahead.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions.

"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 AmCham Shanghai chairman Eric Zheng.

It resulted, however, in Americans for decades missing out on innovations from European truck makers and paying higher prices for US pickups and sport utility vehicles, said Mark J. Perry, an economist at the American Enterprise Institute.

The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans. "China trade war could last at least 10 years", reports Taiwan Business TOPICS.

About 30% of firms said they were shifting parts of their supply chains away from China and the United States to buy components from other places.



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