Published: Fri, September 14, 2018
Business | By Tara Barton

China welcomes U.S. invitation for new round of trade talks

China welcomes U.S. invitation for new round of trade talks

More than 60 per cent of U.S. companies polled said the United States tariffs were already affecting their business operations, while a similar percentage said Chinese duties on USA goods were having an impact on business.

Two-thirds of American companies that responded to a survey said they have suffered lost sales or lower profits due to that increase, two chambers of commerce reported Thursday.

The last talks, between mid-level US and Chinese officials on August 22 and 23, failed to reach any agreement.

The next wave of 25 per cent tariffs on a further $200 billion in imports will loom over any talks - after a public consultation period for affected businesses came to an end last Thursday.

Businesses are ratcheting up lobbying against tariffs that the Trump administration has imposed, or is considering.

One researcher at Taiwan's Chung-Hua Institution for Economic Research, Roy Chun Lee says that "the historical example of the U.S. -Japan economic conflict suggests that the U.S".

The Trump administration's $200 billion tariff list would hit a broad array of internet technology products and consumer goods from handbags to vacuum cleaners and bicycles to furniture.

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.

"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.

China has threatened retaliation, which could include action against USA companies operating there.

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Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions. He warned that further escalation would severely damage Chinese industries, China's markets and currency, and its position in the global supply chain.

China is running out of American imports for retaliation due to their lopsided trade balance, but threatened unspecified "comprehensive measures" in June.

The largest American business groups in China issued a plea to President Trump on Thursday: Please stop with the tariffs.

Chinese funded publications and news agencies around the world continue to insist that the trade war's impact on the Chinese market is insignificant, but the numbers and the statements of China's leadership tell a different tale.

"There's some discussions and information that we received that the Chinese government - the top of the Chinese government wished to pursue talks", Kudlow told Fox Business Network on Wednesday.

The survey was conducted between August 29 and September 5.

More than half of firms say they are already feeling Beijing's wrath, with 27% reporting increased inspections, 19% feeling heightened regulatory scrutiny and 23% witnessing slower customs clearance.

Roughly a third of firms are shifting supply chains out of China, or the U.S., and an equal proportion are delaying or cancelling investment decisions, the survey showed.

China has tried without success to recruit Germany, France, South Korea and other governments as allies against Washington.

"We support President Trump's efforts to reset US-China trade relations, address long-standing inequities and level the playing field", Zheng said. But the Chinese government has thus far refused to budge on the White House's demands and vowed to retaliate against every American punch.

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