China welcomes US invite for fresh trade talks

Trump has threatened to slap tariffs on nearly all goods the US buys from China

Trump has threatened to slap tariffs on nearly all goods the US buys from China

Senior U.S. officials led by Treasury Secretary Steven Mnuchin recently sent an invitation to their Chinese counterparts, including Vice Premier Liu He, to hold another bilateral trade meeting.

AmCham chairman William Zarit said American business leaders in China want Trump to rethink the levies he has proposed on an additional $200 billion in Chinese imports, including many consumer goods.

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. "That's what we've been asking for months and months".

Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch" and added he saw that as "a positive thing".

"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 Kudlow was non-committal over the chances of a breakthrough. Mid-level U.S. and Chinese officials met on August 22 and 23 with no agreements.

So far, the United States and China have hit $50-billion worth of each other's goods with tariffs in a dispute over US 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.

A series of companies want President Trump to know that tariffs are hurting USA industries.

It's unclear yet what specific sectors have been affected by the suspension, but it will likely include industries that Beijing has promised to open to foreign businesses, such as banking, securities, insurance and asset management, said Jacob Parker, vice-president for China operations of the USCBC. -China talks would delay the duties.

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More than 60% of U.S. companies polled said the USA tariffs were already affecting their business operations, while a similar percentage said tariffs by China on United States goods were having an effect on business.

"I believe both countries would not be willing to see such a situation", ministry spokesman Gao Feng said on Thursday.

On Wednesday, organizations representing companies in industries including retailing, toy manufacturing, farming and technology plan to announce they are cooperating on a lobbying campaign called Tariffs Hurt the Heartland to oppose tariffs on imports, according to Dow Jones Newswires.

The majority of American companies in China say they are hurting from the escalating trade spat, reporting increased costs, lower profits and stepped-up scrutiny, according to an American Chamber of Commerce in China survey released Thursday.

"If nearly a half of American companies anticipate a strong negative impact from the next round of U.S. tariffs, then the USA administration will be hurting the companies it should be helping", he said.

AmCham China and AmCham Shanghai urged the Trump administration to re-think its approach.

Emergence of the group, Americans for Free Trade, comes after Trump has warmed to the use of tariffs, implementing billions of dollars worth in an effort to use them as a threat to win concessions or in the belief they will create U.S. jobs.

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

Scott Kennedy, deputy director of China studies at the Center for Strategic and International Studies in Washington, expected China to enter the talks cautiously, doubting whether either side was ready to give much ground. "I don't see the Chinese running to the table to up their offer in any appreciable way".

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