China welcomes US invite for trade talks, Asian markets relieved

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

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

This may be bad news for China, but despite what Chinese funded media outlets might want people to believe, it is good news for the redistribution of capital in the region, and therefore also good for global trade.

More than 60 percent of USA companies polled said the us tariffs were already affecting their business operations, while a similar percentage said Chinese duties on us goods were having an impact on business.

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.

Envoys from the two countries last met August 22 in Washington but reported no progress.

U.S. companies are particularly anxious about the "qualitative measures" Beijing has threatened to take as it becomes unable to respond to tariffs dollar-for-dollar - United States goods imports a year ago totalled only US$130 billion.

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

"Every sector of the US economy stands to lose in a trade war", Matthew Shay, who heads the National Retail Federation, said in the statement.

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.

The chairman of the American Chamber of Commerce in China warned the Trump administration might be underestimating China's resolve to fight back.

Turkey's central bank raises interest rate to 24%
But Neuteboom of ABN Amro said much more was needed for Turkey to turn around "the negative spiral" the economy is in. The lira rallied 3 percent to 6.18 against the dollar, having traded at 6.4176 beforehand.

"There seem to be domestic political pressures that are working against the perception of US companies receiving benefits" during trade disputes, Parker told the South China Morning Post.

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.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions. That prompted worries it would use regulatory controls to disrupt US business operations in China.

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

"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. "I can't go beyond that", Kudlow told reporters outside the White House. Some 67.6 percent said the same of China's planned retaliatory tariffs on $60 of American goods.

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

Some 52.1 percent of companies said Chinese authorities are slowing customs clearances, increasing inspections or imposing other "qualitative measures".

That shows "neither side is 'winning, '" because "both are equally prone to losing companies", the chamber said.

News that US Treasury Secretary Steven Mnuchin had invited senior Chinese officials for talks comes just under a week after President Donald Trump threatened to impose tariffs on all Chinese imports worth US$500 billion. Some of them have criticized Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy.

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