China welcomes USA invitation for new round of trade talks


China welcomes USA invitation for new round of trade talks

On Wednesday, Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials to restart trade talks.

The European Union Chamber of Commerce in China released its own survey on Thursday saying the tariffs were causing "significant disruptions" to global supply chains and "seriously impacting" non-Chinese and non-American companies.

In addition to tariffs on $200 billion of Chinese goods, Donald Trump said that he wants to impose tariffs on all Chinese imports to USA i.e. additional $267 billion of Chinese products. It was unclear whether any US-China talks would delay the duties.

"We share the concerns of the USA regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely risky", warned Harborn.

"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.

"The Trump administration should not be mistaken that China will surrender to the USA demands".

USA business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

"We share the concerns of the USA regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely unsafe", the European chamber president, Mats Harborn, said in a statement.

Mr Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch". "That's what we've been asking for months and months".

After imposing tariffs on $50 billion worth of Chinese imports, Trump has threatened to do the same on $200 billion of additional imports. Mid-level USA and Chinese officials held inconclusive talks on Aug 22 and 23.

The biggest American business groups in China, AmCham China and AmCham Shanghai, jointly issued a survey Thursday that showed widespread impacts from the U.S.'s tariffs on China, and the resulting Chinese tariffs on the U.S.

His comment tempered cautious optimism among investors over the USA government's proposal for another round of talks with Beijing.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation. A meeting among cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers.

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.

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