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

14 September, 2018, 20:26 | Author: Eric Barnett
  • US reached out to China for new trade talks, sources say

-China Business Council, said this week Chinese officials told it they were postponing accepting license applications from American companies in financial services and other fields until relations improve.

More companies say they will suffer if Trump goes ahead with his planned tariff hike and Beijing retaliates, according to the American Chambers of Commerce in China and in Shanghai.

From cooling US inflation to central-bank meetings in Europe, the U.K. Turkey and Russian Federation, it's been a busy week for investors.

"There's some discussions and information that we received that the Chinese government - the top of the Chinese government wished to pursue talks", Mr Kudlow said.

"With the $200 billion round of tariffs looming, this is probably the best time for the United States to go back to the table with a "take it or leave it" type of trade demand", Robert Carnell, the chief Asia-Pacific economist at investment bank ING, said in a note.

"Even if all of the tariffs threatened by Trump on autos and China are imposed, those would amount to, at most, 0.8 percent of GDP, which would cause barely a ripple in growth, inflation or employment numbers", said Mr. Scott, senior economist at the think tank.

"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 Eric Zheng, chairman of AmCham Shanghai.

Officials from both countries have met four times for formal talks, most recently in August, when Treasury's undersecretary for worldwide affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen. The business lobby urged Washington to reconsider its approach.

A series of companies want President Trump to know that tariffs are hurting US industries. "That's what we've been asking for months and months".


Economists and traders have become increasingly skeptical that China's economy can support its rapid development.

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said. Mid-level USA and Chinese officials held inconclusive talks on Aug 22 and 23.

"The U.S. administration runs the risk of a downward spiral of attack and counterattack, benefiting no one", Zarit said in statement.

Americans for Free Trade, a group of more than 80 associations, said it represents thousands of businesses and workers.

The invitation was first reported by the Wall Street Journal. 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.

US President Donald Trump said last week that in addition to preparing tariffs on the further US$200 billion worth of goods, he had tariffs on an additional US$267 billion worth of goods ready "on short notice if I want".

"American companies are suffering both from China's retaliatory tariffs, and - ironically - from US tariffs created to harm the Chinese economy", the two chambers said in a statement.

Most of the shoes and at least half of the mattresses and furniture sold in the US are made in China.

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