Trump says U.S. under 'no pressure' for China trade deal

Daniel Fowler
September 14, 2018

Trump met with his top trade advisers on Thursday to discuss the China tariffs, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer, the people said.

The trade war has already contributed to sell-offs in China's stock markets and currency.

Talk might be cheap, but it is certainly better than another round of multi-billion-dollar tit-for-tat tariffs between the United States and China.

Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over USA threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

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.

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

"We have indeed received an invitation from the USA side".

"My guess is that they won't receive an enthusiastic response from the Chinese, because the Chinese probably just don't think that the Trump administration itself necessarily wants a deal or is willing to offer anything", Mr Kennedy said during a research trip to China.

"We support President Trump's efforts to reset U.S".

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In addition to retaliatory tariffs, companies report China is slowing down customs clearances and stepping up inspections and other bureaucratic processes, the chambers said.

News of the invite comes as it emerged Thursday that U.S. firms in China are beginning to feel the pinch of tariffs already imposed on the Asian giant.

President Donald Trump said on Twitter on Thursday that the United States holds the upper hand in talks.

So far, the United States and China have hit $50 billion worth of each others' 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.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions.

His comment tempered cautious optimism among investors over the USA government's proposal for another round of talks with Beijing. A weak dollar provided some kind of support to gold prices but on going trade war concerns pulled back the yellow metal.

The two chambers of commerce on Thursday urged the U.S. and Chinese governments to resume negotiations.

More than 60% 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. "I can't go beyond that", Kudlow told reporters outside the White House.

About 30% of firms said they were shifting parts of their supply chains away from China and the United States to buy components from other places.

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