United States companies in China say tariffs are hurting

14 September, 2018, 15:25 | Author: Brooke Harris
  • Salam Bin Mohammed 24 was first in the queue for the new iPhone 8 at Apple’s Regent Street store in London last September. Analysts will be watching to see if demand is as strong for new models this year

He said on Twitter that a Wall Street Journal story on Wednesday about the talks invitation from Treasury Secretary Steven Mnuchin amid rising USA political pressure on Trump to ease up on trade fights "has it wrong".

"Our markets are surging, theirs are collapsing", he wrote.

Trump said last week he could move "very soon" to impose tariffs on an additional $200bn (£153bn) worth of products with taxes on another $267bn "ready to go on short notice".

In a survey by two American chambers of commerce in China, almost two-thirds of U.S. firms who responded said the waves of new tariffs have harmed their business.

If both sets of tariffs go ahead it would mean virtually all of China's United States exports would be subject to new tariffs. -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.

"China has always held that an escalation of the trade conflict is not in anyone's interests".

Yu Zhi, an worldwide trade specialist at the Shanghai University of Finance and Economics, urged Beijing to resolve Washington's fundamental and long-standing problems with its trade practices in any negotiations that take place to avoid further expanding the trade war.

China welcomed on Thursday a United States offer to hold fresh trade talks, adding that the two are discussing the details and providing some hope the world's top economies could step back from the brink of an all-out trade war.

"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. Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing. 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.

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But he cautioned: "I guarantee nothing".

However, the last round of talks, between mid-level US and Chinese officials in August, failed to reach any agreement.

Orit Frenkel, a former US Trade Representative official and president of consulting firm Frenkel Strategies, also said Trump may feel pressure to reach agreements to avoid continuing the trade war with the midterms fast approaching, but that he would want to see significant concessions from China before backing down.

The Trump administration is poised to hit China, America's largest trading partner, with another $200 billion in tariffs.

China accuses the USA of launching "the largest trade war in economic history" and has retaliated in kind.

Later on Thursday, China's foreign ministry welcomed the offer of talks and said the two countries were discussing details.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation.

Trump has already imposed 25-per cent customs duties on US$50 billion worth of Chinese goods, triggering a tit-for-tat response from Beijing.

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the USA tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.

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