Tuesday, 13 November, 2018

China welcomes trade war talks with United States

Steven Mnuchin Wilbur Ross Report Mnuchin Offers China Yet Another Chance to Negotiate Ahead of Tariffs The Associated Press 12 Sep 2018Washington DC
Russell Knight | 14 September, 2018, 08:54

While no concrete details were revealed by either side, potential new talks would be aimed at staving off the next round of US$200 billion in punitive duties from the United States expected this month - the largest tariff measure in the intensifying trade war so far - and US$60 billion in retaliatory tariffs from China.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Trump tweeted.

"If we meet, we meet?" he said. The White House has accused China of forcing US companies to partner with local firms and then stealing their intellectual property, among other grievances.

The American Chamber of Commerce in China polled more than 430 U.S. companies operating in the country, providing the first detailed look at how Donald Trump's trade fight has harmed business.

China welcomed the offer of talks and said the two countries were discussing the details, according to reports.

"Secretary Mnuchin who is the team leader with China has apparently issued an invitation", Kudlow told Fox Business Network.

So far, the United States and China have hit US$50 billion worth of each other's goods with tariffs in a dispute over USA 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.

The U.S. has enjoyed near-record low joblessness and faster economic growth in 2018, while Beijing's economy faces growing long-term concerns, including a sharp decline in the value of its currency.

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

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China is clearly under economic duress as its economy slows and the next round of 25 percent tariffs targeting US$200 billion worth of Chinese goods are made ready for launch in Washington.

"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", the European chamber president, Mats Harborn, said in a statement.

"I can't give you many details because there aren't many details". 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.

But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".

A worker places U.S. and China flags near the Forbidden City ahead of a visit by U.S. President Donald Trump to Beijing, in Beijing, China November 8, 2017. Mid-level US and Chinese officials held inconclusive talks on Aug 22 and 23. "AmCham China and AmCham Shanghai urge both governments to return to the negotiating table".

China's Commerce Ministry said both sides would want to avoid escalation.

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.

But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60% of businesses, according to the poll.

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 US tariffs and 62.5 percent said the same about retaliatory Chinese 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.

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