China welcomes U.S. invitation for new round of trade talks

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

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

The White House says tariffs are a response to China's unfair trade policies, which Mr Trump blames for helping to create a huge trade deficit. Treasury yields jumped. Offshore, the Chinese yuan sank 0.36% against the dollar.

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".

The two governments have imposed 25 percent tariffs on $50 billion of each other's goods.

In response, China has vowed to retaliate with tariffs on another $60 billion of USA exports, including meat, coffee, furniture and auto parts.

China has also warned it could unleash "qualitative" measures, which USA business groups have interpreted as more burdensome regulations, stalled visas and other red-tape headaches.

One researcher at Taiwan's Chung-Hua Institution for Economic Research, Roy Chun Lee says that "the historical example of the U.S. -Japan economic conflict suggests that the U.S".

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.

Washington has proposed a fresh round of trade talks with Beijing to tackle problems before the Trump administration slaps more tariffs on Chinese imports, the Wall Street Journal said on Wednesday (Sep 12).

More than half of U.S. firms are already feeling Beijing's wrath from non-tariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey.


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.

To avoid the tariffs, 30 percent of USA companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

More than 60 per cent of U.S. companies polled said the United States tariffs were already affecting their business operations, while a similar percentage said Chinese duties on USA goods were having an impact on business.

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

Trump imposed his first phase of tariffs this summer on $50 billion of Chinese goods, including high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at USA soybeans, autos and other farm goods.

A U.S. Treasury spokesman did not respond to requests for comment.

One of the highest-profile casualties of the trade war was U.S. chipmaker Qualcomm's (QCOM) $44 billion acquisition of Dutch rival NXP Semiconductors (NXPI), which China killed in July by refusing to grant it regulatory approval.

Roughly a third of firms are shifting supply chains out of China, or the USA, and an equal proportion are delaying or cancelling investment decisions, the survey showed.

"There seem to be domestic political pressures that are working against the perception of US companies receiving benefits" during trade disputes, Parker told the South China Morning Post.

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