U.S. reached out to China for new trade talks, sources say

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

American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the USA business lobbies behind the poll to urge the Trump administration to reconsider its approach.

President Donald Trump has criticized China's record trade surplus with the United States, and has demanded that Beijing cut it immediately, threatening further tariffs on an additional $200-billion worth of goods - and possibly more. 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 next round is likely to make thousands of products, ranging from dishwashers to Fitbit fitness trackers and food seasonings, more expensive for American consumers.

Most of the shoes and at least half of the mattresses and furniture sold in the USA are made in China. That prompted worries it would use regulatory controls to disrupt USA business operations in China. "The stakes couldn't be higher for American families, businesses, farmers and workers threatened by job losses and higher prices as a result of tit-for-tat tariffs".

"The Trump administration should not be mistaken that China will surrender to the USA demands".

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.

"I suppose that protectionism has just been accepted and "baked into the cake" for the USA vehicle market, and US consumers aren't even aware that Ford and GM have a "cartel" for the US truck market that allows them to charge above-market prices and earn above-market profits for trucks", he said.

The comments come amid reports the two sides could resume talks to stave off a third round of United States tariffs.

On Wednesday, organizations representing companies in industries including retailing, toy manufacturing, farming and technology plan to announce they are cooperating on a lobbying campaign called Tariffs Hurt the Heartland to oppose tariffs on imports, according to Dow Jones Newswires.


The tariffs on washing machines have hit consumers.

It also showed looming tariffs on US$200-billion of Chinese goods is expected to expand the pain to three-quarters of firms.

The largest American business groups in China issued a plea to President Trump on Thursday: Please stop with the tariffs.

The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares to further escalate the U.S.

Christopher McNally, an adjunct senior fellow at the East-West Centre in Hawaii, said the Trump administration may seek a deal on the trade war before the elections, though he cautioned that the United States president could easily throw out any negotiated settlement if he felt it did not "help him politically or doesn't go far enough, doesn't make him look good enough".

The invitation was first reported by the Wall Street Journal. Mr. Trump said the newspaper got it wrong about which side is under pressure to deal. Our markets are surging, theirs are collapsing.

His first round of tariffs this summer hit US$50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at USA soybeans, autos and other farm goods.

"The administration is faced with the fact that if they go ahead with the US$200 billion, they will hurt the U.S. economy quite badly, and things are not going so well with the midterms", he said.

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