United States reached out to China for new trade talks, sources say

Pauline Gross
September 15, 2018

"We are a long way from finding a solution, " said Holleyman, a partner at Crowell & Moring. "Now the two sides are in communication on relevant details".

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

The longer the trade war continues the less attractive China will become as a manufacturing base for global companies, making other emerging markets like Indonesia and India preferable locations for manufacturing. American officials also worry they might erode USA industrial leadership.

Trump also said he put off challenging China more directly a year ago because he needed its assistance during nuclear talks with North Korea, but he has recently accused China of trying to hinder those discussions. The Trump administration has invited Chinese officials to hold a new round of trade talks, top White House economic adviser Larry Kudlow said Wednesday.

The timing for activating the additional tariffs was unclear.

China has threatened retaliation, which could include action against United States companies operating there. Things are likely to continue to slow with Donald Trump's threat made over the weekend that an additional round of tariffs targeting US$267 billion are already being lined up to follow the US$200 billion expected to go into effect within days.

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.

In the case of the Trump administration's trade tensions with China, the USA clearly has an edge when it comes to imposing tariffs.

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Meanwhile, almost a third of companies said they were considering delaying or cancelling investments, underscoring the heightened uncertainty created by the trade tensions. China responded with equivalent duties on U.S. goods.

August 23: The US imposes tariffs on another $US16 billion worth of Chinese goods, and Beijing responds with tariffs on $US16 billion worth of US goods.

The White House believes China will wave the white flag after the next round of tariffs on $200 billion in goods, said William Zarit, the chamber's chairman. "Every day, companies large and small are sharing their stories of the harm the tariffs and ensuing retaliation are causing across all sectors of the American economy".

Half the respondents reported they had endured more inspections, delayed customs clearance and other forms of heightened regulatory scrutiny.

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.

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

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

Other reports by GizPress

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