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

Marco Green
September 14, 2018

"We share the concerns of the USA regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely unsafe", the European chamber president, Mats Harborn, said in a statement.

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

Senior U.S. officials led by Treasury Secretary Steven Mnuchin recently sent an invitation to their Chinese counterparts, including Vice Premier Liu He, to hold another bilateral trade meeting.

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

"We have indeed received an invitation from the USA side".

"Chinese officials said they have grown wary of the Trump administration's unpredictable decision-making process and may be hesitant to accept without a clear sign USA negotiators have authority to speak for the president", the original report said.

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".

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.

More than 52 per cent of respondents to the survey reported already suffering the consequences of such measures, mainly through increased inspections, slower customs clearance and "other complications from increased bureaucratic oversight or regulatory scrutiny".

Before his meeting on Thursday, Trump boasted on Twitter that he has the upper hand in the trade feud with Beijing and feels "no pressure" to resolve the dispute.

They are already affecting companies, particularly the automobile industry, and hurting economies.

A US Treasury spokesman did not respond to requests for comment.

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 unpredictability around the trade fight is hampering investment decisions as investors need stability to make sound decisions, Beebe said.

The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans. -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.

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. A weak dollar provided some kind of support to gold prices but on going trade war concerns pulled back the yellow metal.

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER