USA reached out to China for new trade talks, sources say

Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over US threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

"We support President Trump's efforts to reset U.S". If we meet, we meet? "Now the two sides are in communication on relevant details". Mid-level US and Chinese officials held inconclusive talks on Aug 22 and 23.

Only 6 per cent said they were considering relocation back to the United States, the survey said.

Washington, Europe and other trading partners say those plans violate China's market-opening commitments. Among them, the American Petroleum Institute, which represents the largest refiners like Exxon Mobil Corp and Chevron Corp, and the Retail Industry Leaders Association, which represents companies like Target Corp and Autozone Inc.

Trump has imposed 25% tariffs on $50 billion worth of Chinese goods, mostly industrial machinery and intermediate electronics parts such as semiconductors. "By doing so, they can both ease the anxiety of American society and gradually collapse the will of the Chinese side", the newspaper said in an editorial on Thursday.

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

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

A broad coalition of USA businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the us economy.

William Zarit, the chairman of the American Chamber of Commerce in China, warned the Trump administration against assuming those difficulties will force Beijing to cave in to its demands.

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.

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According to a Tuesday report by the Hong Kong-based South China Morning Post, the Chinese government has suspended issuing new licenses to American companies that want to conduct business in China.

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

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. It said the conflict is "causing significant disruptions to global supply chains". That prompted worries it would use regulatory controls to disrupt US business operations in China. He has imposed levies on billions of dollars worth of goods on trading partners, prompting retaliation against USA exports. -China trade relations, address long-standing inequities and level the playing field.

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.

A pending $200 billion list would extend further into consumer goods, and the threat of an additional $267 billion would basically cover every Chinese export to the US.

The survey was conducted between August 29 and September 5.

About half of American firms are making less money, and a similar amount are reporting higher production costs, according to the survey.

China has tried without success to recruit Germany, France, South Korea and other governments as allies against Washington. The Chinese government has dismissed the complaints as "groundless".

"We share the concerns of the U.S. regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely risky", warned Harborn.

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