U.S. businesses to lobby against Trump's tariffs

  • U.S. businesses to lobby against Trump's tariffs

U.S. businesses to lobby against Trump's tariffs

Trump on Twitter: If the USA sells a auto into China, there is a tax of 25%. So, as Trump's tariff hikes on Chinese imports keep ramping up, China is naturally running out of room to retaliate.

So far, the United States and China have hit $50 billion worth of each others' 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.

China welcomed on Thursday a USA offer to hold fresh trade talks, adding that the two are discussing the details and providing some hope the world's top economies could step back from the brink of an all-out trade war.

Mr. Trump threatened to increase that number by another $267 billion to bring the total tariffs to an amount equal to all of China's annual exports to the U.S. The administration already imposed tariffs on $50 billion of Chinese goods, slapped tariffs on aluminum (10 percent) and steel (25 percent), and raised duties on washing machines (up to 50 percent) and solar panels (up to 30 percent).

Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes of course".

The sides have been engaged in an escalating tit-for-tat trade fight for months but on Wednesday it emerged that US Treasury Secretary Steven Mnuchin had invited top Chinese officials to discuss the issue.

But China will not buckle to US demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

"There's some discussions and information that we received that the Chinese government - the top of the Chinese government wished to pursue talks", Mr Kudlow said.

But he cautioned: "I guarantee nothing".

Yu Zhi, an global trade specialist at the Shanghai University of Finance and Economics, urged Beijing to resolve Washington's fundamental and long-standing problems with its trade practices in any negotiations that take place to avoid further expanding the trade war.

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said. Midlevel U.S. and Chinese officials met on August 22 and 23 with no agreements.

Just six percent, meanwhile, said they would consider moving factories to USA soil.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation.

"This survey affirms our concerns: tariffs are already negatively impacting USA companies and the imposition of a proposed $200-billion tranche will bring a lot more pain", said Eric Zheng, chairman of AmCham Shanghai.

China has threatened retaliation, which could include action against U.S. companies operating there.

More than 60 percent of US companies polled said the USA tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business.

AmCham's survey results come a day after more than 60 USA industry groups launched a coalition called Americans For Free Trade, which aims to halt the White House's proposed tariffs.