Trump ‘wants US$200 billion in China tariffs despite talks’

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Running Out of Tariff Options, China Takes Aim at American Companies

President Donald Trump's push to impose tariffs on China and other countries is aimed at deterring what he views as unfair trade practices and, equally important, to encourage American consumers and businesses to buy and sell more goods made at home.

The United States and China have imposed tariffs on $50-billion of each other's goods since July as trade frictions between the world's two biggest economies worsened, despite several rounds of negotiations.

Mr Kudlow told Fox Business News on Wednesday that US Treasury Secretary Steven Mnuchin "has apparently issued an invitation".

If another US$267 billion worth of Chinese goods are targeted by the USA before the year's end, it would amount to essentially the entire annual volume of goods imported from China.

"China has indeed received an invitation from the United States and holds a welcoming attitude to it".

The negative impact of the tariffs on USA firms has been "clear and far-reaching", according to a joint survey by AmCham China and AmCham Shanghai.

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Both countries are set to return to the table with the threat of new U.S. tariffs looming.

"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.

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.

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".

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.

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

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To avoid the tariffs, 30 percent of US companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

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

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

A U.S. Treasury spokesman did not respond to requests for comment.

The two chambers of commerce on Thursday urged the United States and Chinese governments to resume negotiations. -China trade war with tariffs on $200 billion worth of Chinese goods.

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