The trade war is already hurting U.S. companies in China

15 September, 2018, 03:24 | Author: Mary Valdez
  • Trump has threatened to slap tariffs on nearly all goods the US buys from China

The US President Donald Trump said Washington is under "no pressure" to achieve a trade deal with China as the prospect of new tariffs loom.

Robert Holleyman, former deputy U.S. trade representative, said USA demands for fundamental changes in China's state-directed economy would make for hard talks.

If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against US tariffs to safeguard China's interests", it added.

Such a meeting could take place in Washington or Beijing, though the timing is unclear, according to informed sources.

It also showed looming tariffs on $200-billion of Chinese goods is expected to expand the pain to three-quarters of firms.

"If nearly a half of American companies anticipate a strong negative impact from the next round of US tariffs, then the USA administration will be hurting the companies it should be helping", he said.

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.

Mid-level US and Chinese officials met on August 22 and 23 with no agreements.

"The Trump administration should not be mistaken that China will surrender to the USA demands".

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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 percent are delaying investment or expansion plans. "China has indeed received an invitation from the USA and holds a welcoming attitude to it".

The European Union Chamber of Commerce in China released its own survey on Thursday saying the tariffs were causing "significant disruptions" to global supply chains and "seriously impacting" non-Chinese and non-American companies.

"Chinese customers just see too much uncertainty around buying American and as a result they shift to alternatives", Beebe told AFP.

Almost half of respondents - who work in retail, food and manufacturing - say production costs have climbed, and 42 percent said they've noticed a decreased demand for their products.

"While we agree that there are issues that need to be addressed with key trading partners, tariffs are the wrong approach to bring about meaningful change", the groups wrote in a letter to Congress.

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk", Kudlow said.

Chinese tech stocks slid after President Donald Trump reportedly OK'd hitting China with the next round of tariffs.

More than half of firms say they are already feeling Beijing's wrath, with 27 percent reporting increased inspections, 19 percent feeling heightened regulatory scrutiny and 23 percent witnessing slower customs clearance.

Beijing "has indeed received an invitation from the USA and holds a welcoming attitude to it", said Gao, noting the "two sides are still communicating on the specific details".

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