Major U.S. trade groups link up in anti-tariff coalition

Major U.S. trade groups link up in anti-tariff coalition

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.

Christopher McNally, an adjunct senior fellow at the East-West Centre in Hawaii, said the Trump administration may seek a deal on the trade war before the elections, though he cautioned that the U.S. president could easily throw out any negotiated settlement if he felt it did not "help him politically or doesn't go far enough, doesn't make him look good enough".

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".

Chinese Foreign Ministry spokesman Geng Shuang told reporters that China welcomed the invitation, and the two countries were discussing the details.

"Even if all of the tariffs threatened by Trump on autos and China are imposed, those would amount to, at most, 0.8 percent of GDP, which would cause barely a ripple in growth, inflation or employment numbers", said Mr. Scott, senior economist at the think tank. Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing.

The official China Daily said that while China was "serious" about resolving the stand-off through talks, it would not be rolled over, despite concerns over a slowing economy and a falling stock market at home.

The possibility of new talks comes as China is wary of the "very painful" impact of additional United States tariffs given its economic slowdown, with its gross domestic product at the lower end of its growth range for the past three years.

It resulted, however, in Americans for decades missing out on innovations from European truck makers and paying higher prices for US pickups and sport utility vehicles, said Mark J. Perry, an economist at the American Enterprise Institute.

The possible resumption of negotiations sent Asian markets rallying with Hong Kong surging 2.5 per cent - having fallen for six straight days and into a bear market - and Shanghai more than one per cent higher.

AmCham China and AmCham Shanghai urged the Trump administration to re-think its approach.

"I can't give you many details because there aren't many details".

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But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".

China accuses the USA of launching "the largest trade war in economic history" and has retaliated in kind.

"Tariffs are already negatively impacting United States companies and the imposition of a proposed $200 billion tranche will bring a lot more pain", Eric Zheng, chairman of the American Chamber of Commerce in Shanghai, said Thursday in a statement.

Envoys from the two countries last met August 22 in Washington but reported no progress.

The US and China have slapped tariffs on $50bn of one another's goods this year in an escalating trade war between the world's two largest economies.

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

U.S. President Donald Trump said last week that in addition to preparing tariffs on the further $200 billion worth of goods, he had tariffs on an additional $267 billion worth of goods ready "on short notice if I want".

The invitation was first reported by the Wall Street Journal.

On Wednesday, more than 60 US industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

In a move to defuse trade war tensions, Beijing has welcomed Washington's offer to hold another meeting to sort out their differences. "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.

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