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".

More news: Check out the official iPhone XS, XS Max and XR promo videos
More news: Diplomats from Iran, Russia and Turkey meet United Nations envoy on Syria
More news: Liverpool legend says Klopp doesn't need to win silverware this season

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.

Related Articles

  • PIX: Hurricane Florence From Space

    Weather conditions are now projected to slow down Florence enough that landfall won't occur until early Saturday morning. But a computer simulation known as the European model predicts some places could get 45 inches.
    Senators Trade Erik Karlsson To Sharks For Six Assets

    Senators Trade Erik Karlsson To Sharks For Six Assets

    I've also heard that it's hard to rebuild without a first-round pick - a key piece the Senators still lack for the 2019 NHL Draft. The 22-year old Perron was drafted 190th overall in the seventh round of the 2014 draft by the Senators.
    Freeland to head back to Washington for high-level NAFTA negotiations

    Freeland to head back to Washington for high-level NAFTA negotiations

    NAFTA negotiations resumed Tuesday morning as Americans marked the 17th anniversary of the 9/11 terrorist attacks. Monette said that it is absolutely necessary to back up the supply management to protect the domestic producers.
  • People Have Spotted Something Hilariously NSFW About Hurricane Florence

    The Union Point Park Complex is seen flooded as the Hurricane Florence comes ashore in New Bern, North Carolina, Sept. 13, 2018. One such tool helping hurricane-watchers keep track of Florence is the appropriately-named Hurricane Tracker app.

    'Historic storm' lashes Carolinas with heavy rain, floods

    NASA also recorded what it called "stark and sobering" video footage of Florence from the space station on Wednesday. The storm's center was about 145 miles (235 km) east of Myrtle Beach, South Carolina as of Thursday night.
    Bank of England's Carney to stay 7 months longer to help Brexit

    Bank of England's Carney to stay 7 months longer to help Brexit

    The Chancellor had cited a desire to keep carney at the helm so as to help ensure a smooth Brexit from the European Union . Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.
  • Hugo Lloris and Dele Alli ruled out of Spurs clash with Liverpool

    Hugo Lloris and Dele Alli ruled out of Spurs clash with Liverpool

    He has also won more than 100 global caps and lifted the World Cup during the summer, after France beat Croatia 4-2 in the final. A team spokesman said before the sentencing that Tottenham were treating the entire matter "extremely seriously".
    US identifies two sets of Korean War remains: James Mattis

    US identifies two sets of Korean War remains: James Mattis

    The US military estimates that more than 7,000 US troops who lost their lives during the Korean War remain unaccounted for. The remains identified came from box 14 and box 16 of the 55 boxes, DPAA officials told the military paper.
    Conservative lawmakers discuss ousting British PM May

    Conservative lawmakers discuss ousting British PM May

    They have also said there is no need to leave without a deal and have accused opponents of Brexit of scare-mongering. The rift deepened this week with Johnson comparing May's plan to a "suicide vest" on Britain's constitution.
  • Russian bombers intercepted near Alaska by F-22 fighters, says United States  military

    Russian bombers intercepted near Alaska by F-22 fighters, says United States military

    The US military said on September 11 two Russian Tupolev Tu-95 nuclear-capable bombers flew close to the west coast of Alaska. The Russian warplanes did not enter USA or Canadian sovereign airspace, the statement added.
    IPhone Xs Max, iPhone XR Geekbench Scores Blow Away the Competition

    IPhone Xs Max, iPhone XR Geekbench Scores Blow Away the Competition

    The latest version of the Apple Watch will add features that allow it to take high-quality heart readings and detect falls. The price for the iPhone XS starts at $999 for the 64 GB model and goes up from there for 256 GB and 512 GB.
    Florence strengthens to Category 4, Carolinas, Virgina coasts evacuating

    Florence strengthens to Category 4, Carolinas, Virgina coasts evacuating

    That storm killed as many as 3,000 people and left the entire island without power for weeks and in some locations months. Henry McMaster has issued an evacuation order for SC as the area prepares for Hurricane Florence's possible landfall.