United States seeking new trade talks with China

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Some of them have criticized Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy. -China Business Council, said this week Chinese officials told it they were postponing accepting license applications from American companies in financial services and other fields until relations improve.

Details on the potential talks were thin, but Larry Kudlow, White House economic advisor, said the prospect of talks was a positive development.

It happened just hours after the Chinese Ministry of Commerce said that they had received an invitation for talks from Washington.

His first round of tariffs this summer hit US$50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at U.S. soybeans, autos and other farm goods.

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

"As simple economics tells us, the Trump tariffs on washing machines aren't imposed on foreign appliance producers like Samsung and LG as much as they are imposed on Americans in the form of higher prices for consumers", Mr. Perry wrote in his economics blog Carpe Diem. "That's what we've been asking for months and months".

China said on Thursday that it welcomed an invitation by the United States to hold a new round of trade talks, as Washington prepares to further escalate the US-China trade war with tariffs on US$200 billion worth of Chinese goods. "We may think that China's rise may be bad for the USA, that China is a strategic competitor. but the moment China's growth rate declines, we will regret it", he said at the Milken Institute's annual Asia Summit in Singapore.

But he cautioned: "I guarantee nothing".

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Such a meeting could take place in Washington or Beijing, according to informed sources.

About 30 per cent said they were adjusting supply chains by seeking to source components and/or assembly outside the US, and about the same number were seeking to source components and/or assembly outside China.

A day earlier, more than 60 USA industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation. A meeting among cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers.

"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.

He also made it clear he was ready to impose tariffs worth $200 billion on goods "very soon" if President Xin Jinping's government refused to back down.

The longer the trade war continues the less attractive China will become as a manufacturing base for global companies, making other emerging markets like Indonesia and India preferable locations for manufacturing.

They are already affecting companies, particularly the automobile industry, and hurting economies.

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