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China will not "surrender" to U.S. demands in trade talks

14 September 2018, 08:29 | Joann Bryant

China will not "surrender" to U.S. demands in trade talks

U.S. President Donald Trump holds an Oval Office meeting on preparations for hurricane Florence at the White House in Washington

Treasury yields jumped. Offshore, the Chinese yuan sank 0.36% against the dollar.

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".

On Thursday, the United States business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on USA companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".

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.

The biggest American business groups in China, AmCham China and AmCham Shanghai, jointly issued a survey Thursday that showed widespread impacts from the U.S.'s tariffs on China, and the resulting Chinese tariffs on the U.S.

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

Most of the shoes and at least half of the mattresses and furniture sold in the USA are made in China.

His remarks come as China and the United States may return to the negotiating table with the threat of new USA tariffs looming. It was unclear whether any U.S.

Some businesses reported other changes in recent months, such as more tax or environmental inspections and slower clearance of goods at Chinese customs, according to the study.




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.

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. They said almost one-third are thinking about canceling or postponing investment decisions.

The two chambers of commerce on Thursday urged the United States and Chinese governments to resume negotiations.

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

The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture.

The Trump administration had invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, news that gave a lift to Asian stocks, including Chinese shares and the yuan currency.

Economists and traders have become increasingly skeptical that China's economy can support its rapid development.

About 30% of firms said they were shifting parts of their supply chains away from China and the United States to buy components from other places.



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