China welcomes USA trade talks offer as new tariffs loom

Salam Bin Mohammed 24 was first in the queue for the new iPhone 8 at Apple’s Regent Street store in London last September. Analysts will be watching to see if demand is as strong for new models this year

China welcomes USA trade talks offer as new tariffs loom

"The administration is faced with the fact that if they go ahead with the US$200 billion, they will hurt the United States economy quite badly, and things are not going so well with the midterms", he said.

As the Trump administration readies major trade actions this month, including a potential $200 billion in new tariffs on imported Chinese goods, America's biggest trade associations - representing a wide swath of industries - have formed what they say will be a sweeping campaign against tariffs.

After imposing tariffs on $50 billion worth of Chinese imports, Trump has threatened to do the same on $200 billion of additional imports.

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the USA tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.

Those who have done the numbers argue that a trade war would hurt China more than the USA.

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Yu Zhi, an worldwide trade specialist at the Shanghai University of Finance and Economics, urged Beijing to resolve Washington's fundamental and long-standing problems with its trade practices in any negotiations that take place to avoid further expanding the trade war.

The European chamber said about 5 percent of companies reported shifting production out of the United States and about 7 percent were moving out of China. They said almost one-third are thinking about canceling or postponing investment decisions. More than half of U.S. firms are already feeling Beijing's wrath from non-tariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey. He also wants a sharp reduction in the $375 billion USA trade deficit with China.

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% are delaying investment or expansion plans.

That could still happen before the next round of tariffs kick in.

Trump has been defiant, saying his rigid approach is necessary to force change in Beijing. The US government accuses China of stealing intellectual property and forcing American companies to hand over valuable technology. Some of them have criticized Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy.

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Trump appeared nonchalant about whether China met with his trade representatives to make a deal. We will soon be taking Billions in Tariffs & making products at home.

China's stock market slumped to a 31 month low on Wednesday, Sept. 12.

The next wave of 25 per cent tariffs on a further $200 billion in imports will loom over any talks - after a public consultation period for affected businesses came to an end last Thursday.

Americans don't notice the 25 percent duty on light trucks, known as the "chicken tax", that has been on the books since 1964, when President Johnson levied it in retaliation for France and West Germany's tariff on US chicken.

"But that scenario risks underestimating China's capability to continue meeting fire with fire", he added.

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