United States companies in China say tariffs are hurting

United States companies in China say tariffs are hurting

United States companies in China say tariffs are hurting

Trump appeared nonchalant about whether China met with his trade representatives to make a deal.

The trade war has already contributed to sell-offs in China's stock markets and currency.

Washington has invited Beijing to hold new talks on their escalating tariff dispute, the Chinese foreign ministry said Thursday, ahead of a decision by President Donald Trump on whether to raise duties on $200 billion of Chinese imports.

China and the United States are set to return to the table with the threat of new USA tariffs looming after Treasury Secretary Steven Mnuchin extended the invitation to counterparts in Beijing.

"China has indeed received an invitation from the USA and holds a welcoming attitude to it".

"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".

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One researcher at Taiwan's Chung-Hua Institution for Economic Research, Roy Chun Lee says that "the historical example of the U.S. -Japan economic conflict suggests that the U.S".

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.

More than half of United States 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.

His remarks come as China and the United States may return to the negotiating table with the threat of new US tariffs looming.

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.

"With the $200 billion round of tariffs looming, this is probably the best time for the U.S. to go back to the table with a "take it or leave it" type of trade demand", Robert Carnell, the chief Asia-Pacific economist at investment bank ING, said in a note.

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To avoid the tariffs, 30 percent of US companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

"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 AmCham Shanghai chairman Eric Zheng.

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.

Roughly a third of firms are shifting supply chains out of China, or the United States, and an equal proportion are delaying or cancelling investment decisions, the survey showed.

China is running out of American imports for retaliation due to their lopsided trade balance, but threatened unspecified "comprehensive measures" in June.

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