Saturday, 17 November, 2018

US companies in China are ‘suffering’ in trade war, survey says

US reached out to China for new trade talks, sources say Running Out of Tariff Options, China Takes Aim at American Companies
Elsie Buchanan | 14 September, 2018, 15:25

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.

In a survey by two American chambers of commerce in China, almost two-thirds of USA firms who responded said the waves of new tariffs have harmed their business.

In response, China has vowed to retaliate with tariffs on another $60 billion of United States exports, including meat, coffee, furniture and auto parts. So, as Trump's tariff hikes on Chinese imports keep ramping up, China is naturally running out of room to retaliate.

It is also important to note that things are only getting started in the trade conflict, and unless China is willing to make some major concessions, and soon, then the world is likely to witness a protracted conflict lasting years.

But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60% of businesses, according to the poll.

"Secretary Mnuchin who is the team leader with China has apparently issued an invitation", Kudlow told Fox Business Network. Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing.

The escalating trade spat between Washington and Beijing has generated turbulence in global markets.

But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".

However, the last round of talks, between mid-level USA and Chinese officials in August, failed to reach any agreement.

The current world trade system is not ideal and China supports reforms to it, including to the World Trade Organization, to make it fairer and more effective, Beijing's top diplomat said.

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The Trump administration is poised to hit China, America's largest trading partner, with another $200 billion in tariffs.

US President Donald Trump said last week that in addition to preparing tariffs on the further US$200 billion worth of goods, he had tariffs on an additional US$267 billion worth of goods ready "on short notice if I want".

The multi-million dollar campaign, comprised of thousands of companies, farmers and manufacturers, is arguing the trade war will kill U.S.jobs and raise prices for American households.

Later on Thursday, China's foreign ministry welcomed the offer of talks and said the two countries were discussing details.

On Thursday, the USA 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".

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

Businesses are ratcheting up lobbying against tariffs that the Trump administration has imposed, or is considering.

Two-thirds of American companies that responded to a survey said they have suffered lost sales or lower profits due to that increase, two chambers of commerce reported Thursday.

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

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