China welcomes trade war talks with United States

Kenny Grant
September 14, 2018

Beijing "has indeed received an invitation from the USA and holds a welcoming attitude to it", said Gao, noting the "two sides are still communicating on the specific details".

Mnuchin's offer comes just under a week after US President Donald Trump threatened to impose tariffs on all $500 billion worth of imports from China. "Now the two sides are in communication on relevant details".

"I suppose that protectionism has just been accepted and "baked into the cake" for the US vehicle market, and USA consumers aren't even aware that Ford and GM have a "cartel" for the USA truck market that allows them to charge above-market prices and earn above-market profits for trucks", he said. A similar amount said they were delaying investment decisions because of the trade tensions.

More than 52 per cent of respondents to the survey reported already suffering the consequences of such measures, mainly through increased inspections, slower customs clearance and "other complications from increased bureaucratic oversight or regulatory scrutiny".

Trump and his advisers have argued that the tariffs are necessary to pressure Beijing to abandon unfair practices.

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.

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.

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.

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China's Commerce Ministry said both sides would want to avoid escalation.

The Trump administration is preparing to activate tariffs on US$200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. If China sells a auto into the USA, there is a tax of 2%.

Another business group, the U.S.

"What I worry about is what if China, instead of growing 6 percent, grows 3 (percent); That we actually have such an impact on the Chinese economy that their growth rate is (stifled) - that will impact everyone and you have to wonder if it's worth it", Gutierrez told CNBC's Oriel Morrison on Thursday. Some 67.6 percent said the same of China's planned retaliatory tariffs on $60 of American goods.

On Wednesday, organizations representing companies in industries including retailing, toy manufacturing, farming and technology plan to announce they are cooperating on a lobbying campaign called Tariffs Hurt the Heartland to oppose tariffs on imports, according to Dow Jones Newswires.

China has tried without success to recruit Germany, France, South Korea and other governments as allies against Washington.

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". He said if the administration of President Donald Trump imposes tariffs on every Chinese product that enters the US, the impact on China would be big.

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