China welcomes USA invite for trade talks, Asian markets relieved

13 Septembre, 2018, 21:53 | Auteur: Auguste Feret
  • Steven Mnuchin Wilbur Ross

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", he wrote on Twitter, in response to a Wall Street Journal article that cited "a steady rise in political pressure" to ease up on trade fights.

US President Donald Trump said on Thursday that the United States was under no pressure to make a trade deal with China, even as Chinese officials welcomed an invitation from Washington for a new round of talks with more US tariffs looming.

His first round of tariffs this summer hit US$50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at USA soybeans, autos and other farm goods.

Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes of course".

"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 Eric Zheng, chairman of AmCham Shanghai.

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

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.

The European Union Chamber of Commerce in China released its own survey on Thursday saying the tariffs were causing "significant disruptions" to global supply chains and "seriously impacting" non-Chinese and non-American companies.

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The last talks, between mid-level United States and Chinese officials on 22 and 23 August, failed to reach any agreement.

The move comes just as Bloomberg reports the White House is proposing a new round of trade talks with China, after the previous four attempts faltered.

Such a meeting could take place in Washington or Beijing, though the timing is unclear, according to informed sources.

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.

In response, China has vowed to retaliate with tariffs on another $60 billion of USA exports, including meat, coffee, furniture and auto parts.

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

Scott Kennedy, deputy director of China studies at the Center for Strategic and International Studies in Washington, said he suspected the invitation to talks would be viewed skeptically in Beijing. "China must hold the expectation that it is probably not the time when both sides can reach an agreement".

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