USA firms in China feeling 'clear and far reaching' trade war pinch

13 Septembre, 2018, 16:41 | Auteur: Auguste Feret

"The US is reaching out to China for a new round of trade talks, in an effort to give Beijing another opportunity to address trade issues before the Trump administration implements additional tariffs on Chinese imports, according to people briefed on the matter. In fact, from last month's preliminary talks in Washington, the two sides' trade talk teams have maintained various forms of contact, and held discussions on the concerns of each side", he said.

Treasury Secretary Mnuchin led the USA delegation of top trade officials to Beijing where they met with their counterparts. The White House has accused China of forcing USA companies to partner with local firms and then stealing their intellectual property, among other grievances.

Chinese stocks traded on United States exchanges went from modest losses to modest gains after The Wall Street Journal reported that the Trump administration will open a new round of trade talks with China before imposing additional tariffs.

Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch" and added he saw that as "a positive thing".

A meeting among Cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers. The report cited "people briefed on the matter" and that according to these individuals, the USA officials requested a Chinese ministerial-level delegation meet with US officials.

Washington has demanded that Beijing better protect American intellectual property, cut its U.S. trade surplus, allow USA companies greater access to its markets and roll back its high-technology industrial subsidy programs.

"Every sector of the US economy stands to lose in a trade war", Matthew Shay, who heads the National Retail Federation, said in the statement. -China talks would delay the duties.

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China has threatened retaliation, which could include action against USA companies operating there.

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.

The damage from the trade war to USA businesses in China includes lost profits, higher manufacturing costs and lower demand for their products, according to the survey of more than 430 companies in industries ranging from technology to health care.

More than 60 percent of United States companies polled said the USA tariffs were already affecting their business operations, while a similar percentage said Chinese duties on U.S. goods were having an impact on business.

The negative impact of the tariffs on U.S. firms has been "clear and far-reaching", according to a joint survey by AmCham China and AmCham Shanghai.

US business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

"My guess is that they won't receive an enthusiastic response from the Chinese, because the Chinese probably just don't think that the Trump administration itself necessarily wants a deal or is willing to offer anything", Kennedy said during a research trip to China. "I don't see the Chinese running to the table to up their offer in any appreciable way".

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