Major U.S. trade groups link up in anti-tariff coalition

14 Septembre, 2018, 20:25 | Auteur: Auguste Feret
  • US President Donald Trump speaks to reporters after signing directives to impose tariffs on imported washing machines and solar panels at the White House in Washingt

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk", Kudlow said, declining to provide any further details.

If both sets of tariffs go ahead it would mean virtually all of China's U.S. exports would be subject to new tariffs.

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

"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. 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.

About 30% of firms said they were shifting parts of their supply chains away from China and the United States to buy components from other places.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by 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".

"We share the concerns of the U.S. regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely unsafe", warned Harborn.

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That could still happen before the next round of tariffs kick in.

Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over USA threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

Beijing has issued a list of $60 billion of American products for retaliation if Trump's next tariff hike goes ahead. The US government accuses China of stealing intellectual property and forcing American companies to hand over valuable technology. The Chinese government has dismissed the complaints as "groundless". However, he added, "we can do so through means other than blanket tariffs".

Stocks in Europe rose earlier as prospects for U.S.

The data, when coupled with the results of a similar survey of European firms, is troubling for the health of China's economy, already slowing under the weight of Beijing's battle to cut its debt mountain.

The chairman of the American Chamber of Commerce in China warned the Trump administration might be underestimating China's resolve to fight back.

"There seem to be domestic political pressures that are working against the perception of US companies receiving benefits" during trade disputes, Parker told the South China Morning Post. "But that scenario risks underestimating China's capability to continue meeting fire with fire".

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