China welcomes United States trade talks offer as new tariffs loom

US reached out to China for new trade talks, sources say

Running Out of Tariff Options, China Takes Aim at American Companies

Shipping containers are seen at the port in Shanghai in April.

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

American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the USA business lobbies behind the poll to urge the Trump administration to reconsider its approach.

About half of American firms are making less money, and a similar amount are reporting higher production costs, according to the survey.

"We support President Trump's efforts to reset U.S".

Trump said last week that he also had tariffs on an additional $267 billion worth of goods ready "on short notice if I want". The new border taxes are expected to take effect this fall.

A US Treasury spokesman did not respond to requests for comment.

So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over US demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs, and better protecting American intellectual property.

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".

AmCham China and AmCham Shanghai urged the Trump administration to re-think its approach. "China trade relations, address long-standing inequities and level the playing field", Zheng said in a statement. However, he added, "we can do so through means other than blanket tariffs".

As of June 30, almost 450 entities employed lobbyists on trade issues - up from about 160 at the start of the year and about 100 when Trump took office, according to lobbying-disclosure reports compiled by the nonprofit Center for Responsive Politics. The Chinese government has dismissed the complaints as "groundless".

If the president follows through with his threat to expand the commercial battle by fourfold, Beijing has said it will slap levies of up to 25 percent on 5,207 types of American imports. Car manufacturers, auto dealers and vehicle parts makers together plan to run a campaign opposing new tariffs on the industry.

Most of the shoes and at least half of the mattresses and furniture sold in the US are made in China.

A broad coalition of US businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the USA economy.

The damage from the trade war to United States 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.

Forecasters have warned that the worsening conflict between the world's two biggest traders could cut up to 0.5 percentage point off global economic growth through 2020 if all threatened tariff hikes go ahead.

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