Sunday, 18 November, 2018

Fresh US-China trade talks in the making as tariffs loom

A trade war could negatively impact the global economy analysts say A trade war could negatively impact the global economy analysts say
Charlie Simmons | 17 September, 2018, 07:10

Trump said last week that he also had tariffs on an additional $267 billion worth of goods ready "on short notice if I want".

About 74.3 percent said they would be affected if Washington's tariff increase on $200 billion of Chinese goods goes ahead.

Markets fear any fresh USA duties on Chinese imports will mark a major escalation in the trade dispute between the world's two economic giants, potentially causing significant drag on global business investment, trade and growth.

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

Beijing has pledged to hit back with five to 25 percent tariffs on $60 billion in United States imports in retaliation for any measures from the US.

"American companies are suffering both from China's retaliatory tariffs, and - ironically - from USA tariffs created to harm the Chinese economy", the two chambers said in a statement.

Trump has already hit $50 billion worth of Chinese imports with tariffs, and China has done the same thing to a like amount of US exports to China.

The invitation from Washington comes amid stalled bilateral negotiations about how China should reduce its massive trade surplus with the United States.

Consumer-oriented companies face a catch-22 in their response to tariffs. At least half of all the hats, mattresses, suitcases, and furniture in the United States is imported from China.

More than 60 percent of the 430 USA companies polled said the tariffs were already affecting their business operations, while a similar percentage said Chinese duties on USA goods were having an impact on business. Reuters later matched Bloomberg's reporting.

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Trump's tariffs are unpopular, and with the midterm elections just two months away, it's a lousy time to escalate his trade war.

China confirmed the offer on Thursday and said it welcomes the talks.

Apple said materials used to make chargers and adapters, as well as its Apple Watch and its wireless Air Pods would be hit.

Companies reported the tariffs were pressuring profits, reducing demand for their products and driving up production costs.

Dell, Cisco, Juniper Networks and Hewlett Packard Enterprise, are anxious the tariffs will increase the costs of their networking equipment, leading to possible U.S. job losses. Forecasters have warned it could cut up to 0.5 percent points off global economic growth through 2020 if all threatened tariff hikes go ahead.

Chinese officials have called the targets "measured and restrained" and repeatedly declared the United States has compelled Beijing to take actions that will ultimately hurt both countries.

The campaign will be multi-facted and include television and digital ads in addition to encouraging voters to talk directly to their member of Congress about trade, an effort organizers hope will convince lawmakers to fight the tariffs. It also asked that finished dishwashers be added to the list.

Companies have submitted more than 1,400 exclusion requests from tariffs put in place earlier this year on $50 billion of Chinese goods.

"This survey affirms our concerns: tariffs are already negatively impacting USA companies and the imposition of a proposed $200 billion tranche will bring a lot more pain", said Eric Zheng, chairman of AmCham Shanghai. A broad array of US industry groups, representing companies such as Microsoft Corp, Amazon.com Inc, Walmart Inc and Mattel Inc, has voiced opposition to the new tariffs.

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