ibusinesslines.com
ibusinesslines.com November 14, 2018


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

14 September 2018, 03:22 | Kelvin Horton

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

U.S. President Trump holds an Oval Office meeting on preparations for hurricane Florence at the White House in Washington

"The Trump administration should not be mistaken that China will surrender to the USA demands".

"What I worry about is what if China, instead of growing 6 percent, grows 3 (percent); That we actually have such an impact on the Chinese economy that their growth rate is (stifled) - that will impact everyone and you have to wonder if it's worth it", Gutierrez told CNBC's Oriel Morrison on Thursday.

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.

So far, the United States and China have hit $50 billion worth of each others' goods with tariffs in a dispute over USA 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.

Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that US Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details.

According to a Tuesday report by the Hong Kong-based South China Morning Post, the Chinese government has suspended issuing new licenses to American companies that want to conduct business in China.

The administration is readying a final list of $200 billion in Chinese imports on which it plans to levy tariffs of 10-25 percent in coming days, greatly expanding the trade war between the world's two largest economies. "That's what we've been asking for months and months".

The majority of American companies in China say they are hurting from the escalating US-China trade spat, reporting increased costs, lower profits and stepped-up scrutiny, a survey showed Thursday. "We may think that China's rise may be bad for the USA, that China is a strategic competitor. but the moment China's growth rate declines, we will regret it", he said at the Milken Institute's annual Asia Summit in Singapore.

But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".


In a move to defuse trade war tensions, Beijing has welcomed Washington's offer to hold another meeting to sort out their differences.

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said.

USA 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.

On Thursday, the U.S. business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on United States companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".

Mid-level US and Chinese officials met on August 22 and 23 with no agreements.

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

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

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the USA tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.



Other News

Trending Now

Florence's onslaught could cue disaster in North Carolina
Water levels have risen in Pamlico Sound and Emerald Isle and forecasters expect them to keep going up as the tides come in. Observation stations at the coast recorded wind speeds of more than 80 miles per hour , the advisory said.

More than a thousand flights canceled in advance of Hurricane Florence
This storm surge can be deadly and then the flooding that will come thereafter with rain being measured in feet instead of inches. In the midst of what's being called a "monster storm", some USA residents are welcoming Hurricane Florence with parties.

Tennis umpires reportedly mulling boycotting Serena Williams matches after US Open flap
Yet again, it was a privileged group trying to minimise a voice, attempting to keep politics out of sport at all costs. For me, it blows my mind. "I think a lot of it maybe got overamplified because it was the finals of the US Open".

Pregnant woman finds rat in hotpot, allegedly offered $4,000 to abort child
Photos of the boiled rat quickly spread on Chinese social media site Weibo, where users reacted with anger and disgust. Xiabu Xiabu and one of its rivals, Haidilao, have reported surging sales and an expanding network of restaurants.

Meet Apple’s iPhone XS, XS Max, and iPhone XR
Unlike the flagship models, it comes in a handful of new colors including white, black, blue, coral, yellow, and (PRODUCT) RED. But with Apple boosting the average iPhone selling price by almost 20 percent, it still meant a bumper year for the tech firm.

OnePlus 6T will ditch headphone jack, but have better battery
The OnePlus 6T is now listed as "Out of Stock" on Giztop and it says that the smartphone will not be available until October 16. According to Pei, the forthcoming flagship phone will bring battery life improvements "substantial enough for users to realise".

Breanna Stewart Leads The Storm To The WNBA Chip, Winning MVP
Mystics star and former league MVP Elena Delle Donne led Washington with 23 points, shooting 9-of-18 from the field. When asked how it compared to the other two WNBA titles she's won, she said there's "no comparison honestly".