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You're tariffed! Trump unveils $US200B in tariffs on Chinese goods
U.S. imposes new $200 billion tariffs on China
China welcomes United States invitation for new round of trade talks
15 September 2018, 12:13 | Kelvin Horton
US reached out to China for new trade talks, sources say
Washington, Europe and other trading partners say those plans violate China's market-opening commitments.
His first round of tariffs this summer hit US$50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at United States soybeans, autos and other farm goods.
American consumers have not felt widespread price increases months after the Trump administration started rolling out tariffs, and economist Robert Scott says the doomsday predictions might never materialize. "AmCham China and AmCham Shanghai urge both governments to return to the negotiating table".
The possibility of new talks comes as China is wary of the "very painful" impact of additional United States tariffs given its economic slowdown, with its gross domestic product at the lower end of its growth range for the past three years.
It has become tricky to find additional products for duties that won't more obviously impact American consumers, according to two people.
And from our stock market's point of view, we don't really need our number one export customer - China - to be in a losing battle with the U.S., as we supply a lot of the raw materials inside the "stuff" they sell to the States. They said almost one-third are thinking about canceling or postponing investment decisions.
William Zarit, the chairman of the American Chamber of Commerce in China, warned the Trump administration against assuming those difficulties will force Beijing to cave in to its demands.
The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans. It said the conflict is "causing significant disruptions to global supply chains". -China talks would delay the duties.
It resulted, however, in Americans for decades missing out on innovations from European truck makers and paying higher prices for USA pickups and sport utility vehicles, said Mark J. Perry, an economist at the American Enterprise Institute.
It's unclear yet what specific sectors have been affected by the suspension, but it will likely include industries that Beijing has promised to open to foreign businesses, such as banking, securities, insurance and asset management, said Jacob Parker, vice-president for China operations of the USCBC.
The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares to further escalate the U.S.
"Tariffs are already negatively impacting U.S. companies and the imposition of a proposed $200 billion tranche will bring a lot more pain", Eric Zheng, chairman of the American Chamber of Commerce in Shanghai, said Thursday in a statement.
Some 52.1 percent of companies said Chinese authorities are slowing customs clearances, increasing inspections or imposing other "qualitative measures". The Chinese government has dismissed the complaints as "groundless".
Trump's Twitter post is consistent with his recent bravado toward China, but it could make Chinese leaders dubious that Trump will be willing to negotiate a deal.
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