Trump says USA under 'no pressure' for China trade deal

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

The U.S. has enjoyed near-record low joblessness and faster economic growth in 2018, while Beijing's economy faces growing long-term concerns, including a sharp decline in the value of its currency.

Farmers felt the pain when China targeted them with retaliatory tariffs, cutting off a major market for USA agriculture exports.

Details on the potential talks were thin, but Larry Kudlow, White House economic advisor, said the prospect of talks was a positive development.

Roughly three-in-four firms surveyed said duties on an additional $200-billion worth of Chinese goods would hurt business further, and close to 70 per cent said additional retaliatory Chinese tariffs would be bad for business.

Two people familiar with the effort said Mnuchin's invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks, with the time and the venue still to be agreed.

"Chinese officials said they have grown wary of the Trump administration's unpredictable decision-making process and may be hesitant to accept without a clear sign US negotiators have authority to speak for the president", the original report said.

"As simple economics tells us, the Trump tariffs on washing machines aren't imposed on foreign appliance producers like Samsung and LG as much as they are imposed on Americans in the form of higher prices for consumers", Mr. Perry wrote in his economics blog Carpe Diem.

The sides have been engaged in an escalating tit-for-tat trade fight for months but on Wednesday it emerged that US Treasury Secretary Steven Mnuchin had invited top Chinese officials to discuss the issue.

In the case of the Trump administration's trade tensions with China, the US clearly has an edge when it comes to imposing tariffs. "If we meet, we meet?"

But he cautioned: "I guarantee nothing".

"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.

On Wednesday, more than 60 US industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

However, the last round of talks, between mid-level US and Chinese officials in August, failed to reach any agreement.

American officials also worry they might erode US industrial leadership.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation.

The escalating trade spat between Washington and Beijing has generated turbulence in global markets.

US President Donald Trump said last week that in addition to preparing tariffs on the further US$200 billion worth of goods, he had tariffs on an additional US$267 billion worth of goods ready "on short notice if I want".

"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.

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.

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