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.
He said last week that he has an order ready to impose tariffs on another $200 billion in Chinese goods, and then another order ready that would impose tariffs on every product shipped from China to the United States if Beijing doesn't agree to USA demands.
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.
"Chinese customers just see too much uncertainty around buying American and as a result they shift to alternatives", Beebe told AFP.
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US Treasury Secretary Steven Mnuchin recently sent an invitation to Chinese officials proposing a bilateral meeting at ministerial level, the daily reported. Of the respondents to the survey from that sector, 80.5% said they had been hit by the American tariffs, and 75% by the Chinese retaliation-each side has levied tariffs on imports of vehicles and components from the other.
On Thursday, the USA business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on U.S. companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".
Trump imposed his first phase of tariffs this summer on $50 billion of Chinese goods, including high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at United States soybeans, autos and other farm goods.
July 10: The US releases an initial list of an additional $US200 billion worth of Chinese goods that could be subject to 10% tariffs.
Trump may be running low on products he can target without significant backlash from major USA companies and consumers, two of the people said.
US President Donald Trump has warned he is willing to slap tariffs on all Chinese imports, worth US$500 billion, saying on Tuesday that his administration has "taken a very tough stand on China, I would say, to put it mildly".
August 23: The US imposes tariffs on another $US16 billion worth of Chinese goods, and Beijing responds with tariffs on $US16 billion worth of US goods.
A series of companies want President Trump to know that tariffs are hurting USA industries.