The Trump administration has reached out to China for a new round of trade talks as it prepares to activate punitive USA tariffs on $200 billion worth of Chinese goods, two people familiar with the matter said Wednesday. They plan events in Chicago, Nashville, Pennsylvania and OH starting next week, according to a statement posted on a new website.
It was unclear whether any U.S. "The stakes couldn't be higher for American families, businesses, farmers and workers threatened by job losses and higher prices as a result of tit-for-tat tariffs".
If another US$267 billion worth of Chinese goods are targeted by the USA before the year's end, it would amount to essentially the entire annual volume of goods imported from China.
"We support President Trump's efforts to reset US-China trade relations, address long-standing inequities and level the playing field". The White House is pushing tariffs as a powerful negotiating tool for winning what it says are better trade deals for all Americans.
American businesses can not replace numerous import products due to lack of skilled labor or available supply chain and would have to absorb the cost of tariffs or pass them on to customers.
According to many recent reports, Taiwanese companies are already beginning to shy away from the Chinese market because of the likelihood that their products manufactured in China will be targeted by the Trump administration.
"The U.S. administration runs the risk of a downward spiral of attack and counterattack, benefiting no one", Zarit said in statement.
Half the respondents reported they had endured more inspections, delayed customs clearance and other forms of heightened regulatory scrutiny.
Trump and his advisers have argued that the tariffs are necessary to pressure Beijing to abandon unfair practices.
"There has been a lot of work that has been going on over the last eight months to try to persuade the president and the administration that tariffs are not going to work", said Dean Garfield, chief executive of the Information Technology Industry Council, whose members include Microsoft Corp MSFT.O and Apple Inc AAPL.O .
Chinese officials have called the targets "measured and restrained" and repeatedly declared the United States has forced Beijing to take actions that will ultimately hurt both countries.
More than 60% of U.S. companies polled said the USA tariffs were already affecting their business operations, while a similar percentage said tariffs by China on United States goods were having an effect on business.
Top White House economic advisor Larry Kudlow told Fox Business Network on Wednesday: "Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation".
On Thursday, the US business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on USA companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching". He has repeatedly vocalized his discontent with the massive, multi-billion dollar US trade deficit with China. So, as Trump's tariff hikes on Chinese imports keep ramping up, China is naturally running out of room to retaliate.