Trump readies tariffs on $200 billion more Chinese goods despite talks

Trump readies tariffs on $200 billion more Chinese goods despite talks

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.

July 6: The first tranche of tariffs on $US34 billion worth of Chinese goods takes effect; China responds in kind. If we meet, we meet?

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

Thus far, no more trade negotiations are scheduled between the United States and China.

Each side has imposed $50 billion worth of tariffs already this year.

"I always believe, in most cases, talking is better than not talking, so I regard this as a plus, " Kudlow said.

Christopher McNally, an adjunct senior fellow at the East-West Centre in Hawaii, said the Trump administration may seek a deal on the trade war before the elections, though he cautioned that the United States president could easily throw out any negotiated settlement if he felt it did not "help him politically or doesn't go far enough, doesn't make him look good enough".

Just six percent, meanwhile, said they would consider moving factories to USA soil.

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Washington has invited Beijing to hold new talks on their escalating tariff dispute, the Chinese foreign ministry said Thursday, ahead of a decision by President Donald Trump on whether to raise duties on $200 billion of Chinese imports.

Trump said last week he could move "very soon" to impose tariffs on an additional $200bn (£153bn) worth of products with taxes on another $267bn "ready to go on short notice".

But the timing for activating the additional tariffs was unclear, the person said.

Trump may be running low on products he can target without significant backlash from major USA companies and consumers, two of the people said. -China trade talks and action by Turkey and Russian Federation to support their currencies helped foster a positive mood.

On Wednesday, Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials to restart trade talks.

Last week, the trade association for retailers including Target and Walmart brought 150 small retailers to meetings with lawmakers to talk about how tariffs could hurt their businesses.

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. Some 67.6 percent said the same of China's planned retaliatory tariffs on $60 of American goods.

The US President Donald Trump said Washington is under "no pressure" to achieve a trade deal with China as the prospect of new tariffs loom.

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