Published: Fri, September 14, 2018
Markets | By Otis Pena

China says world trade system not flawless, needs reform

China says world trade system not flawless, needs reform

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk", Kudlow said.

American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the US business lobbies behind the poll to urge the Trump administration to reconsider its approach.

"We support President Trump's efforts to reset U.S".

"There's some discussions and information that we received that the Chinese government - the top of the Chinese government - wished to pursue talks", Kudlow said.

The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture.

The White House says tariffs are a response to China's unfair trade policies, which Mr Trump blames for helping to create a huge trade deficit.

More than 60 per cent of U.S. companies polled said the United States tariffs were already affecting their business operations, while a similar percentage said Chinese duties on USA goods were having an impact on business.

But China will not buckle to US demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

Businesses are ratcheting up lobbying against tariffs that the Trump administration has imposed, or is considering. "That's what we've been asking for months and months".

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said.

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

In the ongoing trade dispute between the US and China, perhaps no companies are more affected than American automakers that are manufacturing their cars in China.

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.

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

A day earlier, more than 60 U.S. industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

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

The new round would be in addition to $50 billion in Chinese goods that already face a 25 percent duty.

Zheng expressed support for Trump's wider aim of levelling the playing field between the USA and China, and addressing "long-standing inequities".

"If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping".

Beijing has pledged to hit back with five to 25 per cent tariffs on $60 billion in United States imports in retaliation for any measures from the US.

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