China welcomes trade war talks with United States

Salam Bin Mohammed 24 was first in the queue for the new iPhone 8 at Apple’s Regent Street store in London last September. Analysts will be watching to see if demand is as strong for new models this year

The largest American business groups in China issued a plea to President Trump on Thursday: Please stop with the tariffs.

Even Mr. Scott said the tariffs have failed to accomplish Mr. Trump's stated goal of forcing better trade deals, notably with China, and reducing the USA trade deficit.

Companies reported the tariffs were pressuring profits, reducing demand for their products and driving up production costs.

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.

The public comment period for a list of tariffs on about $200 billion in Chinese goods closed last week, and Trump said the duties would be imposed "soon". American retail sales figures for August showed households took a breather from spending, though the data was still indicative of a strong job market and more after-tax pay.

While China doesn't import enough from the USA to match the duties dollar-for-dollar, it could increase tariff rates or use qualitative measures like creating administrative headaches for American companies.

More than half of firms say they are already feeling Beijing's wrath, with 27% reporting increased inspections, 19% feeling heightened regulatory scrutiny and 23% witnessing slower customs clearance.

Eric Zheng, chairman of AmCham Shanghai, said he supported the administration's goal to push Beijing into overhauling trade practices Trump considers unfair.

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But speaking late on Thursday to reporters after meeting French Foreign Minister Jean-Yves Le Drian, Chinese State Councillor Wang Yi said some reforms could be good.

"We support President Trump's efforts to reset U.S". -China trade relations, address long-standing inequities and level the playing field. However, he added, "we can do so through means other than blanket tariffs".

Trump seeks to close what he has slammed as a hulking trade deficit. But the Chinese government has thus far refused to budge on the White House's demands and vowed to retaliate against every American punch. Car manufacturers, auto dealers and vehicle parts makers together plan to run a campaign opposing new tariffs on the industry.

China has also warned it could unleash "qualitative" measures, which US business groups have interpreted as more burdensome regulations, stalled visas and other red-tape headaches.

Americans for Free Trade, a group of more than 80 associations, said it represents thousands of businesses and workers.

The US has launched a trade war against China which could see all of its exports to the US subject to duties.

Forecasters have warned that the worsening conflict between the world's two biggest traders could cut up to 0.5 percentage point off global economic growth through 2020 if all threatened tariff hikes go ahead.

Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over US threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

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