China will not 'surrender' to US demands in trade talks: State media

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

China is locked in a bitter trade war with the United States and has vowed repeatedly to uphold the multilateral trading system and free trade, with the WTO at its center.

President Donald Trump's push to impose tariffs on China and other countries is aimed at deterring what he views as unfair trade practices and, equally important, to encourage American consumers and businesses to buy and sell more goods made at home.

The majority of American companies in China say they are hurting from the escalating US-China trade spat, reporting increased costs, lower profits and stepped-up scrutiny, a survey showed Thursday.

The Trump administration's $200 billion tariff list would hit a broad array of internet technology products and consumer goods from handbags to vacuum cleaners and bicycles to furniture.

Some businesses are concerned about rising costs of imported materials; others, particularly farmers, about retaliatory tariffs imposed by China and Europe on US exports.

"There seem to be domestic political pressures that are working against the perception of US companies receiving benefits" during trade disputes, Parker told the South China Morning Post.

This latest tweet underscores that concern.

Businesses remained optimistic about near-term prospects, but worries about trade prompted some to scale back or postpone capital investment plans, according to the Fed's survey, known as the Beige Book, released Wednesday. "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". "Every day, companies large and small are sharing their stories of the harm the tariffs and ensuing retaliation are causing across all sectors of the American economy".

"The Trump administration should not be mistaken that China will surrender to the US demands".

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It was unclear whether any U.S.

"I suppose that protectionism has just been accepted and "baked into the cake" for the USA vehicle market, and US consumers aren't even aware that Ford and GM have a "cartel" for the US truck market that allows them to charge above-market prices and earn above-market profits for trucks", he said.

So far, the United States and China have hit US$50 billion worth of each other's goods with tariffs in a dispute over USA demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property. "The US administration will be hurting the companies it should be helping".

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

Beijing on Thursday accepted Treasury Secretary Steven T. Mnuchin's invitation to a new round of trade talks before the next tranche of tariffs.

The invitation, first reported by the Wall Street Journal, comes amid a swelling chorus of opposition to tariffs from Western business circles. Mr. Trump said the newspaper got it wrong about which side is under pressure to deal.

The possible resumption of negotiations sent Asian markets rallying with Hong Kong surging 2.5 per cent - having fallen for six straight days and into a bear market - and Shanghai more than one per cent higher.

Sixty-four percent of companies that responded to the AmCham survey, which was conducted between August 29 and September 5, said the first round of tariffs that Trump slapped on $50 billion in Chinese imports this year have negatively affected their operations, while 63 percent said the same about the equal amount of duties Beijing imposed in retaliation.

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