Trump economic adviser says United States wants serious trade talks with China

The Donald Trump administration is for the first time publicly planning for a trade spat that drags into 2019 and possibly beyond

Trump has further threatened that if China retaliates to the latest measures, then the U.S. will "immediately pursue phase three".

The US Trade Representative's office eliminated 297 product categories from the proposed tariff list, along with some subsets of other categories, but administration officials said the total value of the revised list would still be "approximately $200 billion".

Trump has complained about America's gaping trade deficit - $336 billion previous year - with China, its biggest trading partner.

"The Chinese authorities likely feel no urgency to give in and agree with all the terms the US side requested", Zhiwei and Yi wrote.

The perverse aspect of the Trump trade wars, where the initial tariffs on largely intermediate products have now been extended to finished consumer goods, is that they will impact USA companies and consumers as much as they do China.

China has been pushing back against the threat.

"If the United States launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", Foreign Ministry spokesman Geng Shuang told reporters ahead of the expected announcement.

An afternoon recap of the day's most important business news, delivered weekdays.

The Shanghai Composite Index, meanwhile, has plummeted more than 20 percent since the year's start, with losses snowballing after Trump launched the trade war.

Emerging market currencies were mostly weaker after a strong run last week following the Turkish central bank's decision to sharply raise interest rates to shore up confidence in the lira.

The month-long trade conflict between the world's two largest economies has rattled investors who fear an escalation will eventually whack global growth, while talks between the two countries have failed to make much headway. It has been given new life, and is thriving.

The Retail Industry Leaders Association pointed out that the new tariffs would still hit more than $1 billion worth of gas grills from China, $843 million worth of luggage and travel bags, $825 million worth of mattresses, and $1.9 billion worth of vacuum cleaners.

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There are reports China is reducing exports by slowing down customs approvals and stepping up environmental and other inspections.

The greenback has benefited from safe-haven flows as the U.S. The U.S. put out about 40 per cent of the world's steel after World War II, but the figures have steadily dropped in the years since.

The tough talk follows reports China is deliberately reducing exports to the USA by slowing down customs approvals and stepping up environmental and other inspections.

China has vowed to retaliate against new US tariffs, with state-run media arguing for an aggressive "counterattack". "They want to make a deal". China has said it will hit back.

Beijing is considering Washington's invitation last week to revive talks on their fight over Chinese technology policy and plans for state-led development of global champions in robotics and other fields.

While Trump says the tariffs will mean "a lot of money coming in to the coffers of the United States" they are really a tax on USA companies and consumers.

U.S. companies have already said they are anxious about the effect of higher costs on their businesses and warned of the risk of job cuts.

Oil prices fell on worries rising trade tensions between the US and China could dent global crude demand.

Mr Lou is chairman of the National Council for Social Security Fund.

The Chinese foreign ministry said Thursday that it was invited to hold new talks.

The fresh round of tariffs comes on top of $50 billion worth of Chinese products taxed this year, meaning almost half of all Chinese imports into the United States will soon face tariffs.

"If you don't know what the rules are or how it's going to operate, you are going to be fairly hesitant about making that investment", said Snyder, who was in China to promote his state's industries, including autonomous vehicle technology.

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