China welcomes USA invitation for new round of trade talks

Trump has threatened to slap tariffs on nearly all goods the US buys from China

Trump has threatened to slap tariffs on nearly all goods the US buys from China

China only buys $129 billion worth of goods from the US so they can't do a tit-for-tat tariff slug on $US200 million worth of goods, so how they retaliate remains an uncertainty for stock players.

Asian shares advanced on Thursday on hopes that a deal could be struck in the bitter tariff dispute between the world's two largest economies.

"We support President Trump's efforts to reset US-China trade relations, address long-standing inequities and level the playing field".

The U.S. -China Business Council (USCBC), a nonpartisan non-profit representing around 200 American companies, told Observer that, in recent weeks, the council has been hearing from U.S. companies about delays and challenges getting licensing approvals in China.

His first round of tariffs this summer hit $50 billion in Chinese products like high-end technology parts and manufactured goods, while Beijing fired back dollar-for-dollar at United States soybeans, autos and other farm goods. In China, the yuan jumped and stocks rose.

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

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The White House believes China will wave the white flag after the next round of tariffs on $200 billion in goods, said William Zarit, the chamber's chairman.

Details on the potential talks were thin, but Larry Kudlow, White House economic advisor, said the prospect of talks was a positive development.

But he cautioned: "I guarantee nothing".

U.S. President Donald Trump has instructed aides to proceed with tariffs on about $200 billion more in Chinese products, despite Treasury Secretary Steven Mnuchin's attempts to restart talks with China about resolving the trade war, Bloomberg reported on Friday.

The move was also reported by Reuters news agency, which cited an unnamed source familiar with the decision.

The Journal reported that the US reached out because of political pressure on Trump to ease up on trade fights ahead of November's midterm elections.

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China welcomed on Thursday a United States offer to hold fresh trade talks, adding that the two are discussing the details and providing some hope the world's top economies could step back from the brink of an all-out trade war. Mid-level US and Chinese officials held inconclusive talks on Aug 22 and 23.

A U.S. Treasury spokesman did not respond to requests for comment.

Some in the administration are trying to restart talks to defuse the trade war, but Mr Trump said on Thursday the United States is under "no pressure" to strike a deal.

"The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us".

The negative impact of the tariffs on US firms has been "clear and far-reaching", according to a joint survey by AmCham China and AmCham Shanghai.

July 10: The US releases an initial list of an additional $US200 billion worth of Chinese goods that could be subject to 10% tariffs.

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