US invites China to trade talks as tariffs loom
WASHINGTON/SHANGHAI: The Trump administration has invited Chinese officials to restart trade talks, the White House’s top economic adviser said, as Washington prepares to further escalate the US- China trade war with tariffs on US$ 200 billion worth of Chinese goods.
Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that US Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details.
“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.
“And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation.” Two people familiar with the effort said Mnuchin’s invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks.
The invitation comes amid a swelling chorus of opposition to tariffs from Western business circles.
On Thursday, the US business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on US companies in China of tit- for- tat tariffs Washington and Beijing have imposed on one another was “clear and far reaching”.
More than 60 per cent of US companies polled said the US tariffs were already affecting their business operations, while a similar per centage said Chinese duties on US goods were having an impact on business.
AmCham China and AmCham Shanghai urged the Trump administration to re-think its approach.
The European Union Chamber of Commerce in China released its own survey on Thursday saying the tariffs were causing ‘significant disruptions’ to global supply chains and ‘seriously impacting’ non- Chinese and nonAmerican companies.
A day earlier, more than 60 US industry groups launched a coalition – Americans for Free Trade – to take the fight against the tariffs public.
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.
In China, the yuan jumped and stocks rose.
The Trump administration is preparing to activate tariffs on US$ 200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture.
It was unclear whether any US- China talks would delay the duties.
Kudlow earlier told reporters outside the White House that communications with Beijing had “picked up a notch.”
“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.
Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: “If they come to the table in a serious way to generate some positive results, yes, of course.
That’s what we’ve been asking for months and months.”
But he cautioned: “I guarantee nothing.” The timing and location of the proposed meeting were unclear, the sources familiar with the matter said.
Mid-level US and Chinese officials held inconclusive talks on Aug 22 and 23.
A US Treasury spokesman did not respond to requests for comment. — Reuters