US ASKS CHINA TO RESTART TRADE TALKS AMID JITTERS

BEIJING— China welcomed on Thursday the US offer to restart trade talks, adding that the two are discussing the details.

US Treasury Secretary Steven Mnuchin invited top Chinese officials to discuss the issue on Wednesday after US business groups formed a coalition to fight US President Donald Trump’s trade policies.

Beijing welcomes talks

“The Chinese side believes that the escalation of the trade conflict is not in the interest of either party,” commerce ministry spokesperson Gao Feng told reporters at a regular news briefing.

Beijing “has indeed received an invitation from the United States and holds a welcoming attitude to it,” said Gao, noting the “two sides are still communicating on the specific details.”

News of the invite comes as it emerged on Thursday that US firms in China are beginning to feel the pinch of tariffs already imposed on the Asian giant.

US companies hurting

The majority of American companies in China say they are hurting from the escalating trade spat, reporting increased costs, lower profits and stepped-up scrutiny, according to an American Chamber of Commerce in China survey released on Thursday.

More than half of US firms are already feeling Beijing’s wrath from nontariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey.

The possible resumption of negotiations sent Asian markets rallying with Hong Kong surging 2.5 percent and Shanghai more than one percent higher.