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WASHINGTON / BEIJING – China on Thursday welcomed the United States' invitation to hold a new round of trade talks as Washington prepares to intensify the Sino-US trade war with tariffs of $ 200 billion on imports. Chinese products.
The Trump administration has urged Chinese officials to resume trade talks, the chief economic adviser of the White House said Wednesday.
Chinese Foreign Ministry spokesman Geng Shuang told reporters that China welcomed the invitation and that the two countries were discussing the details.
"China has always considered that an escalation of the trade dispute was in nobody's interest," he said. "In fact, since the preliminary talks last month in Washington, the trade discussion teams of both sides have maintained various forms of contacts and held discussions on each party's concerns."
Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that US Treasury Secretary Steven Mnuchin sent an invitation to top Chinese officials, but declined to provide further details.
"We have received information and information that the Chinese government – the top of the Chinese government – wanted to continue negotiations," said Kudlow. "Thus, Secretary Mnuchin, who is China's team leader, apparently issued an invitation."
Two people familiar with the effort said that Mnuchin's invitation had been sent to his Chinese counterparts, including Vice Premier Liu He, the economic adviser to Chinese President Xi Jinping, to discuss the coming weeks.
A meeting of senior officials could ease market concerns over the escalating tariff war that threatens to engage all the trade between the world's two largest economies and increase costs for businesses and consumers.
"I think most of us think it's better to speak than not to speak, and I think the Chinese government is ready to talk," Kudlow told reporters at the press conference. outside the White House. But Kudlow was not committed to the chances of a breakthrough.
"I do not guarantee anything," he said.
The latest talks between US and Chinese authorities from August 22nd to 23rd resulted in no agreement.
Lift or fold
Until now, the United States and China have sold each other $ 50 billion worth of goods, with the United States demanding that China make radical changes in economic policy, including ending technology transfer policies and protecting US intellectual property.
The Trump administration is preparing to apply tariffs on Chinese goods worth $ 200 billion, offering a wide range of Internet technology products and consumer goods ranging from handbags bicycles and furniture.
The President of the United States, Donald Trump, said last week that he also had duties on an additional $ 267 billion worth of goods "in the short term if I wish."
It was unclear whether talks between the United States and China would delay the tasks.
China has threatened retaliation, which could include actions against US companies operating in that country.
The Chinese Ministry of Commerce said the two sides would like to avoid escalation.
"I think the two countries would not be willing to see such a situation," ministry spokesman Gao Feng said Thursday.
Increasing consternation
The invitation, first published by the Wall Street Journal, is part of growing opposition to Western business rates.
On Thursday, US lobby groups AmCham China and AmCham Shanghai released a joint study showing that the negative impact on US companies in China of tariffs imposed by Washington and Beijing was "clear and far-reaching".
More than 60 percent of US companies surveyed said US tariffs were already affecting their business operations, while a similar percentage said Chinese rights over US products had an impact on business.
AmCham China and AmCham Shanghai have urged the Trump administration to rethink its approach.
The European Union Chamber of Commerce in China released its own poll on Thursday, saying that tariffs were causing "significant disruptions" in global supply chains and "had a serious impact" on non-wholesalers. Chinese and non-American.
A day earlier, more than 60 US industry groups launched a coalition, Americans for Free Trade, to fight public tariffs.
Scott Kennedy, deputy director of China studies at the Center for Strategic and International Studies in Washington, expected China to start negotiations with caution, doubting that both parties are willing to give much ground.
"I imagine that they will not get an enthusiastic response from the Chinese, because the Chinese probably do not think that the Trump administration itself necessarily wants an agreement or is willing to offer what whatever it is, "said Kennedy. China.
"China's economy has slowed down a bit, and it certainly has some financial worries, but it's nowhere to the point of tipping." I do not see the Chinese coming to the table. appreciable way. "
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