Trump ‘wants US$200 billion in China tariffs despite talks’

A container ship sailed by the business district in Qingdao in east China’s Shandong province. Washington has invited Beijing to hold new talks on their escalating tariff dispute the Chinese foreign ministry said Thursday ahead of a decision by Presid

The Trump administration is poised to hit China, America's largest trading partner, with another $200 billion in tariffs.

Stocks surrendered their gains Friday after Bloomberg reported President Donald Trump instructed his administration to follow through with tariffs on roughly $200 billion worth of Chinese imports, despite a fresh round of trade negotiations between the world's largest economies having been proposed days earlier.

About half of American firms are making less money, and a similar amount are reporting higher production costs, according to the survey.

From cooling USA inflation to central-bank meetings in Europe, the U.K. Turkey and Russian Federation, it's been a busy week for investors.

Trump said last week that he also had tariffs on an additional $267 billion worth of goods ready "on short notice if I want". American retail sales figures for August showed households took a breather from spending, though the data was still indicative of a strong job market and more after-tax pay.

About 30 per cent said they were adjusting supply chains by seeking to source components and/or assembly outside the us, and about the same number were seeking to source components and/or assembly outside China.

If both sets of tariffs go ahead it would mean virtually all of China's United States exports would be subject to new tariffs.

More than half of U.S. firms are already feeling Beijing's wrath from non-tariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey. The business lobby urged Washington to reconsider its approach.

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But speaking late on Thursday to reporters after meeting French Foreign Minister Jean-Yves Le Drian, Chinese State Councillor Wang Yi said some reforms could be good.

The duty on light trucks, which account for about 50 percent of auto sales in the US, was hardly mentioned before Mr. Trump started threatening Europe with tariffs on vehicles.

The longer the trade war continues the less attractive China will become as a manufacturing base for worldwide companies, making other emerging markets like Indonesia and India preferable locations for manufacturing. However, he added, "we can do so through means other than blanket tariffs". "Likewise, Trump's ill-advised trade war, which started in January when he approved the tariffs on imported washing machines, is really largely a war on Americans". But the Chinese government has thus far refused to budge on the White House's demands and vowed to retaliate against every American punch. The list includes industrial parts, chemicals and medical instruments.

"China has indeed received an invitation from the USA and holds a welcoming attitude to it".

USA business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs.

The damage from the trade war to USA businesses in China includes lost profits, higher manufacturing costs and lower demand for their products, according to the survey of more than 430 companies in industries ranging from technology to health care. Oil was poised for a weekly gain as traders keep watch on Hurricane Florence.

Senior U.S. officials led by Treasury Secretary Steven Mnuchin recently sent an invitation to their Chinese counterparts, including Vice Premier Liu He, to hold another bilateral trade meeting.

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