United States seeking new trade talks with China

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Farmers felt the pain when China targeted them with retaliatory tariffs, cutting off a major market for USA agriculture exports.

The Trump administration has invited Chinese officials to hold a new round of trade talks, top White House economic adviser Larry Kudlow said Wednesday.

So far, the United States and China have hit $50 billion worth of each others' goods with tariffs in a dispute over US demands that China make sweeping economic policy changes, including ending joint venture and technology transfer policies, rolling back industrial subsidy programs and better protecting American intellectual property.

"If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping", he said.

The U.S. has enjoyed near-record low joblessness and faster economic growth in 2018, while Beijing's economy faces growing long-term concerns, including a sharp decline in the value of its currency.

More than 60% of USA companies polled said the US tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business. -China trade talks and action by Turkey and Russian Federation to support their currencies helped foster a positive mood.

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.

"Even if all of the tariffs threatened by Trump on autos and China are imposed, those would amount to, at most, 0.8 percent of GDP, which would cause barely a ripple in growth, inflation or employment numbers", said Mr. Scott, senior economist at the think tank.

In the case of the Trump administration's trade tensions with China, the US clearly has an edge when it comes to imposing tariffs. "That's what we've been asking for months and months".

Americans for Free Trade, a group of more than 80 associations, said it represents thousands of businesses and workers.

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said. Midlevel U.S. and Chinese officials met on August 22 and 23 with no agreements.

"The U.S. administration runs the risk of a downward spiral of attack and counterattack, benefiting no one", William Zarit said in the statement.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation.

Every year, the USA imports $500 billion worth of goods from China, while it ships only one-third of that amount to the East Asian country.

The escalating trade spat between Washington and Beijing has generated turbulence in global markets.

US President Donald Trump said last week that in addition to preparing tariffs on the further US$200 billion worth of goods, he had tariffs on an additional US$267 billion worth of goods ready "on short notice if I want".

Most of the shoes and at least half of the mattresses and furniture sold in the US are made in China.

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