China says world trade system not flawless, needs reform

China TradeMore

China TradeMore

"What I worry about is what if China, instead of growing 6 percent, grows 3 (percent); That we actually have such an impact on the Chinese economy that their growth rate is (stifled) - that will impact everyone and you have to wonder if it's worth it", Gutierrez told CNBC's Oriel Morrison on Thursday.

As of June 30, almost 450 entities employed lobbyists on trade issues - up from about 160 at the start of the year and about 100 when Trump took office, according to lobbying-disclosure reports compiled by the nonprofit Center for Responsive Politics.

Sixty-four percent of companies that responded to the AmCham survey, which was conducted between August 29 and September 5, said the first round of tariffs that Trump slapped on $50 billion in Chinese imports this year have negatively affected their operations, while 63 percent said the same about the equal amount of duties Beijing imposed in retaliation. Our markets are surging, theirs are collapsing.

Kudlow earlier told reporters outside the White House that communications with Beijing had "picked up a notch" and added he saw that as "a positive thing". Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing.

He vowed last week to increase tariffs to hit an additional US$200 billion in Chinese imports "very soon" unless China agreed to steps that would reduce its massive trade surplus. Mid-level USA and Chinese officials held inconclusive talks on Aug 22 and 23.

So far, the United States and China have hit $50 billion worth of each other's goods with tariffs in a dispute over USA 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.

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

"Every sector of the USA economy stands to lose in a trade war", Matthew Shay, who heads the National Retail Federation, said in the statement.

Also Thursday, the European Union Chamber of Commerce in China said one in six of its members that responded to a survey are delaying investment or expansion.

Nintendo Switch Online service launches September 18
Nintendo's answer to PlayStation Network and Xbox Live will cost $3.99 per month after the free trial. In terms of perks, you don't get current gen games for free like you do on PSN.

Later on Thursday, China's foreign ministry welcomed the offer of talks and said the two countries were discussing details.

"This survey affirms our concerns: tariffs are already negatively impacting USA companies and the imposition of a proposed $200 billion tranche will bring a lot more pain", said AmCham Shanghai chairman Eric Zheng.

Zoom out from the automotive sector, and more than 60% of American companies in China said they have been affected by the tit-for-tat spat.

Businesses are ratcheting up lobbying against tariffs that the Trump administration has imposed, or is considering.

The invitation, first reported by the Wall Street Journal, comes amid a swelling chorus of opposition to tariffs from Western business circles.

More than 60 percent of US companies polled said the USA tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business.

A day earlier, more than 60 USA industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

"China must hold the expectation that it is probably not the time when both sides can reach an agreement".

Latest News