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US firms in China feeling ‘clear and far-reaching’ trade war pinch

US firms in China feeling ‘clear and far-reaching’ trade war pinch

But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60% of businesses, according to the poll.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Mr Trump said in a tweet on Thursday.

"At the same time, we do not believe that the current system is flawless and without flaws", he said.

The US has launched a trade war against China which could see all of its exports to the US subject to duties.

"Chinese officials said they have grown wary of the Trump administration's unpredictable decision-making process and may be hesitant to accept without a clear sign US negotiators have authority to speak for the president", the original report said. Treasury Secretary Steven Mnuchin has extended an invitation to talks to his counterparts in Beijing.

But he cautioned: "I guarantee nothing".

American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the USA business lobbies behind the poll to urge the Trump administration to reconsider its approach. A meeting among cabinet-level officials could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers. Midlevel U.S. and Chinese officials met on August 22 and 23 with no agreements.

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

Trump said last week that he also had tariffs on an additional $267 billion worth of goods ready "on short notice if I want". We will soon be taking in Billions in Tariffs & making products at home.

One of the highest-profile casualties of the trade war was United States chipmaker Qualcomm's (QCOM) $44 billion acquisition of Dutch rival NXP Semiconductors (NXPI), which China killed in July by refusing to grant it regulatory approval.

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

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

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.

"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.

AmCham China and AmCham Shanghai urged the Trump administration to re-think its approach.

On Wednesday, more than 60 US industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the US tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.

"Washington's overall attitude is still tough, but they do not reject a "talk and fight" strategy".

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