U.S. reached out to China for new trade talks, sources say

Chinese tech stocks slid after President Donald Trump reportedly OK'd hitting China with the next round of tariffs.

The European chamber said about 5 percent of companies reported shifting production out of the United States and about 7 percent were moving out of China.

He also made it clear he was ready to impose tariffs worth $200 billion on goods "very soon" if President Xin Jinping's government refused to back down.

The tariffs on the $50 billion of goods already imposed, the $200 billion list and another $267 billion of Chinese goods would exceed the $505 billion in goods that the United States imported from China a year ago.

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. Beebe said that could be the consequences of price increases or the psychology around how people make purchasing decisions.

President Trump ordered his staff to start preparing the tariffs this summer, escalating a dispute over what the U.S. says are China's unfair trade practices, such as state subsidies.

AmCham's survey results come a day after more than 60 USA industry groups launched a coalition called Americans For Free Trade, which aims to halt the White House's proposed tariffs.

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It said the timing for activating the additional tariffs was still unclear. And further waves of United States tariffs are expected to take a toll on China's economy, which has already begun to slow down this year. He also wants a sharp reduction in the $375 billion USA trade deficit with China.

Some in the administration are trying to restart talks to defuse the trade war, but Mr Trump said on Thursday the USA is under "no pressure" to strike a deal. "The US administration will be hurting the companies it should be helping". "China trade relations, address long-standing inequities and level the playing field", Zheng said in a statement.

Treasury Secretary Steve Mnuchin on Wednesday invited Chinese officials to a new round of talks later this month over US threatened tariffs on Chinese exports worth $200 billion, and a Chinese Foreign Ministry spokesman told reporters Thursday that Beijing welcomed the invitation.

In response, China has vowed to retaliate with tariffs on another $60 billion of USA exports, including meat, coffee, furniture and auto parts.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions.

China has also warned it could unleash "qualitative" measures, which USA business groups have interpreted as more burdensome regulations, stalled visas and other red-tape headaches. "There's some discussions and information that we received that the Chinese government - the top of the Chinese government wished to pursue talks".

Some businesses reported other changes in recent months, such as more tax or environmental inspections and slower clearance of goods at Chinese customs, according to the study.

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