U.S. invites China to trade talks as tariffs loom - White House adviser

[webfact]

U.S. invites China to trade talks as tariffs loom - White House adviser

By Steve Holland

 

U.S. Secretary of the Treasury Steven Mnuchin speaks during a news conference at the G20 Meeting of Finance Ministers in Buenos Aires, Argentina, July 22, 2018. REUTERS/Marcos Brindicci

 

WASHINGTON (Reuters) - The Trump administration has invited Chinese officials to restart trade talks, the White House's top economic adviser said on Wednesday, as Washington prepares to escalate the U.S.-China trade war with tariffs on $200 billion worth of Chinese goods.

 

Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that U.S. Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials, but he declined to provide further details.

 

"There’s some discussions and information that we received that the Chinese government – the top of the Chinese government wished to pursue talks," Kudlow said. "And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation."

 

Two people familiar with the effort said Mnuchin's invitation was sent to his Chinese counterparts, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks.

 

The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. It was unclear whether any U.S.-China talks would delay the duties.

 

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."

 

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk," Kudlow said.

 

Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes, of course. That's what we've been asking for months and months."

 

But he cautioned: "I guarantee nothing."

 

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

 

A U.S. Treasury spokesman did not respond to requests for comment.

 

The invitation was first reported by the Wall Street Journal. 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.

 

CONCERNS OF ESCALATION

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

 

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

 

China has threatened retaliation, which could include action against U.S. companies operating there.

 

U.S. 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.

 

(Reporting by Steve Holland; Additional reporting by David Lawder and Ginger Gibson; Writing by David Lawder; Editing by Leslie Adler and Peter Cooney)

 

-- © Copyright Reuters 2018-09-13

[mtls2005]

4 hours ago, webfact said:

The Trump administration is preparing to activate tariffs on $200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture. It was unclear whether any U.S.-China talks would delay the duties.

 

 

I'm not sure this is even legal? The president has some leeway re: imposing tariffs due to "national security" concerns  (section 232, Trade Expansion Act, 1962, little used), but I'm not seeing handbags, bicycles or furniture as a threat to our national security. 

 

Other than Peter Navarro, and the president himself, who else is out championing this "war" to the American public?

[from the home of CC]

This sec.232 is the same bs he's trying to pull with Canada. I guess some folks with better business acumen than Mr. Trump are starting to influence decisions concerning China, as far as sawing away at ones own throat. 

[AsiaHand]

When the worlds largest economy threatens to adjust their trade packs with the rest of the world.there will be a lot of words and threats back and forth but in the end things will settle down with a lot of gain to the US.and even some gain to others.The world needs the trade with the U S as the U S needs them but when you are the top dog of the pack you get the choice meals. Canada will cave in soon if they do not want to trade with Mexico via the sea lane routes which would be 40 times more expensive..

[AsiaHand]

2 hours ago, from the home of CC said:

This sec.232 is the same bs he's trying to pull with Canada. I guess some folks with better business acumen than Mr. Trump are starting to influence decisions concerning China, as far as sawing away at ones own throat. 

Canada will cave soon.

[Pedrogaz]

The US is not a trustworthy partner. Countries with any sense will reduce their expose to the dollar, to investments in the US and to doing business there. How can anyone trust the US after Trump reneged on the Iran agreement, forced NAFTA renegotiations, bullied others with sanctions and tariffs.

The credibility is gone. For the life of me I cannot see how anyone would do business with them.

[Tug]

My advice would be to hang tough till after November then trump will be neutered and non senile people will be calling the shots hopefully something will be done to Bennfit ALL parties

[Trouble]

I think before being negative on the tariff threats, one needs to ask whether or not China has been a fair trading partner.  Many would say they have not. They steal intellectual property and force companies to divulge trade secrets in order to do business or to manufacture in China. Some companies in the USA are taking the short view on trade and are doing well, others will find themselves out of luck when the Chinese are producing their products under another name and undercutting them on the world market. The companies complaining now are making great profits but at what future expense to the USA.  That is the question that must be taken into consideration. Hugh trade deficits, unfair trade practices obviously cannot be solved through friendly negotiations and thus the Administrations tough stance. Let's hope that somewhere down the line the threats of tariffs pay off and there are better trade deals that work better for the USA.

[Rhys]

...quick the WTO....5555

[khundon]

On 9/13/2018 at 5:58 AM, mtls2005 said:

 

I'm not sure this is even legal? The president has some leeway re: imposing tariffs due to "national security" concerns  (section 232, Trade Expansion Act, 1962, little used), but I'm not seeing handbags, bicycles or furniture as a threat to our national security. 

 

Other than Peter Navarro, and the president himself, who else is out championing this "war" to the American public?

 Never heard of “handbags at dawn”?

A Louis Viton, or Hermes bag can inflict serious damage to a nation. 

?