Wall Street falls as Trump greenlights China tariffs

US reached out to China for new trade talks, sources say

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.

Almost half of respondents - who work in retail, food and manufacturing - say production costs have climbed, and 42 percent said they've noticed a decreased demand for their products.

Roughly three-in-four firms surveyed said duties on an additional $200-billion worth of Chinese goods would hurt business further, and close to 70 per cent said additional retaliatory Chinese tariffs would be bad for business. The US administration is readying a final list of $200 billion in Chinese imports on which it plans to levy tariffs of 10-25% in coming days, which would ramp up the trade war between the world's two largest economies. "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". Beebe said that could be the consequences of price increases or the psychology around how people make purchasing decisions.

The United States and China have imposed tariffs on $50-billion of each other's goods since July as trade frictions between the world's two biggest economies worsened, despite several rounds of negotiations. The US President is trying to bring off his trifecta of trade deals after nailing the Europeans and the Mexicans with trade concessions, in the wake of his threats to nuke their products with tariffs.

The White House says tariffs are a response to China's unfair trade policies, which Mr Trump blames for helping to create a huge trade deficit.

That is a relatively small amount of total US-China trade, so the impact on the global supply chain, which includes manufacturing industries in Thailand, is expected to be small.

"The U.S. administration runs the risk of a downward spiral of attack and counterattack, benefiting no one", William Zarit said in the statement. "AmCham China and AmCham Shanghai urge both governments to return to the negotiating table".

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. -China trade relations, address long-standing inequities and level the playing field.

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 USA tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.

But Larry Kudlow, head of the White House Economic Council, said Wednesday on the Fox Business Network that Treasury Secretary Steven Mnuchin had invited senior Chinese officials to rekindle the talks.

"I always believe, in most cases, talking is better than not talking, so I regard this as a plus, " Kudlow said.

Some 52.1 percent of companies said Chinese authorities are slowing customs clearances, increasing inspections or imposing other "qualitative measures". Some of them have criticized Trump's tactics but many echo US complaints about Chinese market barriers and industrial strategy.

Trump appeared nonchalant about whether China met with his trade representatives to make a deal.

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