Markets

The trade war is already hurting USA companies in China

The trade war is already hurting USA companies in China

The trade war has already contributed to sell-offs in China's stock markets and currency.

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.

On Thursday, the United States business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on USA companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".

But China will not buckle to US demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.

The biggest American business groups in China, AmCham China and AmCham Shanghai, jointly issued a survey Thursday that showed widespread impacts from the U.S.'s tariffs on China, and the resulting Chinese tariffs on the U.S.

The U.S. -China Business Council (USCBC), a nonpartisan non-profit representing around 200 American companies, told Observer that, in recent weeks, the council has been hearing from U.S. companies about delays and challenges getting licensing approvals in China.

The negative impact of the tariffs on US firms has been "clear and far-reaching", according to a joint survey by AmCham China and AmCham Shanghai.

His remarks come as China and the United States may return to the negotiating table with the threat of new USA tariffs looming.

Americans don't notice the 25 percent duty on light trucks, known as the "chicken tax", that has been on the books since 1964, when President Johnson levied it in retaliation for France and West Germany's tariff on US chicken.




"My guess is that they won't receive an enthusiastic response from the Chinese, because the Chinese probably just don't think that the Trump administration itself necessarily wants a deal or is willing to offer anything", Mr Kennedy said during a research trip to China.

President Donald Trump said on Twitter on Thursday that the United States holds the upper hand in talks.

His comment tempered cautious optimism among investors over the US government's proposal for another round of talks with Beijing. A similar amount said they were delaying investment decisions because of the trade tensions.

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

Another round of U.S. tariffs would bring the running total of targeted Chinese products to $250 billion, and is poised to affect consumers more than the levies already enacted.

"We share the concerns of the U.S. regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely unsafe", warned Harborn.

The survey released Thursday by the European Union Chamber of Commerce in China polled almost 200 European firms doing business in China and found 17% are delaying investment or expansion plans.

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.

Chinese funded publications and news agencies around the world continue to insist that the trade war's impact on the Chinese market is insignificant, but the numbers and the statements of China's leadership tell a different tale.


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