China welcomes United States trade talks offer as new tariffs loom

Salam Bin Mohammed 24 was first in the queue for the new iPhone 8 at Apple’s Regent Street store in London last September. Analysts will be watching to see if demand is as strong for new models this year

Salam Bin Mohammed 24 was first in the queue for the new iPhone 8 at Apple’s Regent Street store in London last September. Analysts will be watching to see if demand is as strong for new models this year

Trump instructed aides on Thursday to proceed with tariffs on about $200 billion more in Chinese products despite his Treasury secretary's attempt to restart talks with Beijing to resolve the trade war, according to four people familiar with the matter.

Beijing "has indeed received an invitation from the U.S. and holds a welcoming attitude to it", said Gao, noting the "two sides are still communicating on the specific details".

China's foreign ministry on Thursday said it welcomed the invitation from the United States side, led by Treasury Secretary Steven Mnuchin, for renewed dialogue on trade after low-level talks in Washington last month fizzled without results.

This latest tweet underscores that concern. The Chinese government has dismissed the complaints as "groundless".

Any talks would resume amid doubts over prospects for a diplomatic settlement.

A trade war is ultimately about who has more to lose.

Robert Holleyman, former deputy U.S. trade representative, said USA demands for fundamental changes in China's state-directed economy would make for hard talks.

Ultimately, Trump and Chinese President Xi Jinping will likely need to haggle personally over any settlement, he said.

Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China.

Trump and his advisers have argued that the tariffs are necessary to pressure Beijing to abandon unfair practices.

"China does look to be in a relatively weaker position", McNally said.

Anyone trying to work out why our stock market is having difficulty going higher should think of three Ts - Trump, tariffs and trade war!

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.

"There seem to be domestic political pressures that are working against the perception of USA companies receiving benefits" during trade disputes, Parker told the South China Morning Post. He also wants a sharp reduction in the $375 billion USA trade deficit with China.

"The White House has threatened to fire the next barrage of tariffs at $200 billion more Chinese goods, expecting with this onslaught, or subsequent ones, China will wave a white flag", he said.

Separate rounds of talks between the White House and Chinese leaders have already faltered.

As this all unfolds, news comes that the U.S. has asked to restart trade talks with China. But those talks also broke down.

Trump seeks to close what he has slammed as a hulking trade deficit.

USA companies are particularly anxious about the "qualitative measures" Beijing has threatened to take as it becomes unable to respond to tariffs dollar-for-dollar - United States goods imports previous year totalled only $130 billion.

Mnuchin and Kudlow, meanwhile, have pushed for more dialogue, anxious about the potential impact on the economy if the existing standoff worsens.