Trump green lights US$200 billion tariff round

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

Almost two-thirds of the companies that responded have not relocated nor were they considering moving manufacturing facilities away from China.

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.

Despite the news this week that the Trump administration has proposed a new round of trade talks, the president has reportedly instructed trade officials to impose tariffs on US$200 billion more worth of Chinese imports. "There is some economic pain being felt and the US$200 billion would be increasingly painful, which would move them somewhat towards the [Trump] administration".

The damage from the trade war to U.S. businesses in China includes lost profits, higher manufacturing costs and lower demand for their products, according to the survey of more than 430 companies in industries ranging from technology to health care.

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. They said almost one-third are thinking about canceling or postponing investment decisions.

Half the respondents reported they had endured more inspections, delayed customs clearance and other forms of heightened regulatory scrutiny.

Democrat McCaskill leads Republican Hawley by 3 points in Missouri Senate race Pence cancels trip to Georgia after Hurricane Florence path changes Trump's school safety commission will not support age limits for gun purchases: report MORE on Thursday pushed back on a Wall Street Journal article claiming that the U.S.is facing new pressure to make a trade deal with China. "There's some discussions and information that we received that the Chinese government - the top of the Chinese government wished to pursue talks".

That could still happen before the next round of tariffs kick in.

Some in the administration are trying to restart talks to defuse the trade war, but Mr Trump said on Thursday the U.S. is under "no pressure" to strike a deal. The Chinese government has dismissed the complaints as "groundless".

Earlier in Vladivostok, Russia on Tuesday, Sept. 11, at the Eastern Economic Forum, Xi Jinping praised China's stable and improving ties with Russia, while both he and Vladimir Putin criticized "protectionist trade policies" without mentioning Trump by name, reports the Guardian.

Anyone trying to work out why our stock market is having difficulty going higher should think of three Ts - Trump, tariffs and trade war! Things are likely to continue to slow with Donald Trump's threat made over the weekend that an additional round of tariffs targeting US$267 billion are already being lined up to follow the US$200 billion expected to go into effect within days.

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