Kudlow: China's Willingness to Talk Trade 'a Positive Thing'

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USA automakers in China are feeling the most pain as some American companies are getting hurt by new tariffs from both the White House and Beijing, according to a survey released this week from the American Chamber of Commerce in Shanghai and Beijing-based American Chamber of Commerce in China. China responded with equivalent duties on U.S. goods. Trump may be running low on products he can target without significant backlash from major USA companies and consumers, two of the people said.

The administration has already levied duties on $50 billion worth of Chinese goods following a study on China's intellectual property practices released earlier this year.

The White House has sought to pressure Beijing to reduce its trade surplus with America and protect intellectual property rights of USA companies, which it says are abused in China.

Trump has already imposed 25% tariffs on steel imports and 10% on aluminum, as well as 25% on $50 billion in goods from China.

Earlier this week, the USA president had met with top officials and has directed them to proceed with the plan to impose tariffs on China.

The green light for the tariffs, first reported by Bloomberg, initially dragged US stocks lower, fuelled drops in the Chinese yuan in offshore trading and gains in the dollar index.

Trump met top aides earlier this week on the tariff issue and directed aides to proceed with plan.

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A Treasury spokesman did not immediately respond to a query on the status of the China talks invitation.

The White House said on Friday that Trump "has been clear that he and his administration will continue to take action to address China's unfair trade practices". Mr Mnuchin has led a recent overture to the Chinese to restart trade talks.

However, the timing of an announcement remains unclear, CNN quoted spokeswoman Lindsay Walters as saying on Friday.

China, meanwhile, will look for permission from the World Trade Organization (WTO) to impose sanctions on the US next Friday, according to the WTO's meeting agenda.

The U.S. ran a $233.5 billion deficit in goods trade with China during the first seven months of the year, an 8 percent increase compared with the same period in 2017.

Depending on how the talks go, Liu may then speak with Trump. The two leaders may see each other at the United Nations General Assembly in NY this month and are scheduled to meet on the sidelines of the Group of 20 summit in Buenos Aires in November.