Trump says U.S. under 'no pressure' for China trade deal

U.S. President Donald Trump holds an Oval Office meeting on preparations for hurricane Florence at the White House in Washington

"American companies are suffering both from China's retaliatory tariffs, and - ironically - from USA tariffs created to harm the Chinese economy", the two chambers said in a statement.

China may not be able to match future U.S. tariffs dollar for dollar and has warned that it would take other measures. If we meet, we meet? Mid-level US and Chinese officials held inconclusive talks on Aug 22 and 23.

Trade tensions between the US and China do not appear to be easing up, as President Trump prepares to hit Beijing with more tariffs.

If another US$267 billion worth of Chinese goods are targeted by the USA before the year's end, it would amount to essentially the entire annual volume of goods imported from China.

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".

US business groups are escalating their fight against Trump's tariffs, with over 60 industry groups launching a coalition to put political pressure on the Trump administration to seek alternatives to tariffs. -China trade talks and action by Turkey and Russian Federation to support their currencies helped foster a positive mood.

Washington has invited Beijing to hold new talks on their escalating tariff dispute, the Chinese foreign ministry said Thursday, ahead of a decision by President Donald Trump on whether to raise duties on $200 billion of Chinese imports.

Hurricane Florence: Four reasons to fear this storm
Ken Graham, director of the hurricane center, said on Facebook the storm surges could push in as far as 3 kilometers (2 miles). The storm's intensity diminished as it neared land, with winds dropping to around 90 miles per hour (144 kph) by nightfall.

The negative impact of the tariffs on United States companies has been "clear and far reaching", according to the joint survey by AmCham China and AmCham Shanghai published on Thursday.

One researcher at Taiwan's Chung-Hua Institution for Economic Research, Roy Chun Lee says that "the historical example of the U.S. -Japan economic conflict suggests that the U.S".

April 4: China rolls out a list of more than 100 United States goods worth roughly $US50 billion that are subject to retaliatory tariffs.

He vowed last week to increase tariffs to hit an additional US$200 billion in Chinese imports "very soon" unless China agreed to steps that would reduce its massive trade surplus. However, he added, "we can do so through means other than blanket tariffs".

The Twitter post came after White House officials confirmed that Treasury Secretary Steven Mnuchin had offered a formal invitation to Chinese leaders to restart trade talks, aimed at de-escalating the trade battle between the world's largest economies. Some 67.6 percent said the same of China's planned retaliatory tariffs on $60 of American goods.

Orit Frenkel, a former US Trade Representative official and president of consulting firm Frenkel Strategies, also said Trump may feel pressure to reach agreements to avoid continuing the trade war with the midterms fast approaching, but that he would want to see significant concessions from China before backing down. A USTR spokesman did not respond to queries about the tariffs.

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