Major U.S. trade groups link up in anti-tariff coalition

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A survey from AmCham China and AmCham Shanghai found that almost two-thirds of more than 430 US firms in China say the tariffs Trump placed on billions of dollars of Chinese goods this summer have hurt their businesses.

Christopher McNally, an adjunct senior fellow at the East-West Centre in Hawaii, said the Trump administration may seek a deal on the trade war before the elections, though he cautioned that the U.S. president could easily throw out any negotiated settlement if he felt it did not "help him politically or doesn't go far enough, doesn't make him look good enough".

The White House believes China will wave the white flag after the next round of tariffs on $200 billion in goods, said William Zarit, the chamber's chairman.

American companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey of hundreds of firms, prompting the US business lobbies behind the poll to urge the Trump administration to reconsider its approach.

Chinese Foreign Ministry spokesman Geng Shuang told reporters China had received the invitation and welcomed it, adding that the two countries were in discussion about the details.

Mr Kudlow told Fox Business News on Wednesday that US Treasury Secretary Steven Mnuchin "has apparently issued an invitation".

The official China Daily said that while China was "serious" about resolving the stand-off through talks, it would not be rolled over, despite concerns over a slowing economy and a falling stock market at home.

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The United States and China have imposed tariffs on $50-billion of each other's goods since July as trade frictions between the world's two biggest economies worsened, despite several rounds of negotiations.

"The aim of reform should be to allow countries to enjoy the development fruits of globalization more fairly, not to further widen the differences between south and north", Wang said.

A broad coalition of US businesses, from farmers to retailers, have, however, been fighting back against Trump's tariffs, warning that they are hurting the USA economy.

"I think most of us think it's better to talk than not to talk, and I think the Chinese government is willing to talk", Kudlow said.

One of the highest-profile casualties of the trade war was USA chipmaker Qualcomm's (QCOM) $44 billion acquisition of Dutch rival NXP Semiconductors (NXPI), which China killed in July by refusing to grant it regulatory approval.

But he cautioned: "I guarantee nothing".

"China has indeed received an invitation from the U.S. and holds a welcoming attitude to it".

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U.S. President Donald Trump last week said that in addition to preparing tariffs on another $200 billion worth of goods, he had tariffs on another $267 billion worth of goods "ready to on short notice if I want".

The US and China have slapped tariffs on $50bn of one another's goods this year in an escalating trade war between the world's two largest economies. Mid-level USA and Chinese officials held inconclusive talks on Aug 22 and 23.

That shows "neither side is 'winning, '" because "both are equally prone to losing companies", the chamber said. "AmCham China and AmCham Shanghai urge both governments to return to the negotiating table".

A day earlier, more than 60 USA industry groups launched a coalition - Americans for Free Trade - to take the fight against the tariffs public.

But US firms are feeling whiplash from both sides as they sell and make goods in China, with Washington's border tax increase and Beijing's counter-punch hurting more than 60% of businesses, according to the poll.

The tweet appeared aimed at a Wall Street Journal report about Mr. Mnuchin's invitation.

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