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The New Tariffs Will Hurt American Companies Even More If The Trade Talks Drag On
Kinghood International Logistics Inc | Updated: Aug 28, 2018

Officials from China and the United States concluded two days of trade talks on Thursday with no major breakthrough, British media said.At the same time, trade wars between the two countries escalated, with the two countries imposing tariffs on each other's $16 billion goods.

"We had two days of discussions with Chinese officials about how to achieve fairness, balance and reciprocity in economic relations," White House spokeswoman Lindsay Walters said in a brief emailed statement.Walters said the talks included "" addressing China's structural problems" "involving the country's intellectual property rights and technology transfer policies.She added that mid-level U.S. officials involved in the talks would brief their respective heads of government.

China's ministry of commerce, wrote in a press release, at the invitation of the us, Chinese vice commerce minister and deputy representative international trade talks Wang Shouwen rate of the Chinese delegation on August 22 to 23 in Washington and the United States deputy finance minister Mr. Malpass led the us delegation had a constructive economic and trade issues of mutual concern, and honest communication.Chinese foreign ministry spokesman lu kang did not disclose details of the consultation at a regular news conference."We hope that the us side will work with China to meet each other and work with China in a rational and pragmatic manner to seriously discuss the good results," lu said.

China has imposed duties on $16 billion worth of imports into the United States under the world trade organization's 301 investigation.China and the United States have already traded tariffs on $50 billion worth of each other's goods and have threatened to impose tariffs on most of the remaining bilateral trade, raising concerns that the conflict could affect global growth.The two sides will maintain contact on the next steps.

Analysts estimate that for every $100bn of tariff impact on imports, it reduces global trade by about 0.5 per cent.

The latest round of us tax on imports of goods from China applies to 279 product categories, including semiconductors, plastics, chemicals and railway equipment.The U.S. trade representative's office says the products benefit from the Chinese government's "made in China 2025" plan.China's list of taxes on products made in the United States includes 333 commodities, including coal, scrap copper, fuel oil, steel products and, buses and medical equipment.

While the damage from the trade dispute has yet to show up in many economic data, the tariffs have begun to push up costs for consumers and companies in both countries, forcing them to adjust their supply chains and pricing, industry insiders said.Some American companies also want to reduce their dependence on China.

John Neuffer, President of the semiconductor industry association of America (SIA), said the tariffs would hurt American companies more than Chinese ones because most of the semiconductor imports from China use american-made chips."" a tax specifically on semiconductor products would not give the U.S. government more leverage.Chinese companies do not export domestically produced semiconductors to the us, so they will not be harmed by this measure, "" Neuffer said.


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