More than 60 per cent of United States companies polled said the U.S. tariffs were already affecting their business operations, while a similar percentage said Chinese duties on USA goods were having an impact on business. Our markets are surging, theirs are collapsing.
"They all found it very awesome how our specific industry has so much product. on the list and we were able to open up how that affects our industry as a whole", said Tiffany Zarfas Williams who owns the Luggage Shop in Lubbock, Texas. The Trump administration has invited Chinese officials to hold a new round of trade talks, top White House economic adviser Larry Kudlow said Wednesday.
"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", he said. "And so, Secretary Mnuchin, who is the team leader with China, has apparently issued an invitation".
But he cautioned: "I guarantee nothing".
The last talks, between mid-level US and Chinese officials on August 22 and 23, failed to reach any agreement.
Washington has demanded that Beijing better protect American intellectual property, cut its USA trade surplus, allow United States companies greater access to its markets and roll back its high-technology industrial subsidy programs.
The Trump administration's $200 billion tariff list would hit a broad array of internet technology products and consumer goods from handbags to vacuum cleaners and bicycles to furniture.
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".
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The negative impact of the tariffs on USA companies has been "clear and far reaching", according to the joint survey by AmCham China and AmCham Shanghai published on Thursday.
That shows "neither side is 'winning, '" because "both are equally prone to losing companies", the chamber said.
"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", he wrote on Twitter, in response to a Wall Street Journal article that cited "a steady rise in political pressure" to ease up on trade fights.
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 USA business lobbies behind the poll to urge the Trump administration to reconsider its approach.
"American companies are suffering both from China's retaliatory tariffs, and - ironically - from US tariffs created to harm the Chinese economy", the two chambers said in a statement.
William Zarit, the chairman of the American Chamber of Commerce in China, warned the Trump administration against assuming those difficulties will force Beijing to cave in to its demands.
Also Thursday, the European Union Chamber of Commerce in China said one in six of its members that responded to a survey are delaying investment or expansion.
A new coalition named Americans for Free Trade will act as an umbrella group for USA manufacturers, retail and agricultural businesses to lobby against Trump under the slogan, "Tariffs hurt the heartland".
"Washington's overall attitude is still tough, but they do not reject a "talk and fight" strategy".