Robert Scott, economist, says fears over Donald Trump tariffs overblown

Trump Administration Steps Up Communications with China as Tariffs Loom

US reached out to China for new trade talks, sources say

Asked if the Trump administration would like to have additional trade talks with China, Kudlow said: "If they come to the table in a serious way to generate some positive results, yes of course".

The trade war has already contributed to sell-offs in China's stock markets and currency.

On Thursday, the U.S. business lobbies AmCham China and AmCham Shanghai published a joint survey showing that the negative impact on U.S. companies in China of tit-for-tat tariffs Washington and Beijing have imposed on one another was "clear and far reaching".

US Treasury Secretary Steven Mnuchin recently sent an invitation to Chinese officials proposing a bilateral meeting at ministerial level, the daily reported.

If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against U.S. tariffs to safeguard China's interests", it added.

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

"If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping", he said.

His remarks come as China and the United States may return to the negotiating table with the threat of new US tariffs looming.

The US administration is readying a final list of $200 billion in Chinese imports on which it plans to levy tariffs of 10-25% in coming days, which would ramp up the trade war between the world's two largest economies.

"We support President Trump's efforts to reset U.S".

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More than half of United States firms are already feeling Beijing's wrath from non-tariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey.

The chairman of the American Chamber of Commerce in China warned the Trump administration might be underestimating China's resolve to fight back.

US President Trump said on Twitter on Thursday that the United States holds the upper hand in talks.

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.

It resulted, however, in Americans for decades missing out on innovations from European truck makers and paying higher prices for US pickups and sport utility vehicles, said Mark J. Perry, an economist at the American Enterprise Institute.

Meanwhile, almost a third of companies said they were considering delaying or canceling investments, underscoring the heightened uncertainty created by the trade tensions.

Roughly a third of firms are shifting supply chains out of China, or the U.S., and an equal proportion are delaying or cancelling investment decisions, the survey showed.

The two chambers of commerce on Thursday urged the USA and Chinese governments to resume negotiations.

"The White House has threatened to fire the next barrage of tariffs at $200 billion more Chinese goods, expecting with this onslaught, or subsequent ones, China will wave a white flag", he said.

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