China welcomes U.S. invitation for new round of trade talks

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Scott Kennedy, deputy director of China studies at the Center for Strategic and International Studies in Washington, said he suspected the invitation to talks would be viewed skeptically in Beijing.

China is a major buyer of lobsters, and the country imposed a heavy tariff on exports from the United States in early July amid trade hostilities between the two superpowers.

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The U.S. -China trade war is taking its toll.

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.

And from our stock market's point of view, we don't really need our number one export customer - China - to be in a losing battle with the U.S., as we supply a lot of the raw materials inside the "stuff" they sell to the States.

"I can't go beyond that", Kudlow told reporters outside the White House.

But Larry Kudlow, head of the White House Economic Council, said Wednesday on the Fox Business Network that Treasury Secretary Steven Mnuchin had invited senior Chinese officials to rekindle the talks. Retailers such as WalMart and Target risk being swept up in an escalating trade war if further tariffs hit a broad range of consumer goods, from TVs to sneakers.

Zheng expressed support for Trump's wider aim of levelling the playing field between the USA and China, and addressing "long-standing inequities".

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Hundreds more had to be rescued elsewhere from rising waters, and others could only hold out hope someone would come for them. The advisory read: "This rainfall will produce catastrophic flash flooding and prolonged significant river flooding".

Beijing has vowed further response if the USA imposes new tariffs.

Beebe said that may be because survey respondents were mostly smaller firms, adding larger companies "have the ability to withstand the impact of the tariffs but it's going to be the smaller ones that are going to feel the pinch sooner".

China is clearly under economic duress as its economy slows and the next round of 25 percent tariffs targeting US$200 billion worth of Chinese goods are made ready for launch in Washington.

Some businesses are concerned about rising costs of imported materials; others, particularly farmers, about retaliatory tariffs imposed by China and Europe on USA exports.

"The Trump administration should not be mistaken that China will surrender to the U.S. demands", the newspaper said in an editorial.

However, the last round of talks, between mid-level USA and Chinese officials in August, failed to reach any agreement.

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.

The White House and office of the US Trade Representative did not respond to requests for comment.

The White House has sought to pressure Beijing to reduce its trade surplus with America and protect intellectual property rights of US companies, which it says are abused in China.