Trump wants US$200B in China tariffs despite talks, sources say

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

Running Out of Tariff Options, China Takes Aim at American Companies

Stocks fell in reaction to the report.

The majority of American companies in China say they are hurting from the escalating US-China trade spat, reporting increased costs, lower profits and stepped-up scrutiny, a survey showed Thursday.

The Twitter post came after White House officials confirmed that Treasury Secretary Steven Mnuchin had offered a formal invitation to Chinese leaders to restart trade talks, aimed at de-escalating the trade battle between the world's largest economies.

The U.S. Trade Representative's office has said it was working to revise the list based on issues raised in public hearings and written submissions.

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.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Mr Trump said in a tweet on Thursday.

The possible resumption of negotiations sent Asian markets rallying with Hong Kong surging 2.5 per cent - having fallen for six straight days and into a bear market - and Shanghai more than one per cent higher. We will soon be taking Billions in Tariffs & making products at home. If we meet, we meet?

At 12:09 a.m. ET the Dow Jones Industrial Average was down 27.09 points, or 0.10 percent, at 26,118.90, the S&P 500 was down 3.31 points, or 0.11 percent, at 2,900.87 and the Nasdaq Composite was down 13.73 points, or 0.17 percent, at 7,999.98.

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Apple said last week the $200 billion round of tariffs could hit some of its most popular goods such as the Apple Watch and AirPods headphones.

President Donald Trump wants to move forward with tariffs on $200 billion worth of Chinese goods despite new overtures to the Chinese from the Treasury Department. It's joining with the already-formed Farmers for Free Trade in a campaign the groups are calling "Tariffs Hurt the Heartland". The new round would be in addition to $50 billion in Chinese goods that already face a 25 percent duty.

May 21: After a meeting, the two countries announce the outline of a trade deal to avoid the tariffs. Nevertheless, Trump quietly ordered the new tariffs yesterday, according to Bloomberg. Donald has upped the ante, warning another $US200 billion worth of Chinese goods will cop a tariff but this play hasn't been executed yet. Some 67.6 percent said the same of China's planned retaliatory tariffs on $60 of American goods.

In a survey by two American chambers of commerce in China, almost two-thirds of United States firms who responded said the waves of new tariffs have harmed their business.

Trade tensions between the USA and China do not appear to be easing up, as President Trump prepares to hit Beijing with more tariffs.

The Chinese have retaliated with tariffs on an equivalent amount of US exports, and have promised to match future rounds of USA duties.

Some 63.6 percent of more than 430 companies that responded to the American chambers' survey said profits and customer demand have fallen due to the USA tariffs and 62.5 percent said the same about retaliatory Chinese tariffs. Of the respondents to the survey from that sector, 80.5% said they had been hit by the American tariffs, and 75% by the Chinese retaliation-each side has levied tariffs on imports of vehicles and components from the other.

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