Sino-US trade talks to be held in China next week: Beijing

US manufacturers say Trump tariffs will bring higher prices, not more jobs

When the administration ramped up tariffs in July, President insisted the higher duties would encourage US manufacturers to bring overseas jobs back home.

United States and China have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade. On Wednesday, he cited a steelmaker's plan to create 600 new jobs. The trade war is now in a temporary truce, but should that change the economic fallout threatens to hobble global economic growth. Though the company did not specifically cite Trump administration tariffs, USA automakers have been hit hard by the rise in steel prices brought by higher US duties on imported steel. One estimated the economic impact of lost wages and higher prices at $2,400 per household in 2019.

The European Union filed its own challenged in the World Trade Organization in June against Chinese regulations the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology. As a result, the president initiated tariffs that made certain goods imported from China more expensive to USA citizens, damping demand for these products. The investment bank UBS said Friday that 37 percent of 200 manufacturers surveyed said they have shifted out of China over the past 12 months.

The import taxes the two sides have imposed on hundreds of billions of each other's goods - and the threat of more to come - have heightened anxiety on each side of the Pacific.

"The rest of the world is slowing, especially Europe and China, but the US has enough momentum", said Mohamed El-Erian, the chief economic adviser of asset manager and insurer Allianz.

China has set a date for a new round of talks with the United States aimed at ending a trade war that is spooking global markets and hurting businesses.

Taiwan reunification with China 'inevitable', says Xi Jinping
Yesterday, Tsai warned Beijing that Taiwan's people would never give up the kind of freedoms unseen on the authoritarian mainland. All people in Taiwan must "clearly recognise that Taiwan independence would only bring profound disaster to Taiwan", Xi said.

Their conflict is occurring against the backdrop of a slowdown in China and an expected USA slump that a prolonged trade war could worsen - a fear that's weighing on financial markets.

Trump told The Wall Street Journal it was "highly unlikely" he would accept China's request to hold off on the increase, which is due to take effect on January 1.

"That puts a lot of pressure on China to make a deal", he said. "As far as other countries are concerned, that's up to them".

Trump reported "big progress" in trade negotiations after a phone call with Xi last week.

"There are certainly compelling reasons for both sides to reach a deal and avoid further tariff increases", said Cutler, now vice-president at the Asia Society Policy Institute. They criticize his tactics but echo USA complaints about Chinese industrial policy and market barriers. But few are moving those operations back home, according to in October by the American Chamber of Commerce in South China.

"It is hard to solve the trade dispute immediately because the USA demands are too high, especially demands for changes in China's economic and social systems, which it is hard for China to accept", said Song, the economist at Renmin University.

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