US Ready to Resume Trade Talks With China

Forex News

The US prepares to impose further tariffs on $200 billion worth of Chinese goods. So far, the United States and China have hit $50 billion worth of each other's goods with tariffs.

Larry Kudlow, who heads the White House Economic Council, told that US Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials to restart trade talks. It is reported, that the invitation was sent to Chinese officials, including Vice Premier Liu He, the top economic adviser to Chinese President Xi Jinping, for talks in coming weeks.

The upcoming trade talks could ease market worries over the escalating tariff war that threatens to engulf all trade between the world's two largest economies and raise costs for companies and consumers.

More than 60% of the American companies polled said the US tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business. The European Union Chamber of Commerce in China released its own survey on Thursday saying the tariffs were causing "significant disruptions" to global supply chains and "seriously impacting" non-Chinese and non-American companies.