Trump greenlights tariffs on about $200 billion more in Chinese products

Most US firms in China say tariffs will hurt them

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

Many are likely waiting for third-quarter earnings for more details on the impact of trade, said David Joy, chief market strategist at Ameriprise Financial in Boston.

He added that he views such communication as "a positive thing".

Nearly three-quarters said they would be hurt if President Donald Trump goes ahead with plans to raise duties on another $200 billion of Chinese goods and Beijing retaliates.

Cowger said the company may have no choice but to pass on higher costs from the duties to consumers and is forced to spend time, energy and money addressing the disruption caused by the tariffs instead of developing new products.

Bloomberg reported that Trump met Thursday with his top trade advisers to discuss the tariffs, including Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.

The US" National Fisheries Institute (NFI) has joined "Americans for Free Trade', a multi-industry coalition aimed at opposing tariffs and highlighting the benefits of worldwide trade.

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China, which has accused the United States of trade bullying, has matched the tariffs dollar for dollar.

As Election Day in November draws closer, the risks intensify for Trump, if he does decide to impose new tariffs.

Trade negotiations last month involving lower level officials from the two countries ended without any breakthroughs.

The timing and location of the proposed meeting were unclear, the sources familiar with the matter said.

"In fact, from last month's preliminary talks in Washington, the two sides' trade talk teams have maintained various forms of contact, and held discussions on the concerns of each side", he said. Trump needs to be able to declare victory, which means China would need to make meaningful concessions he can point to.

The invitation comes amid a swelling chorus of opposition to tariffs from American business circles.

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Already, a six-day public hearing on tariffs held in late August saw representatives from a broad cross-section of U.S. businesses and industrial groups voicing their strong opposition against additional duties on Chinese imports, a move that they said would harm American consumers, workers and companies. Trump is right about various ways China abuses its trading partners, but tariffs punish American consumers as much as China.

Roughly a third of firms are shifting supply chains out of China, or the USA, and an equal proportion are delaying or cancelling investment decisions, the survey shows. Some of their employees are paying the price, with 12 percent of firms cutting staff, the report says.

China confirmed the offer on Thursday and said it welcomes the talks.

A pending list of $200 billion worth of goods and the threat of another $267 billion would basically cover every Chinese export to the United States.

More than 430 companies responded to the survey between August 29 and September 5, which Ken Jarrett, president of AmCham Shanghai, said had been conducted in part to provide AmCham with data for meetings with members of congress later this month.

The CEO of Jo-Ann Fabric and Craft Stores, Jill Soltau, said proposed tariffs on fabric, yarn and fleece would punish her company and her customers, instead of hurting China.

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Almost half of respondents, who work in retail, food and manufacturing, say production costs have climbed, and 42 percent said they've noticed a decreased demand for their goods.

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