The trade war is already hurting United States companies in China

The trade war is already hurting United States companies in China

To avoid the tariffs, 30 percent of USA companies are looking at moving assembly out of the United States or China or finding new suppliers, the chambers said.

Officials are reportedly still working on the final list of products.

The step comes exactly one week since Trump raised the possibility of duties on the $200 billion of imports and also threatened tariffs on $267 billion worth of goods.

Every year, the US imports $500 billion worth of goods from China, while it ships only one-third of that amount to the East Asian country. American officials also worry they might erode US industrial leadership.

U.S. President Donald Trump has instructed aides to proceed with tariffs on about $200 billion more of Chinese products, a source familiar with the process said on Friday, adding that the timing is not yet clear.

"Tariffs are already negatively impacting U.S. companies and the imposition of a proposed $200 billion tranche will bring a lot more pain", Eric Zheng, chairman of the American Chamber of Commerce in Shanghai, said Thursday in a statement.

It's unclear yet what specific sectors have been affected by the suspension, but it will likely include industries that Beijing has promised to open to foreign businesses, such as banking, securities, insurance and asset management, said Jacob Parker, vice-president for China operations of the USCBC.

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Friday's news reports that Mr Trump has ordered the U.S. to proceed with further tariffs quoted administration sources.

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 US tariffs and 62.5 percent said the same about retaliatory Chinese tariffs.

Eric Zheng, chairman of AmCham Shanghai, said he supported the administration's goal to push Beijing into overhauling trade practices Trump considers unfair. -China trade relations, address long-standing inequities and level the playing field.

On Wednesday, Larry Kudlow, who heads the White House Economic Council, told Fox Business Network that Treasury Secretary Steven Mnuchin had sent an invitation to senior Chinese officials to restart trade talks. They said almost one-third are thinking about canceling or postponing investment decisions.

Some 52.1 percent of companies said Chinese authorities are slowing customs clearances, increasing inspections or imposing other "qualitative measures".

"We share the concerns of the USA regarding China's trade and investment practices, but continuing along the path of tariff escalation is extremely risky", the European chamber president, Mats Harborn, said in a statement. The new round would be in addition to $50 billion in Chinese goods that already face a 25 percent duty.

President Trump on Thursday cast doubt on the possibility of a breakthrough in trade talks with China, saying he was prepared to hammer China's economy with tough new economic penalties if Beijing doesn't offer concessions. The Chinese government has dismissed the complaints as "groundless".

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