U.S. businesses to lobby against Trump's tariffs

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

If the United States imposed new levies on Chinese imports then Beijing "will not hesitate to take countermeasures against USA tariffs to safeguard China's interests", it added.

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

Roughly three-in-four firms surveyed said duties on an additional $200-billion worth of Chinese goods would hurt business further, and close to 70 per cent said additional retaliatory Chinese tariffs would be bad for business. "If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping".

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.

"American companies are suffering both from China's retaliatory tariffs, and - ironically - from US tariffs created to harm the Chinese economy", the two chambers said in a statement.

"With the $200 billion round of tariffs looming, this is probably the best time for the USA to go back to the table with a "take it or leave it" type of trade demand", Robert Carnell, the chief Asia-Pacific economist at investment bank ING, said in a note.

But an announcement of the new round of tariffs has been delayed as the administration considers revisions based on concerns raised in public comments, the people said.

Some in the administration are trying to restart talks to defuse the trade war, but Mr Trump said on Thursday the United States is under "no pressure" to strike a deal.

"The U.S. administration runs the risk of a downward spiral of attack and counterattack, benefiting no one", William Zarit said in the statement.

The Chinese have retaliated with tariffs on an equivalent amount of USA exports, and have promised to match future rounds of US duties. -China Business Council, said this week Chinese officials told it they were postponing accepting license applications from American companies in financial services and other fields until relations improve. China responded with equivalent duties on United States goods.

Senior U.S. officials led by Treasury Secretary Steven Mnuchin recently sent an invitation to their Chinese counterparts, including Vice Premier Liu He, to hold another bilateral trade meeting. A similar amount said they were delaying investment decisions because of the trade tensions. More than half of United States firms are already feeling Beijing's wrath from non-tariff measures like heightened regulatory scrutiny, more inspections and slower customs clearance, according to the survey. Some of them have criticized Trump's tactics but many echo USA complaints about Chinese market barriers and industrial strategy.

However, Trump has repeatedly threatened to slap hefty tariffs on other Chinese imports.