>> The White House wants to sit down with China to restart trade talks even as it's preparing a major escalation in tariffs. On Wednesday, the administrations top Economic Advisor Larry Kudlow told Fox that the US has sent Chinese officials an invitation. Two sources close to the outreach told Reuters the US side is asking for talks in the coming weeks.
The new batch is much larger than before, tariffs on $200 billion worth of goods from China. This time everyday goods will get hit. But despite the looming tariff impact, Beijing has welcomed the invitation to talk trade. As Reuter's Tony Monroe reports.>> It's almost a mantra from China that it is willing to sit down and talk.
So it's not really a surprise that Beijing today said, it welcomes this invitation from Washington.>> So far, Beijing and Washington have hit $50 billion worth of each other's goods with tariffs, but they've mostly been industrial machinery and electronics parts. However, if China keeps hitting back at the US, last week President Donald Trump said he's got more fire power lined up.
>> And I hate to say this, but behind that there's another $267 billion ready to go on short notice if I want.>> These trade talks appear to have been initiated by Treasury Secretary Mnuchin, who along with some others in the administration are seen to be more pro-business, more pro-market than some of the other sort of more trade hardliners such as US Trade Representative, Robert Lighthizer.
>> Adding those on would almost certainly rush it up trade tension. It would put taxes on almost everything China sends to the United States. Meanwhile, China has threatened more retaliation. And this week, US business groups escalated their fight against Trump's tariffs. A campaign called Tariffs Hurt the Heartland aims to pressure Trump to abandoned tariffs.
They say they're hurting the economy.