"Even if all of the tariffs threatened by Trump on autos and China are imposed, those would amount to, at most, 0.8 percent of GDP, which would cause barely a ripple in growth, inflation or employment numbers", said Mr. Scott, senior economist at the think tank.
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.
The United States and China have imposed tariffs on $50-billion of each other's goods since July as trade frictions between the world's two biggest economies worsened, despite several rounds of negotiations.
It also showed looming tariffs on US$200-billion of Chinese goods is expected to expand the pain to three-quarters of firms.
China has threatened retaliation, which could include action against US companies operating there.
Trump threatened a third tranche of tariffs on another $267 billion of Chinese imports last week, which would mean levying duties on almost everything China exports to the U.S. Trump said at the time those tariffs were "ready to go on short notice", but the administration hasn't yet published a list for public comment.
"We support President Trump's efforts to reset U.S".
"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".
News of the invite comes as it emerged Thursday that USA firms in China are beginning to feel the pinch of tariffs already imposed on the Asian giant.More news: Verizon Launches The World’s First Commercial 5G Service On October 1
More than half of U.S. 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.
The Trump administration is preparing to activate tariffs on US$200 billion worth of Chinese goods, hitting a broad array of internet technology products and consumer goods from handbags to bicycles to furniture.
The chairman of the American Chamber of Commerce in China warned the Trump administration might be underestimating China's resolve to fight back.
More than 60 per cent of U.S. companies polled said the United States tariffs were already affecting their business operations, while a similar percentage said Chinese duties on USA goods were having an impact on business. They said almost one-third are thinking about canceling or postponing investment decisions.
China has threatened retaliation, which could include action against United States companies operating there.
His comment tempered cautious optimism among investors over the USA government's proposal for another round of talks with Beijing.
Roughly a third of firms are shifting supply chains out of China, or the U.S., and an equal proportion are delaying or cancelling investment decisions, the survey showed.
The White House has sought to pressure Beijing to reduce its trade surplus with America and protect intellectual property rights of USA companies, which it says are abused in China.