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All US imports from China could be hit with tariffs - Goldman

All US imports from China could be hit with tariffs - Goldman

On Monday, the Chinese government accused the Trump administration in a report of "trade bullyism" and of preaching "economic hegemony".

Chinese products hit with fresh United States duties include everything from vacuum cleaners to internet-enabled devices, while USA goods targeted by China include liquefied natural gas and certain types of aircraft.

Economists warn that a protracted dispute will eventually stunt growth not just in the U.S. and China but across the broader global economy.

Forty-eight hours later, US Secretary of State Mike Pompeo was bragging on Fox News that there would be only one victor.

"We're going to get an outcome which forces China to behave in a way that if you want to be a power - a global power - transparency, rule of law, you don't steal intellectual property". The two nations had already slapped tariffs on $50 billion worth of each other's goods earlier this year.

Chinese products hit with new U.S. duties include vacuum cleaners to internet-connected devices, while USA goods targeted by Beijing include liquefied natural gas and certain types of aircraft.

Another set of tit-for-tat tariffs imposed by the United States and China on each other's goods took effect Monday.

China's finance ministry said last week it would activate tariffs of five to 10 percent on 5,200 categories of United States goods totalling $60 billion.

The advertising targets a state critical to Trump and Republicans as the trade war between the world's two largest economies intensifies.




Trade talks in Washington last month produced no meaningful progress.

In that context, the International Monetary Fund has warned about the potential for "significant economic costs", including slower growth.

It added that some level of trade friction was natural, as both countries were in different stages of development and have different economic systems. The ratings firm downgraded its world growth forecast for 2019 by 0.1 percentage point to 3.1 per cent and warned of further downside risks.

Chinese leaders have announced changes this year including tariff cuts and plans to end ownership limits in their auto industry.

Beijing subsequently followed suit by announcing tariffs on $60 billion ($A82 billion) worth of American goods.

However, following complaints from thousands of U.S. firms - including powerhouses like Apple and Walmart - 300 product lines were dropped from the target list.

The products spared also include smartwatches and Bluetooth devices like the iPhone and Fitbit, child safety products such as high chairs, vehicle seats and playpens, and certain health-and-safety products such as bicycle helmets, USA officials said. That comes just weeks after tech giant Apple unveiled its new product line, which includes an updated smartwatch that has drummed up consumer interest.

Walmart, the world's biggest retailer, also warned of the "detrimental impact" to consumers if tariffs were imposed on a number of products, but many of those, like handbags, suitcases, haircare products, dog food and dog leashes, remained on the final list. Trump has threatened another round of tariffs, effectively covering every product the United States imports from China, if Beijing retaliates against Monday's tariffs.

Beijing has denied that USA firms are forced to transfer technology and sees Washington's demands on rolling back its industrial policies as an attempt to contain China's economic rise.


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