US and China imposed fresh tariffs on each other’s goods

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

As China called off planned trade talks with US officials, the latest round of retaliatory tariffs went into effect on Monday.

This latest round of tariffs is the latest escalation of the mounting trade conflict between the world's two largest economies.

Chinese officials canceled the planned negotiations after Trump announced he would impose new levies of up to 10 per cent on another $200 billion in Chinese imports, effective Monday.

Beijing's retaliatory tariffs on $60 billion in American goods were set to go into effect soon after the United States action, the finance ministry announced last week.

"As the largest importer of USA soybeans, China is a vital and robust market we can not afford to lose, " the supplement quotes Davie Stephens, vice president of the American Soybean Association and a Kentucky soybean grower, saying in a statement.

The latest volley against Beijing brings the amount of goods hit by duties to more than $250 billion, roughly half China's United States exports, with American consumers set to increasingly feel the pain.

Among the USA items expected to be hardest hit, according to an analysis from the Trade News Centre, are printed circuit boards, desktop computers, computer parts and metal and wooden furniture.

China imports far less from the United States, making a dollar-for-dollar match on any new U.S. tariffs impossible.

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"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 fundamental principles of trade around the world. those are things the American people are demanding and the American workers deserve", he added.

The International Monetary Fund has warned that the trade war between the two countries has the potential to cause "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.

Fitch, one of the "Big Three" ratings agencies along with Moody's and Standard and Poor's, was even more candid after cutting global growth estimates. "Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook". The company said prices for items ranging from food to auto seats to luggage to gas grills and Christmas lights, could increase in price by anywhere between 10 percent to 25 percent.

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.

Mr Trump has repeatedly threatened higher tariffs on the remaining Chinese imports should Beijing retaliate against Monday's round.

The new restrictive measures against China would also result in an inflation rise in the US, Goldman warns.

The two are also at odds over Beijing's wooing of Taiwan's diplomatic allies, treatment of religious groups and claims to disputed islands in the South China Sea.

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