Trump's tariffs on $200 bn of Chinese imports kick in

Sport utility vehicles waiting to be exported are seen at a port in Lianyungang in Jiangsu province of China

A broad swath of products are on the hit list, including billions in Chinese-made voice data receivers, computer memory modules, automatic data processors, and accessories for office equipment such as copiers and banknote dispensers - instantly making widely used goods more expensive.

In a white paper, published Monday, China said the U.S. was applying "extreme pressure" on Beijing to push forward its own interests, while pursuing "economic hegemony".

Chinese products hit with fresh USA 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.

Soon after the fresh duties went into effect, China accused the United States of engaging in "trade bullyism" and said it was intimidating other countries to submit to its will through measures such as tariffs, the official Xinhua news agency said.

The US on Monday imposed duties on another US$200 billion (S$273 billion) of Chinese imports, prompting China to respond by slapping tariffs of its own on US$60 billion of US goods. Monday's increase leaves Beijing with about $40 billion of goods for penalties while the Washington has nearly $200 billion.

Beijing's vice premier Liu He was proposed to meet with the Trump administration in Washington to have mid-level trade talks.

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. 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.

China has pulled out of trade talks with the USA in response and attacked the Trump administration's "trade bullyism" in a white paper.

"We are going to win it", he said.

"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".

"I think Trump is very much a symptom and not the cause", Dani Rodrik, a professor at Harvard University, told the Singapore Summit, a gathering of business leaders and academics, earlier this month.

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

But according to the official newspaper of the country's ruling Communist Party, the People's Daily, the world's second-largest economy is being punished for "hard work and innovation".

China published a white paper on Monday that attacked the "protectionist practices" and "trade bullyism practices of the US administration", according to state-run Chinese news service Xinhua.

Certainly, not an "elephant" holding a white paper containing 36,000 Chinese characters.

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