Trump tariffs: Higher prices possible for these products

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China imposed new tariff hikes on United States goods on Monday and accused Washington of bullying, giving no sign of compromise in an intensifying battle over technology that's weighing on global economic growth.

A new round of US imposed duties on $200 billion worth of Chinese goods, and a retaliatory set of tariffs imposed by Beijing on $60 billion worth of USA goods, took effect at 12:01 a.m. Washington time.

United States exporters including LNG suppliers would "certainly" be hurt, but Beijing's retaliation would provide opportunities to other LNG-exporting countries, Wang Shouwen said, adding that Australia is an important source of the fuel for China.

President Donald Trump is pressing China to reduce its huge bilateral trade surplus and make sweeping changes to its policies on trade, technology transfers and high-tech industrial subsidies.

The U.S. targeted $200 billion worth of items from China, at a rate of 10 percent.

China's exports to the U.S. accounted for 19 percent of all its overseas shipments a year ago, according to a white paper published by China's cabinet, the State Council, on Monday.

China has postponed weekend trade talks with the United States.

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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", he said.

China can not hold talks with Washington on ending their escalating trade dispute while the United States "holds a knife" to Beijing's neck by imposing tariff hikes, a Chinese official said Tuesday.

According to the minister, trade measures introduced by the White House over recent months have been damaging not only for China, but for the USA as well.

USA exporters would "certainly" be hurt, Wang said, echoing an editorial in the state-backed Global Times on Tuesday which said: "China is a big and powerful nation, so whether it is a confrontation with China economically or militarily, it would come at a huge price".

"The trade war is now a reality", said Fitch economist Brian Coulton.

Walmart, one of the country's largest retailers, wrote in a letter earlier this month to U.S. Trade Representative Robert Lighthizer that the new tariffs could result in higher consumer prices at its stores.

"[The trade war] has cut off connections between industries in different sectors, risking fragmentation of global supply chains", said Luo Wen, vice-minister of the Ministry of Industry and Information Technology. Monday's tariff hike follows a Wall Street Journal report that Chinese officials pulled out of a meeting to discuss possible talks proposed by Washington; envoys last met August 22 in DC but reported no progress. Navarro said the goal now is structural realignment where all countries the USA trades with engage in "free, fair, and reciprocal" agreements.

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