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Consumer goods makers slash prices in China

Customers line up outside a Gucci store in Shanghai for a sale.

DALIAN/SHANGHAI -- China has cut import tariffs on cosmetics and other consumer goods by about half, prompting foreign manufacturers to lower their own prices.

     Cosmetics companies Shiseido of Japan and L'Oreal of France announced price reduction plans, while Italian fashion label Gucci has cut prices by 50% on items covered by the tariff reductions and others that are not.

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