Beijing Slams America of ‘Double Standards’ Regarding Tariff Threat
The former US president’s newest threat to enforce an extra full import duty on items imported from China has been called a “prime illustration” of United States’ contradictory behavior, according to the Chinese government.
A official from China’s Commerce Ministry further commented that China could implement its own unrevealed “countermeasures” if the White House occupant carries out his pledge, emphasizing that the country was “not afraid” of a looming trade war.
This past Friday, the former president responded at China’s decision to strengthen its rules for overseas sales of rare earths, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the world “captive”.
He also threatened to pull out of a planned talks with China’s President Xi, which was expected to take place during a meeting in South Korea later this month.
His statements on that day rattled global markets, with the S&P 500 falling by 2.7%, marking its biggest drop since earlier this year.
The president’s words renewed fears of a trade war between the US and China.
This past spring, the respective governments had reached an agreement to drop significant levies on each other’s products, which had led to concerns of bilateral trade stopping between the two countries.
As a result, United States levies on products from China subject to an added 30% levy compared with the year’s onset, while American products entering the country are subject to a ten percent duty.
Beijing’s recent statements – released by the Ministry of Commerce in the manner of formal replies to press queries – mirrored terminology from the zenith of the recent trade conflict.
They criticised United States controls on semiconductors and chips while justifying China’s own export controls on rare earths as “standard procedures” to safeguard state interests and that of every country.
The spokesperson stated that for “a long time”, the America had “expanded the interpretation” of state security, exploited overseas sale restrictions and “enforced” unfair treatments against Beijing.
“Resorting to tariff threats is not the right way to engage with Beijing,” the official stated.
“Beijing’s stance” on a trade conflict has always been steady: we wish to avoid one, but we are unafraid of one.”
Recently, the Chinese government declared it was strengthening export controls on rare earths and additional substances critical for high-technology production.
This move was regarded as a significant step, as the nation handles about the vast majority of the global rare earth supply, which are employed in items such as solar panels and mobile phones.
The recent comments from both governments are being seen by observers as a means of strengthening positions ahead of upcoming negotiations.
It is unclear whether a meeting between Trump and China’s leader, scheduled at a high-level meeting in South Korea later this month, will still proceed.