China Accuses US of ‘Double Standards’ Concerning Tariff Threat
Trump’s latest ultimatum to enforce an extra full import duty on products from China has been described as a “typical example” of United States’ contradictory behavior, as stated by the China’s leadership.
A Commerce Ministry spokesperson additionally remarked that Beijing could introduce its own unspecified “responsive actions” if the American leader follows through on his threat, noting that the country was “fearless” of a potential trade war.
This past Friday, the former president hit back at Beijing’s move to tighten its regulations for overseas sales of critical elements, accusing China of “adopting a confrontational stance” and attempting to hold the global community “captive”.
He also vowed to withdraw from a planned summit with China’s President President Xi, which was arranged for a meeting in South Korea in the coming weeks.
Trump’s comments on last Friday shook stock exchanges, with the benchmark US stock index closing down nearly three percent, marking its steepest fall since earlier this year.
The president’s words renewed concerns of a trade conflict between the US and China.
In May, the respective governments had reached an agreement to eliminate significant levies on each other’s imports, which had led to concerns of bilateral trade stopping between the two countries.
Consequently, US tariffs on Chinese imports facing an added import tax compared with the year’s onset, while American products entering the Chinese market incur a import levy.
The most recent comments from China – released by the Ministry of Commerce in the format of formal replies to media inquiries – echoed rhetoric from the peak of the ongoing trade dispute.
The remarks condemned US export restrictions on electronic components while supporting Beijing’s overseas sale regulations on rare earths as “routine measures” to protect national security and that of the global community.
The spokesperson stated that for “a long time”, the US had “expanded the interpretation” of state security, misused overseas sale restrictions and “implemented” discriminatory practices against the Chinese nation.
“Resorting to trade levy ultimatums is not the right way to engage with the Chinese government,” their representative stated.
“Beijing’s stance” on a import duty dispute has consistently been steady: we are not seeking one, but we are fearless of one.”
The previous week, the Chinese government declared it was strengthening foreign shipment restrictions on rare earth minerals and further resources critical for high-technology production.
The action was viewed as a significant step, as the nation handles about ninety percent of the planet’s critical minerals, which are utilized in items such as solar panels and mobile phones.
The recent comments from both governments are being viewed by some as a strategy of enhancing bargaining power in preparation for future trade talks.
It is unclear whether a meeting between Donald Trump and Xi Jinping, scheduled at a high-level meeting in the Republic of Korea later this month, will go ahead.