Beijing Slams US of ‘Double Standards’ Over Tariff Threat
Donald Trump’s most recent ultimatum to enforce an further complete levy on Chinese goods has been called a “prime illustration” of US double standards, per the Chinese government.
A representative of the ministry further commented that Beijing could introduce its own undisclosed “countermeasures” if the White House occupant follows through on his warning, adding that the country was “unafraid” of a looming trade conflict.
This past Friday, the former president hit back at Beijing’s move to strengthen its regulations for exports of rare earths, charging Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.
He also threatened to pull out of a planned talks with Chinese leader Xi, which was arranged for a meeting in South Korea in the coming weeks.
Trump’s comments on that day shook stock exchanges, with the S&P 500 dropping over two and a half percent, marking its steepest fall since April.
The president’s words reignited apprehensions of a trade war between the United States and China.
In May, the both nations had reached an agreement to remove triple-digit tariffs on each other’s goods, which had created the possibility of commerce ceasing between the two nations.
As a result, American import duties on products from China incurring an extra import tax compared with the start of the year, while American products entering the Chinese market face a ten percent duty.
China’s latest remarks – published by the Ministry of Commerce in the manner of formal replies to journalist’s questions – echoed terminology from the peak of the ongoing trade dispute.
The remarks condemned US export restrictions on chips and semi-conductors while defending China’s own overseas sale regulations on rare earth minerals as “standard procedures” to safeguard state interests and that of all nations.
Their representative said that for “a long time”, the US had “broadened the definition” of national security, exploited export control measures and “implemented” discriminatory practices against Beijing.
“Resorting to trade levy ultimatums is not the right way to interact with the Chinese government,” the official commented.
“China’s position on a trade conflict has consistently been steady: we wish to avoid one, but we are unafraid of one.”
The previous week, Beijing announced it was reinforcing foreign shipment restrictions on rare earths and other materials critical for advanced tech manufacturing.
The action was viewed as a key move, as the country handles about 90% of the global rare earth supply, which are used in goods such as solar panels and smartphones.
The recent comments from the US and China are being interpreted by analysts as a strategy of bolstering negotiating stances prior to future trade talks.
Is not yet known whether a summit between the former president and Xi Jinping, planned at a high-level meeting in Seoul in the coming weeks, will go ahead.