Chinese Government Condemns United States of ‘Double Standards’ Regarding Tariff Threat
The former US president’s newest threat to introduce an further full import duty on Chinese goods has been described as a “typical example” of United States’ contradictory behavior, according to the Chinese government.
A representative of the ministry additionally remarked that the nation could enact its own undisclosed “responsive actions” if the White House occupant follows through on his threat, emphasizing that the country was “unafraid” of a potential trade war.
Last Friday, Donald Trump retaliated at Beijing’s move to reinforce its rules for exports of rare earths, alleging Beijing of “turning aggressive” and attempting to hold the international market “captive”.
Additionally, he vowed to withdraw from a planned summit with China’s President Xi, which was arranged for a meeting in South Korea later this month.
His statements on Friday unsettled global markets, with the S&P 500 dropping 2.7%, marking its largest decline since April.
These statements renewed apprehensions of a trade conflict between the United States and China.
This past spring, the both nations had consented to drop high import duties on each other’s products, which had raised the prospect of commerce ceasing between the two nations.
As a result, American import duties on Chinese imports incurring an added 30% levy compared with the start of the year, while American products entering the Chinese market face a import levy.
The most recent comments from China – issued by the relevant government department in the form of written responses to press queries – reflected terminology from the peak of the ongoing trade dispute.
Officials denounced US export restrictions on chips and semi-conductors while supporting Beijing’s overseas sale regulations on rare earths as “standard procedures” to protect state interests and that of all nations.
The official stated that for “a long time”, the America had “expanded the interpretation” of state security, misused export control measures and “implemented” discriminatory practices against the Chinese nation.
“Resorting to trade levy ultimatums is not the correct approach to engage with Beijing,” their representative commented.
“China’s position on a tariff war has remained unchanging: we do not want one, but we are unafraid of one.”
The previous week, China revealed it was reinforcing export controls on rare earth minerals and additional substances vital for high-technology production.
This move was regarded as a important measure, as the nation handles about 90% of the world’s rare earths, which are utilized in goods such as solar panels and mobile phones.
The recent comments from both governments are being seen by observers as a strategy of bolstering negotiating stances prior to future trade talks.
Remains uncertain whether a talks between the former president and Xi Jinping, planned at a conference in the Republic of Korea in the coming weeks, will go ahead.