Beijing Slams US of ‘Double Standards’ Concerning Tariff Threat
The former US president’s most recent threat to impose an further complete levy on items imported from China has been described as a “typical example” of US double standards, per the Beijing administration.
A Commerce Ministry spokesperson further commented that China could enact its own unspecified “countermeasures” if the White House occupant follows through on his threat, noting that the country was “unafraid” of a potential commercial battle.
Last Friday, Donald Trump responded at Beijing’s move to reinforce its regulations for overseas sales of rare earth minerals, charging Beijing of “becoming very hostile” and attempting to hold the international market “hostage”.
Furthermore, he vowed to withdraw from a planned meeting with China’s President President Xi, which was expected to take place during a conference in the Republic of Korea in the coming weeks.
The former president’s remarks on Friday shook financial markets, with the benchmark US stock index falling by nearly three percent, marking its largest decline since last spring.
His comments revived fears of a commercial dispute between the two economic giants.
In May, the both nations had consented to remove significant levies on each other’s imports, which had led to concerns of trade halting between the two countries.
This left, American import duties on Chinese goods facing an extra 30% levy compared with the year’s onset, while American products entering the Chinese market face a import levy.
China’s latest remarks – released by the relevant government department in the form of written responses to journalist’s questions – mirrored rhetoric from the zenith of the recent trade conflict.
They criticised American limits on exports on electronic components while supporting Beijing’s overseas sale regulations on key elements as “routine measures” to ensure domestic safety and that of the global community.
Their representative stated that for “a long time”, the US had “broadened the definition” of state security, abused export control measures and “implemented” discriminatory practices against Beijing.
“Using” import duty warnings is not the right way to interact with China,” the official said.
“Beijing’s stance” on a import duty dispute has remained steady: we are not seeking one, but we are unafraid of one.”
Last week, Beijing revealed it was reinforcing foreign shipment restrictions on rare earths and other materials critical for high-technology production.
The action was viewed as a important measure, as the country handles about 90% of the global rare earth supply, which are used in goods such as renewable energy components and handheld devices.
Latest statements from Washington and Beijing are being interpreted by some as a method of bolstering negotiating stances ahead of future trade talks.
Remains uncertain whether a talks between Donald Trump and President Xi, scheduled at a conference in South Korea before month’s end, will go ahead.
