Beijing Slams US of ‘Double Standards’ Concerning Tariff Threat
The former US president’s newest threat to introduce an additional full import duty on Chinese goods has been described as a “classic case” of United States’ contradictory behavior, as stated by the Chinese government.
A Commerce Ministry spokesperson further commented that Beijing could enact its own undisclosed “retaliatory steps” if the White House occupant follows through on his warning, emphasizing that the country was “fearless” of a potential trade conflict.
This past Friday, Trump responded at the Chinese government’s action to strengthen its rules for exports of critical elements, charging China of “turning aggressive” and attempting to hold the international market “hostage”.
Furthermore, he threatened to pull out of a scheduled talks with China’s President President Xi, which was set for a meeting in Seoul later this month.
His statements on Friday rattled global markets, with the benchmark US stock index falling by nearly three percent, marking its largest decline since earlier this year.
His comments reignited apprehensions of a commercial dispute between the US and China.
Earlier this year, the respective governments had agreed to eliminate high import duties on each other’s imports, which had led to concerns of trade halting between the economic powers.
As a result, US tariffs on products from China facing an extra 30% levy compared with the year’s onset, while items from the United States entering the Chinese market face a import levy.
China’s latest remarks – issued by the Ministry of Commerce in the format of written responses to media inquiries – echoed terminology from the peak of the recent trade conflict.
The remarks condemned US export restrictions on chips and semi-conductors while justifying China’s own export controls on rare earths as “routine measures” to protect state interests and that of the global community.
The spokesperson said that for “many years”, the America had “overstretched the concept of state security, abused export control measures and “adopted biased policies against China.
“Resorting to tariff threats is not the proper method to engage with Beijing,” the spokesperson commented.
“China’s position on a trade conflict has always been steady: we are not seeking one, but we are unafraid of one.”
Last week, China revealed it was strengthening overseas sale regulations on rare earths and other materials vital for advanced tech manufacturing.
The action was viewed as a important measure, as the country processes about the vast majority of the global rare earth supply, which are employed in products such as photovoltaic modules and handheld devices.
Latest statements from both governments are being seen by some as a method of bolstering negotiating stances ahead of upcoming negotiations.
Is not yet known whether a summit between the former president and China’s leader, expected at a conference in the Republic of Korea in the coming weeks, will still proceed.
