Beijing Slams US of ‘Double Standards’ Over Import Duty Ultimatum
Trump’s latest ultimatum to impose an further full import duty on products from China has been labeled a “classic case” of United States’ contradictory behavior, per the China’s leadership.
A representative of the ministry also stated that Beijing could implement its own unrevealed “responsive actions” if the American leader follows through on his warning, noting that the country was “fearless” of a potential commercial battle.
On Friday, Donald Trump retaliated at the Chinese government’s action to tighten its rules for overseas sales of rare earth minerals, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “under its control”.
He also threatened to pull out of a planned meeting with Chinese leader Xi Jinping, which was expected to take place during a meeting in the Republic of Korea before the month ends.
His statements on that day shook stock exchanges, with the S&P 500 falling by 2.7%, marking its steepest fall since April.
These statements renewed concerns of a trade war between the United States and China.
Earlier this year, the both nations had reached an agreement to remove triple-digit tariffs on each other’s goods, which had led to concerns of commerce ceasing between the economic powers.
As a result, United States levies on products from China subject to an additional 30% levy compared with the start of the year, while US goods entering the Chinese market incur a ten percent duty.
Beijing’s recent statements – issued by the Ministry of Commerce in the format of written responses to press queries – echoed terminology from the peak of the recent trade conflict.
Officials denounced US export restrictions on semiconductors and chips while defending the country’s own restrictions on exports on rare earth minerals as “standard procedures” to ensure domestic safety and that of all nations.
The spokesperson stated that for “many years”, the US had “expanded the interpretation” of domestic safety, exploited export control measures and “implemented” unfair treatments against the Chinese nation.
“Turning to” tariff threats is not the right way to engage with the Chinese government,” their representative commented.
“China’s position on a tariff war has remained steady: we are not seeking one, but we are not afraid of one.”
The previous week, the Chinese government declared it was tightening export controls on key elements and additional substances critical for cutting-edge industry.
This move was regarded as a key move, as the nation refines about 90% of the world’s rare earths, which are used in goods such as photovoltaic modules and handheld devices.
New remarks from the US and China are being viewed by analysts as a means of enhancing bargaining power ahead of upcoming negotiations.
Is not yet known whether a meeting between Trump and Xi Jinping, planned at a conference in Seoul in the coming weeks, will still proceed.