Chinese Government Condemns US of ‘Double Standards’ Regarding Import Duty Ultimatum
Donald Trump’s newest ultimatum to introduce an extra full import duty on Chinese goods has been labeled a “typical example” of US double standards, as stated by the Chinese government.
A Commerce Ministry spokesperson also stated that China could implement its own unspecified “responsive actions” if the White House occupant carries out his pledge, emphasizing that the country was “fearless” of a potential trade war.
Last Friday, Trump responded at China’s decision to tighten its rules for overseas sales of rare earth minerals, accusing China of “turning aggressive” and attempting to hold the global community “captive”.
Additionally, he warned to cancel a scheduled talks with Beijing’s head of state Xi, which was set for a meeting in South Korea in the coming weeks.
The former president’s remarks on that day unsettled global markets, with the S&P 500 closing down 2.7%, marking its biggest drop since earlier this year.
These statements revived apprehensions of a commercial dispute between the two economic giants.
In May, the respective governments had consented to drop triple-digit tariffs on each other’s imports, which had led to concerns of commerce ceasing between the two nations.
This left, American import duties on products from China subject to an additional thirty percent tariff compared with the start of the year, while items from the United States entering the country face a import levy.
Beijing’s recent statements – released by the Commerce Ministry in the manner of official answers to press queries – mirrored rhetoric from the peak of the ongoing trade dispute.
They criticised United States controls on chips and semi-conductors while defending China’s own overseas sale regulations on rare earths as “standard procedures” to safeguard national security and that of the global community.
Their representative remarked that for “many years”, the US had “overstretched the concept of domestic safety, misused foreign shipment regulations and “adopted unfair treatments against Beijing.
“Turning to” tariff threats is not the proper method to engage with China,” their representative commented.
“Beijing’s stance” on a trade conflict has remained unchanging: we wish to avoid one, but we are unafraid of one.”
Last week, Beijing revealed it was tightening foreign shipment restrictions on rare earth minerals and additional substances critical for cutting-edge industry.
This was seen as a significant step, as the country refines about 90% of the planet’s critical minerals, which are utilized in products such as photovoltaic modules and mobile phones.
Latest statements from Washington and Beijing are being seen by analysts as a means of enhancing bargaining power prior to future trade talks.
Remains uncertain whether a talks between Donald Trump and Xi Jinping, scheduled at a high-level meeting in Seoul later this month, will go ahead.