Beijing Slams US of ‘Double Standards’ Concerning Trade Levy Warning
Trump’s newest ultimatum to introduce an further complete levy on items imported from China has been labeled a “prime illustration” of United States’ contradictory behavior, as stated by the Chinese government.
A Commerce Ministry spokesperson further commented that Beijing could enact its own unspecified “responsive actions” if the White House occupant follows through on his threat, noting that the country was “unafraid” of a possible trade conflict.
On Friday, Donald Trump responded at the Chinese government’s action to strengthen its regulations for exports of rare earths, alleging Beijing of “adopting a confrontational stance” and attempting to hold the international market “under its control”.
He also threatened to cancel a arranged summit with Beijing’s head of state Xi, which was arranged for a summit in South Korea later this month.
Trump’s comments on that day rattled global markets, with the S&P 500 dropping 2.7%, marking its largest decline since April.
The president’s words reignited fears of a trade war between the two economic giants.
In May, the both nations had consented to drop significant levies on each other’s imports, which had led to concerns of bilateral trade stopping between the two nations.
Consequently, American import duties on Chinese imports subject to an extra import tax compared with the start of the year, while American products entering the country face a 10% tariff.
China’s latest remarks – released by the Commerce Ministry in the manner of written responses to journalist’s questions – echoed language from the zenith of the latest commercial tensions.
They criticised US export restrictions on chips and semi-conductors while justifying Beijing’s overseas sale regulations on rare earths as “standard procedures” to safeguard national security and that of every country.
The spokesperson remarked that for “a long time”, the America had “broadened the definition” of national security, abused export control measures and “adopted discriminatory practices against the Chinese nation.
“Resorting to tariff threats is not the proper method to deal with the Chinese government,” the official commented.
“China’s position on a import duty dispute has consistently been steady: we do not want one, but we are fearless of one.”
The previous week, China announced it was reinforcing foreign shipment restrictions on rare earths and further resources vital for advanced tech manufacturing.
The action was viewed as a important measure, as the nation handles about 90% of the world’s rare earths, which are used in goods such as photovoltaic modules and smartphones.
The recent comments from Washington and Beijing are being viewed by some as a means of strengthening positions ahead of upcoming negotiations.
It is unclear whether a summit between Donald Trump and Xi Jinping, planned at a summit in South Korea before month’s end, will take place as planned.