Beijing Slams America of ‘Double Standards’ Over Tariff Threat
Trump’s newest warning to enforce an extra full import duty on Chinese goods has been labeled a “prime illustration” of American hypocrisy, as stated by the Beijing administration.
A official from China’s Commerce Ministry also stated that China could introduce its own unspecified “countermeasures” if the US President executes his pledge, emphasizing that the country was “not afraid” of a possible trade war.
Last Friday, Donald Trump responded at the Chinese government’s action to strengthen its policies for overseas sales of rare earths, accusing Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.
Additionally, he threatened to cancel a arranged summit with China’s President Xi, which was expected to take place during a conference in South Korea later this month.
His statements on that day unsettled global markets, with the benchmark US stock index closing down 2.7%, marking its steepest fall since earlier this year.
His comments revived apprehensions of a trade war between the US and China.
Earlier this year, the respective governments had consented to remove high import duties on each other’s products, which had created the possibility of bilateral trade stopping between the economic powers.
Consequently, United States levies on products from China incurring an additional import tax compared with the year’s onset, while items from the United States entering the country are subject to a import levy.
Beijing’s recent statements – released by the Commerce Ministry in the format of written responses to journalist’s questions – mirrored language from the peak of the latest commercial tensions.
Officials denounced United States controls on electronic components while justifying China’s own overseas sale regulations on rare earth minerals as “routine measures” to safeguard state interests and that of every country.
Their representative said that for “a long time”, the United States had “overstretched the concept of state security, abused export control measures and “implemented” biased policies against Beijing.
“Using” tariff threats is not the right way to engage with Beijing,” the official said.
“Beijing’s stance” on a import duty dispute has consistently been steady: we wish to avoid one, but we are unafraid of one.”
The previous week, the Chinese government announced it was strengthening overseas sale regulations on key elements and other materials critical for cutting-edge industry.
This was seen as a important measure, as the country processes about the vast majority of the global rare earth supply, which are used in goods such as renewable energy components and mobile phones.
Latest statements from both governments are being viewed by observers as a strategy of enhancing bargaining power ahead of upcoming negotiations.
Remains uncertain whether a talks between Trump and Xi Jinping, expected at a conference in Seoul later this month, will take place as planned.