China Accuses United States of ‘Double Standards’ Concerning Tariff Threat
Donald Trump’s most recent ultimatum to introduce an extra complete levy on items imported from China has been called a “classic case” of US double standards, as stated by the China’s leadership.
A representative of the ministry further commented that China could introduce its own undisclosed “countermeasures” if the US President executes his pledge, emphasizing that the country was “not afraid” of a potential trade conflict.
Last Friday, the former president hit back at the Chinese government’s action to strengthen its policies for overseas sales of critical elements, charging the Chinese leadership of “becoming very hostile” and attempting to hold the global community “captive”.
He also warned to withdraw from a scheduled summit with Beijing’s head of state Xi Jinping, which was set for a meeting in the Republic of Korea before the month ends.
The former president’s remarks on that day rattled stock exchanges, with the S&P 500 dropping 2.7%, marking its steepest fall since April.
The president’s words renewed apprehensions of a trade conflict between the US and China.
This past spring, the both nations had agreed to remove triple-digit tariffs on each other’s products, which had raised the prospect of commerce ceasing between the two countries.
Consequently, United States levies on Chinese goods facing an additional import tax compared with the year’s onset, while items from the United States entering the Chinese market incur a 10% tariff.
The most recent comments from China – issued by the relevant government department in the format of official answers to press queries – echoed terminology from the height of the ongoing trade dispute.
The remarks condemned American limits on exports on electronic components while justifying Beijing’s overseas sale regulations on rare earth minerals as “routine measures” to ensure national security and that of the global community.
The official stated that for “an extended period”, the United States had “broadened the definition” of national security, abused overseas sale restrictions and “implemented” unfair treatments against the Chinese nation.
“Using” import duty warnings is not the proper method to deal with Beijing,” their representative stated.
“China’s position on a import duty dispute has always been unchanging: we are not seeking one, but we are not afraid of one.”
The previous week, China announced it was reinforcing foreign shipment restrictions on rare earths and further resources vital for high-technology production.
This move was regarded as a significant step, as the country handles about ninety percent of the world’s rare earths, which are employed in items such as photovoltaic modules and mobile phones.
Latest statements from both governments are being interpreted by analysts as a means of enhancing bargaining power in preparation for future trade talks.
It is unclear whether a talks between Trump and President Xi, scheduled at a high-level meeting in the Republic of Korea later this month, will go ahead.