China Accuses US of ‘Double Standards’ Concerning Tariff Threat
Donald Trump’s latest warning to impose an further 100% tariff on products from China has been labeled a “classic case” of American hypocrisy, as stated by the Chinese government.
A Commerce Ministry spokesperson additionally remarked that China could implement its own undisclosed “responsive actions” if the White House occupant executes his threat, noting that the country was “unafraid” of a potential commercial battle.
Last Friday, the former president responded at Beijing’s move to tighten its rules for exports of rare earths, accusing China of “becoming very hostile” and attempting to hold the global community “hostage”.
Additionally, he threatened to cancel a scheduled summit with China’s President President Xi, which was arranged for a conference in the Republic of Korea in the coming weeks.
His statements on that day unsettled stock exchanges, with the S&P 500 dropping over two and a half percent, marking its largest decline since April.
His comments reignited apprehensions of a trade conflict between the United States and China.
This past spring, the respective governments had consented to eliminate high import duties on each other’s goods, which had raised the prospect of commerce ceasing between the economic powers.
This left, United States levies on Chinese goods subject to an extra import tax compared with the start of the year, while US goods entering China incur a 10% tariff.
Beijing’s recent statements – issued by the Ministry of Commerce in the form of formal replies to journalist’s questions – mirrored language from the height of the recent trade conflict.
They criticised United States controls on chips and semi-conductors while justifying China’s own overseas sale regulations on rare earth minerals as “routine measures” to protect state interests and that of all nations.
The official said that for “a long time”, the America had “expanded the interpretation” of state security, abused overseas sale restrictions and “implemented” biased policies against Beijing.
“Resorting to import duty warnings is not the proper method to interact with China,” the official commented.
“Beijing’s stance” on a tariff war has always been unchanging: we wish to avoid one, but we are fearless of one.”
Recently, China declared it was reinforcing export controls on key elements and further resources essential to advanced tech manufacturing.
This was seen as a important measure, as the nation handles about the vast majority of the global rare earth supply, which are utilized in items such as solar panels and handheld devices.
Latest statements from both governments are being seen by observers as a means of enhancing bargaining power prior to forthcoming discussions.
Remains uncertain whether a talks between Donald Trump and President Xi, scheduled at a conference in the Republic of Korea before month’s end, will still proceed.