Chinese Government Condemns America of ‘Double Standards’ Regarding Tariff Threat
Donald Trump’s newest warning to enforce an further full import duty on items imported from China has been called a “classic case” of United States’ contradictory behavior, according to the China’s leadership.
A Commerce Ministry spokesperson additionally remarked that the nation could enact its own undisclosed “countermeasures” if the US President carries out his threat, noting that the country was “unafraid” of a potential trade war.
Last Friday, the former president retaliated at Beijing’s move to strengthen its regulations for exports of critical elements, charging the Chinese leadership of “becoming very hostile” and attempting to hold the world “captive”.
Furthermore, he threatened to withdraw from a planned meeting with China’s President Xi Jinping, which was set for a summit in the Republic of Korea later this month.
The former president’s remarks on last Friday rattled global markets, with the benchmark US stock index dropping nearly three percent, marking its biggest drop since earlier this year.
The president’s words renewed fears of a trade war between the United States and China.
This past spring, the two sides had consented to eliminate high import duties on each other’s products, which had created the possibility of bilateral trade stopping between the economic powers.
Consequently, US tariffs on Chinese imports incurring an added import tax compared with the year’s onset, while items from the United States entering China face a import levy.
China’s latest remarks – released by the Ministry of Commerce in the form of formal replies to media inquiries – mirrored language from the peak of the ongoing trade dispute.
Officials denounced United States controls on chips and semi-conductors while supporting the country’s own restrictions on exports on key elements as “routine measures” to safeguard domestic safety and that of every country.
The spokesperson said that for “a long time”, the US had “expanded the interpretation” of domestic safety, exploited export control measures and “adopted biased policies against Beijing.
“Using” tariff threats is not the right way to interact with China,” the spokesperson commented.
“The nation’s view” on a trade conflict has consistently been consistent: we do not want one, but we are unafraid of one.”
The previous week, Beijing declared it was strengthening foreign shipment restrictions on key elements and additional substances essential to cutting-edge industry.
This was seen as a significant step, as the nation processes about 90% of the world’s rare earths, which are used in goods such as photovoltaic modules and smartphones.
The recent comments from the US and China are being interpreted by some as a means of bolstering negotiating stances ahead of upcoming negotiations.
It is unclear whether a talks between Donald Trump and President Xi, expected at a summit in the Republic of Korea in the coming weeks, will take place as planned.