Beijing Slams America of ‘Contradictory Stances’ Concerning Tariff Threat
Donald Trump’s latest ultimatum to impose an additional 100% tariff on Chinese goods has been called a “typical example” of US double standards, per the Chinese government.
A representative of the ministry further commented that China could introduce its own unspecified “responsive actions” if the American leader carries out his warning, adding that the country was “unafraid” of a potential trade conflict.
This past Friday, the former president responded at Beijing’s move to strengthen its rules for overseas sales of critical elements, accusing China of “turning aggressive” and attempting to hold the international market “under its control”.
He also threatened to pull out of a arranged meeting with Beijing’s head of state Xi Jinping, which was arranged for a summit in South Korea in the coming weeks.
The former president’s remarks on that day unsettled global markets, with the benchmark US stock index dropping nearly three percent, marking its largest decline since earlier this year.
These statements revived concerns of a commercial dispute between the two economic giants.
Earlier this year, the two sides had agreed to drop significant levies on each other’s products, which had led to concerns of commerce ceasing between the economic powers.
Consequently, US tariffs on Chinese imports subject to an additional import tax compared with the start of the year, while items from the United States entering the Chinese market are subject to a 10% tariff.
Beijing’s recent statements – published by the Ministry of Commerce in the manner of formal replies to media inquiries – reflected language from the peak of the latest commercial tensions.
Officials denounced United States controls on chips and semi-conductors while justifying Beijing’s restrictions on exports on rare earth minerals as “routine measures” to safeguard state interests and that of the global community.
The spokesperson remarked that for “an extended period”, the America had “overstretched the concept of national security, misused export control measures and “adopted discriminatory practices against Beijing.
“Resorting to trade levy ultimatums is not the correct approach to deal with Beijing,” the official said.
“The nation’s view” on a trade conflict has consistently been consistent: we wish to avoid one, but we are not afraid of one.”
The previous week, the Chinese government announced it was strengthening export controls on rare earth minerals and further resources essential to high-technology production.
This was seen as a significant step, as the country handles about ninety percent of the world’s rare earths, which are employed in products such as solar panels and mobile phones.
New remarks from the US and China are being interpreted by observers as a method of bolstering negotiating stances ahead of future trade talks.
Remains uncertain whether a meeting between Donald Trump and President Xi, scheduled at a conference in South Korea later this month, will go ahead.