Chinese Government Condemns United States of ‘Double Standards’ Concerning Import Duty Ultimatum
The former US president’s latest warning to impose an further complete levy on Chinese goods has been described as a “classic case” of United States’ contradictory behavior, as stated by the China’s leadership.
A official from China’s Commerce Ministry further commented that China could implement its own unrevealed “responsive actions” if the American leader carries out his threat, emphasizing that the country was “not afraid” of a possible commercial battle.
On Friday, Trump retaliated at Beijing’s move to tighten its regulations for foreign shipments of rare earth minerals, accusing Beijing of “turning aggressive” and attempting to hold the international market “captive”.
He also warned to withdraw from a scheduled talks with Chinese leader Xi Jinping, which was arranged for a summit in Seoul later this month.
His statements on last Friday shook stock exchanges, with the S&P 500 share index dropping 2.7%, marking its largest decline since last spring.
His comments revived apprehensions of a commercial dispute between the US and China.
In May, the two sides had agreed to remove significant levies on each other’s products, which had raised the prospect of bilateral trade stopping between the two nations.
Consequently, US tariffs on Chinese imports subject to an extra import tax compared with the start of the year, while American products entering China face a import levy.
The most recent comments from China – issued by the Ministry of Commerce in the format of formal replies to journalist’s questions – reflected rhetoric from the zenith of the recent trade conflict.
They criticised US export restrictions on semiconductors and chips while supporting the country’s own export controls on rare earth minerals as “standard procedures” to safeguard domestic safety and that of the global community.
Their representative said that for “many years”, the US had “broadened the definition” of state security, exploited foreign shipment regulations and “enforced” discriminatory practices against Beijing.
“Turning to” tariff threats is not the proper method to engage with China,” the spokesperson stated.
“Beijing’s stance” on a import duty dispute has consistently been consistent: we are not seeking one, but we are not afraid of one.”
Last week, the Chinese government announced it was tightening overseas sale regulations on key elements and additional substances vital for high-technology production.
The action was viewed as a significant step, as the country processes about ninety percent of the planet’s critical minerals, which are employed in goods such as photovoltaic modules and mobile phones.
The recent comments from both governments are being seen by analysts as a means of bolstering negotiating stances ahead of upcoming negotiations.
It is unclear whether a summit between Donald Trump and President Xi, planned at a conference in the Republic of Korea before month’s end, will go ahead.