Beijing Slams United States of ‘Double Standards’ Regarding Tariff Threat
Donald Trump’s most recent warning to enforce an extra 100% tariff on products from China has been labeled a “typical example” of United States’ contradictory behavior, according to the Beijing administration.
A representative of the ministry further commented that Beijing could enact its own undisclosed “responsive actions” if the US President follows through on his pledge, noting that the country was “fearless” of a looming trade war.
This past Friday, the former president retaliated at Beijing’s move to reinforce its regulations for overseas sales of critical elements, accusing China of “becoming very hostile” and attempting to hold the world “captive”.
He also vowed to cancel a scheduled summit with Chinese leader President Xi, which was expected to take place during a summit in Seoul later this month.
His statements on that day shook financial markets, with the S&P 500 share index falling by over two and a half percent, marking its steepest fall since earlier this year.
These statements reignited concerns of a commercial dispute between the two economic giants.
This past spring, the two sides had consented to eliminate significant levies on each other’s imports, which had raised the prospect of commerce ceasing between the economic powers.
Consequently, United States levies on Chinese imports subject to an additional 30% levy compared with the start of the year, while American products entering China incur a 10% tariff.
The most recent comments from China – issued by the relevant government department in the format of official answers to journalist’s questions – reflected terminology from the zenith of the recent trade conflict.
Officials denounced US export restrictions on semiconductors and chips while supporting the country’s own export controls on rare earths as “routine measures” to protect state interests and that of every country.
Their representative stated that for “a long time”, the United States had “overstretched the concept of domestic safety, exploited overseas sale restrictions and “implemented” discriminatory practices against the Chinese nation.
“Using” tariff threats is not the right way to interact with China,” their representative stated.
“China’s position on a tariff war has always been consistent: we do not want one, but we are fearless of one.”
The previous week, China revealed it was reinforcing export controls on rare earths and additional substances essential to advanced tech manufacturing.
The action was viewed as a significant step, as the nation processes about the vast majority of the global rare earth supply, which are employed in items such as photovoltaic modules and mobile phones.
New remarks from the US and China are being interpreted by observers as a means of strengthening positions prior to forthcoming discussions.
It is unclear whether a meeting between the former president and President Xi, planned at a conference in the Republic of Korea before month’s end, will go ahead.