Chinese Government Condemns America of ‘Contradictory Stances’ Regarding Trade Levy Warning
Donald Trump’s latest threat to introduce an further 100% tariff on items imported from China has been called a “prime illustration” of US double standards, per the Chinese government.
A official from China’s Commerce Ministry further commented that China could implement its own unrevealed “countermeasures” if the US President carries out his warning, noting that the country was “not afraid” of a potential commercial battle.
This past Friday, Donald Trump hit back at China’s decision to strengthen its regulations for exports of critical elements, alleging Beijing of “becoming very hostile” and attempting to hold the international market “captive”.
He also vowed to pull out of a scheduled summit with Chinese leader Xi, which was expected to take place during a meeting in the Republic of Korea later this month.
His statements on that day rattled financial markets, with the S&P 500 share index falling by 2.7%, marking its biggest drop since April.
His comments reignited concerns of a commercial dispute between the United States and China.
This past spring, the both nations had consented to eliminate significant levies on each other’s imports, which had led to concerns of trade halting between the two countries.
This left, US tariffs on Chinese imports facing an additional import tax compared with the year’s onset, while items from the United States entering the Chinese market face a 10% tariff.
The most recent comments from China – published by the Commerce Ministry in the manner of official answers to journalist’s questions – reflected language from the height of the latest commercial tensions.
The remarks condemned US export restrictions on semiconductors and chips while justifying Beijing’s overseas sale regulations on rare earths as “routine measures” to protect state interests and that of all nations.
The spokesperson stated that for “a long time”, the US had “broadened the definition” of domestic safety, exploited overseas sale restrictions and “enforced” biased policies against the Chinese nation.
“Resorting to import duty warnings is not the right way to engage with Beijing,” the official commented.
“The nation’s view” on a import duty dispute has remained steady: we wish to avoid one, but we are unafraid of one.”
The previous week, China revealed it was strengthening overseas sale regulations on key elements and further resources essential to high-technology production.
This move was regarded as a significant step, as the country handles about 90% of the global rare earth supply, which are used in items such as renewable energy components and smartphones.
The recent comments from the US and China are being interpreted by some as a means of bolstering negotiating stances prior to future trade talks.
It is unclear whether a meeting between Donald Trump and Xi Jinping, planned at a summit in South Korea in the coming weeks, will take place as planned.