Beijing Slams United States of ‘Double Standards’ Over Trade Levy Warning
Donald Trump’s latest ultimatum to impose an additional full import duty on items imported from China has been described as a “prime illustration” of US double standards, per the China’s leadership.
A representative of the ministry further commented that Beijing could introduce its own unrevealed “responsive actions” if the American leader executes his pledge, emphasizing that the country was “not afraid” of a possible trade conflict.
Last Friday, Trump responded at the Chinese government’s action to reinforce its regulations for overseas sales of critical elements, alleging China of “adopting a confrontational stance” and attempting to hold the world “under its control”.
He also vowed to cancel a planned talks with China’s President Xi, which was set for a summit in Seoul in the coming weeks.
His statements on last Friday shook global markets, with the S&P 500 closing down 2.7%, marking its biggest drop since April.
These statements revived concerns of a trade war between the US and China.
Earlier this year, the both nations had agreed to remove high import duties on each other’s products, which had led to concerns of trade halting between the economic powers.
As a result, United States levies on Chinese goods facing an additional 30% levy compared with the year’s onset, while US goods entering the Chinese market face a ten percent duty.
The most recent comments from China – published by the Ministry of Commerce in the format of formal replies to journalist’s questions – echoed terminology from the height of the latest commercial tensions.
Officials denounced United States controls on electronic components while justifying China’s own overseas sale regulations on rare earths as “normal actions” to safeguard national security and that of all nations.
Their representative stated that for “many years”, the US had “overstretched the concept of national security, exploited export control measures and “implemented” unfair treatments against China.
“Turning to” tariff threats is not the right way to interact with China,” their representative commented.
“China’s position on a import duty dispute has remained unchanging: we are not seeking one, but we are unafraid of one.”
Recently, China announced it was reinforcing overseas sale regulations on rare earth minerals and additional substances vital for advanced tech manufacturing.
This was seen as a important measure, as the state handles about ninety percent of the world’s rare earths, which are utilized in items such as photovoltaic modules and mobile phones.
The recent comments from the US and China are being viewed by some as a means of strengthening positions prior to future trade talks.
It is unclear whether a talks between Donald Trump and President Xi, expected at a high-level meeting in the Republic of Korea before month’s end, will still proceed.