China Accuses US of ‘Double Standards’ Over Tariff Threat
Trump’s most recent threat to impose an additional 100% tariff on Chinese goods has been labeled a “prime illustration” of American hypocrisy, as stated by the Beijing administration.
A Commerce Ministry spokesperson further commented that Beijing could enact its own undisclosed “responsive actions” if the White House occupant carries out his threat, adding that the country was “unafraid” of a possible commercial battle.
Last Friday, Trump retaliated at Beijing’s move to reinforce its policies for exports of critical elements, charging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “captive”.
He also vowed to withdraw from a planned summit with Beijing’s head of state Xi Jinping, which was arranged for a conference in Seoul in the coming weeks.
His statements on Friday unsettled stock exchanges, with the benchmark US stock index falling by 2.7%, marking its steepest fall since last spring.
His comments revived concerns of a trade conflict between the two economic giants.
In May, the both nations had agreed to drop triple-digit tariffs on each other’s goods, which had led to concerns of trade halting between the two countries.
This left, US tariffs on Chinese imports subject to an added import tax compared with the year’s onset, while US goods entering China are subject to a 10% tariff.
The most recent comments from China – published by the relevant government department in the manner of written responses to media inquiries – echoed rhetoric from the peak of the latest commercial tensions.
The remarks condemned US export restrictions on semiconductors and chips while supporting the country’s own restrictions on exports on rare earths as “normal actions” to safeguard state interests and that of every country.
Their representative stated that for “many years”, the United States had “expanded the interpretation” of state security, misused foreign shipment regulations and “enforced” unfair treatments against China.
“Using” import duty warnings is not the proper method to deal with the Chinese government,” the official said.
“China’s position on a trade conflict has consistently been unchanging: we are not seeking one, but we are not afraid of one.”
Last week, the Chinese government revealed it was strengthening export controls on rare earths and other materials critical for advanced tech manufacturing.
This was seen as a key move, as the state refines about the vast majority of the global rare earth supply, which are utilized in items such as renewable energy components and mobile phones.
The recent comments from both governments are being interpreted by some as a strategy of bolstering negotiating stances prior to future trade talks.
It is unclear whether a talks between Donald Trump and Xi Jinping, planned at a summit in Seoul in the coming weeks, will take place as planned.
