China Accuses United States of ‘Double Standards’ Over Trade Levy Warning
Donald Trump’s newest threat to introduce an further 100% tariff on Chinese goods has been described as a “typical example” of United States’ contradictory behavior, according to the Beijing administration.
A Commerce Ministry spokesperson further commented that China could enact its own undisclosed “countermeasures” if the American leader carries out his pledge, adding that the country was “fearless” of a potential trade war.
On Friday, the former president hit back at Beijing’s move to reinforce its rules for overseas sales of critical elements, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “captive”.
Additionally, he warned to withdraw from a scheduled meeting with China’s President President Xi, which was arranged for a summit in South Korea in the coming weeks.
Trump’s comments on that day shook global markets, with the benchmark US stock index dropping nearly three percent, marking its steepest fall since last spring.
The president’s words reignited concerns of a commercial dispute between the US and China.
Earlier this year, the two sides had consented to remove significant levies on each other’s products, which had led to concerns of trade halting between the two countries.
As a result, United States levies on Chinese goods subject to an additional 30% levy compared with the year’s onset, while American products entering the Chinese market incur a import levy.
The most recent comments from China – released by the relevant government department in the form of written responses to press queries – echoed rhetoric from the peak of the recent trade conflict.
The remarks condemned US export restrictions on semiconductors and chips while justifying Beijing’s export controls on rare earth minerals as “normal actions” to safeguard national security and that of the global community.
The spokesperson remarked that for “a long time”, the United States had “expanded the interpretation” of domestic safety, misused overseas sale restrictions and “implemented” unfair treatments against China.
“Resorting to tariff threats is not the right way to deal with the Chinese government,” the official commented.
“Beijing’s stance” on a trade conflict has consistently been consistent: we wish to avoid one, but we are unafraid of one.”
The previous week, Beijing revealed it was tightening overseas sale regulations on rare earth minerals and additional substances critical for cutting-edge industry.
This move was regarded as a important measure, as the state processes about 90% of the planet’s critical minerals, which are used in items such as solar panels and mobile phones.
New remarks from both governments are being seen by analysts as a strategy of bolstering negotiating stances prior to upcoming negotiations.
It is unclear whether a talks between Trump and Xi Jinping, scheduled at a conference in South Korea in the coming weeks, will take place as planned.