Chinese Government Condemns America of ‘Double Standards’ Regarding Import Duty Ultimatum
The former US president’s most recent ultimatum to introduce an extra 100% tariff on items imported from China has been called a “typical example” of United States’ contradictory behavior, according to the China’s leadership.
A official from China’s Commerce Ministry also stated that China could introduce its own unrevealed “responsive actions” if the White House occupant carries out his pledge, noting that the country was “not afraid” of a potential trade conflict.
Last Friday, Donald Trump retaliated at Beijing’s move to reinforce its rules for foreign shipments of rare earths, charging China of “turning aggressive” and attempting to hold the world “under its control”.
Furthermore, he warned to cancel a arranged summit with Beijing’s head of state President Xi, which was set for a summit in Seoul later this month.
The former president’s remarks on Friday shook financial markets, with the benchmark US stock index closing down nearly three percent, marking its largest decline since April.
His comments renewed apprehensions of a trade war between the US and China.
In May, the two sides had agreed to drop high import duties on each other’s imports, which had created the possibility of commerce ceasing between the two countries.
This left, US tariffs on Chinese goods facing an additional import tax compared with the start of the year, while American products entering the country are subject to a 10% tariff.
China’s latest remarks – published by the relevant government department in the format of formal replies to journalist’s questions – reflected terminology from the zenith of the recent trade conflict.
They criticised United States controls on chips and semi-conductors while supporting China’s own restrictions on exports on rare earths as “standard procedures” to safeguard state interests and that of all nations.
The official said that for “many years”, the America had “broadened the definition” of domestic safety, exploited foreign shipment regulations and “enforced” unfair treatments against the Chinese nation.
“Turning to” import duty warnings is not the proper method to engage with Beijing,” the official stated.
“The nation’s view” on a import duty dispute has consistently been unchanging: we wish to avoid one, but we are not afraid of one.”
Recently, Beijing declared it was tightening export controls on rare earth minerals and further resources critical for advanced tech manufacturing.
This move was regarded as a important measure, as the state processes about ninety percent of the world’s rare earths, which are utilized in products such as photovoltaic modules and smartphones.
Latest statements from the US and China are being seen by observers as a means of enhancing bargaining power ahead of future trade talks.
It is unclear whether a talks between the former president and Xi Jinping, expected at a conference in the Republic of Korea in the coming weeks, will take place as planned.