Chinese Government Condemns United States of ‘Hypocritical Policies’ Concerning Tariff Threat
Donald Trump’s most recent warning to introduce an further 100% tariff on Chinese goods has been labeled a “prime illustration” of US double standards, per the Chinese government.
A official from China’s Commerce Ministry further commented that Beijing could introduce its own unspecified “responsive actions” if the US President executes his threat, adding that the country was “unafraid” of a potential trade conflict.
On Friday, Trump hit back at China’s decision to tighten its policies for overseas sales of critical elements, alleging Beijing of “becoming very hostile” and attempting to hold the global community “captive”.
He also threatened to cancel a planned talks with Chinese leader Xi Jinping, which was expected to take place during a meeting in Seoul in the coming weeks.
His statements on that day unsettled global markets, with the S&P 500 share index falling by 2.7%, marking its biggest drop since earlier this year.
The president’s words renewed apprehensions of a commercial dispute between the United States and China.
This past spring, the two sides had reached an agreement to remove triple-digit tariffs on each other’s imports, which had created the possibility of trade halting between the economic powers.
As a result, American import duties on Chinese goods incurring an added import tax compared with the start of the year, while American products entering the country face a 10% tariff.
The most recent comments from China – issued by the Ministry of Commerce in the manner of written responses to journalist’s questions – mirrored rhetoric from the zenith of the ongoing trade dispute.
The remarks condemned American limits on exports on chips and semi-conductors while justifying Beijing’s restrictions on exports on rare earths as “routine measures” to ensure state interests and that of every country.
The spokesperson said that for “many years”, the America had “overstretched the concept of state security, misused foreign shipment regulations and “enforced” unfair treatments against Beijing.
“Using” trade levy ultimatums is not the correct approach to engage with Beijing,” their representative stated.
“Beijing’s stance” on a trade conflict has always been unchanging: we wish to avoid one, but we are fearless of one.”
Recently, the Chinese government announced it was reinforcing overseas sale regulations on key elements and further resources critical for cutting-edge industry.
The action was viewed as a key move, as the state refines about the vast majority of the world’s rare earths, which are employed in goods such as solar panels and mobile phones.
New remarks from Washington and Beijing are being interpreted by some as a means of enhancing bargaining power in preparation for upcoming negotiations.
It is unclear whether a talks between Donald Trump and President Xi, scheduled at a summit in South Korea before month’s end, will go ahead.
