Chinese Government Condemns US of ‘Double Standards’ Concerning Tariff Threat

Trump’s latest threat to enforce an additional complete levy on items imported from China has been described as a “prime illustration” of United States’ contradictory behavior, as stated by the Beijing administration.

A official from China’s Commerce Ministry further commented that Beijing could introduce its own undisclosed “countermeasures” if the White House occupant carries out his warning, adding that the country was “fearless” of a potential trade war.

This past Friday, the former president responded at the Chinese government’s action to reinforce its regulations for overseas sales of critical elements, charging China of “adopting a confrontational stance” and attempting to hold the global community “captive”.

Furthermore, he vowed to cancel a planned meeting with Beijing’s head of state President Xi, which was set for a conference in South Korea in the coming weeks.

His statements on that day unsettled financial markets, with the S&P 500 share index closing down 2.7%, marking its largest decline since earlier this year.

These statements reignited concerns of a commercial dispute between the two economic giants.

Earlier this year, the both nations had reached an agreement to remove significant levies on each other’s products, which had raised the prospect of trade halting between the two countries.

As a result, US tariffs on Chinese goods facing an extra 30% levy compared with the year’s onset, while US goods entering China incur a import levy.

Beijing’s recent statements – issued by the Commerce Ministry in the format of formal replies to media inquiries – echoed terminology from the peak of the recent trade conflict.

Officials denounced US export restrictions on semiconductors and chips while defending Beijing’s export controls on rare earth minerals as “normal actions” to ensure domestic safety and that of all nations.

The official said that for “an extended period”, the US had “overstretched the concept of state security, abused foreign shipment regulations and “adopted biased policies against Beijing.

“Using” import duty warnings is not the right way to deal with Beijing,” the official stated.

“China’s position on a import duty dispute has always been unchanging: we do not want one, but we are not afraid of one.”

The previous week, China announced it was reinforcing export controls on key elements and further resources essential to cutting-edge industry.

This was seen as a significant step, as the country handles about 90% of the world’s rare earths, which are utilized in items such as solar panels and handheld devices.

Latest statements from Washington and Beijing are being viewed by analysts as a means of strengthening positions prior to upcoming negotiations.

It is unclear whether a talks between Trump and Xi Jinping, planned at a summit in Seoul later this month, will still proceed.