Beijing Slams America of ‘Double Standards’ Concerning Tariff Threat
Donald Trump’s newest threat to enforce an additional full import duty on Chinese goods has been called a “prime illustration” of US double standards, per the Beijing administration.
A official from China’s Commerce Ministry further commented that the nation could introduce its own unspecified “responsive actions” if the US President follows through on his threat, noting that the country was “unafraid” of a looming trade conflict.
On Friday, Donald Trump retaliated at Beijing’s move to tighten its regulations for overseas sales of critical elements, charging Beijing of “adopting a confrontational stance” and attempting to hold the international market “captive”.
He also threatened to withdraw from a arranged meeting with Beijing’s head of state Xi, which was expected to take place during a conference in the Republic of Korea later this month.
Trump’s comments on Friday shook global markets, with the benchmark US stock index dropping nearly three percent, marking its steepest fall since earlier this year.
His comments reignited concerns of a trade conflict between the two economic giants.
Earlier this year, the respective governments had agreed to remove 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 year’s onset, while US goods entering China are subject to a ten percent duty.
China’s latest remarks – released by the relevant government department in the form of formal replies to media inquiries – mirrored language from the height of the latest commercial tensions.
The remarks condemned US export restrictions on chips and semi-conductors while defending China’s own export controls on rare earths as “standard procedures” to safeguard state interests and that of all nations.
Their representative remarked that for “a long time”, the United States had “broadened the definition” of national security, misused export control measures and “implemented” discriminatory practices against Beijing.
“Resorting to tariff threats is not the right way to deal with Beijing,” their representative commented.
“The nation’s view” on a tariff war has always been consistent: we are not seeking one, but we are fearless of one.”
The previous week, the Chinese government announced it was reinforcing overseas sale regulations on key elements and further resources vital for advanced tech manufacturing.
This was seen as a important measure, as the country handles about ninety percent of the world’s rare earths, which are employed in products such as renewable energy components and handheld devices.
The recent comments from Washington and Beijing are being seen by some as a means of bolstering negotiating stances prior to forthcoming discussions.
It is unclear whether a meeting between the former president and Xi Jinping, planned at a summit in Seoul later this month, will still proceed.
