China Accuses America of ‘Double Standards’ Concerning Tariff Threat
Trump’s newest threat to enforce an extra 100% tariff on products from China has been called a “classic case” of United States’ contradictory behavior, according to the Chinese government.
A official from China’s Commerce Ministry also stated that Beijing could introduce its own unspecified “countermeasures” if the White House occupant carries out his threat, noting that the country was “not afraid” of a looming trade conflict.
This past Friday, Trump responded at the Chinese government’s action to reinforce its rules for exports of rare earth minerals, accusing China of “adopting a confrontational stance” and attempting to hold the international market “under its control”.
Additionally, he vowed to pull out of a planned meeting with China’s President Xi, which was expected to take place during a summit in South Korea in the coming weeks.
The former president’s remarks on last Friday rattled global markets, with the S&P 500 closing down over two and a half percent, marking its largest decline since last spring.
His comments revived fears of a trade conflict between the US and China.
This past spring, the both nations had agreed to drop high import duties on each other’s products, which had raised the prospect of commerce ceasing between the two countries.
This left, United States levies on Chinese imports incurring an extra thirty percent tariff compared with the year’s onset, while American products entering China face a ten percent duty.
China’s latest remarks – published by the Commerce Ministry in the form of formal replies to press queries – reflected language from the peak of the recent trade conflict.
Officials denounced American limits on exports on electronic components while defending Beijing’s restrictions on exports on rare earth minerals as “normal actions” to ensure state interests and that of the global community.
The official said that for “many years”, the US had “expanded the interpretation” of national security, misused export control measures and “adopted discriminatory practices against Beijing.
“Using” tariff threats is not the proper method to engage with Beijing,” the official stated.
“China’s position on a trade conflict has always been steady: we do not want one, but we are not afraid of one.”
Recently, Beijing announced it was reinforcing export controls on key elements and additional substances essential to 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 used in goods such as renewable energy components and handheld devices.
Latest statements from the US and China are being viewed by some as a method of bolstering negotiating stances ahead of upcoming negotiations.
It is unclear whether a talks between the former president and China’s leader, planned at a summit in Seoul in the coming weeks, will take place as planned.