Beijing Slams US of ‘Double Standards’ Concerning Tariff Threat
The former US president’s newest threat to enforce an additional 100% tariff on products from China has been labeled a “prime illustration” of US double standards, as stated by the China’s leadership.
A Commerce Ministry spokesperson additionally remarked that the nation could introduce its own undisclosed “countermeasures” if the White House occupant follows through on his warning, noting that the country was “fearless” of a possible commercial battle.
On Friday, the former president retaliated at Beijing’s move to reinforce its regulations for exports of rare earths, accusing the Chinese leadership of “becoming very hostile” and attempting to hold the global community “hostage”.
He also threatened to pull out of a scheduled summit with Beijing’s head of state President Xi, which was arranged for a conference in the Republic of Korea before the month ends.
His statements on Friday unsettled stock exchanges, with the S&P 500 falling by nearly three percent, marking its steepest fall since April.
The president’s words renewed concerns of a commercial dispute between the two economic giants.
This past spring, the respective governments had agreed to drop triple-digit tariffs on each other’s products, which had led to concerns of bilateral trade stopping between the two countries.
This left, US tariffs on Chinese goods subject to an added import tax compared with the year’s onset, while American products entering the country are subject to a ten percent duty.
China’s latest remarks – released by the Ministry of Commerce in the format of written responses to journalist’s questions – echoed language from the zenith of the ongoing trade dispute.
The remarks condemned American limits on exports on semiconductors and chips while justifying Beijing’s overseas sale regulations on key elements as “standard procedures” to safeguard state interests and that of every country.
Their representative stated that for “many years”, the America had “overstretched the concept of domestic safety, misused overseas sale restrictions and “enforced” biased policies against Beijing.
“Using” trade levy ultimatums is not the correct approach to interact with Beijing,” their representative stated.
“Beijing’s stance” on a tariff war has consistently been consistent: we wish to avoid one, but we are not afraid of one.”
Last week, Beijing revealed it was reinforcing export controls on rare earth minerals and additional substances essential to cutting-edge industry.
This move was regarded as a important measure, as the country processes about the vast majority of the global rare earth supply, which are utilized in goods such as renewable energy components and handheld devices.
New remarks from Washington and Beijing are being viewed by analysts as a method of enhancing bargaining power in preparation for forthcoming discussions.
Is not yet known whether a meeting between Donald Trump and Xi Jinping, expected at a conference in Seoul before month’s end, will go ahead.
