Beijing Slams US of ‘Double Standards’ Concerning Trade Levy Warning
Donald Trump’s most recent ultimatum to impose an extra complete levy on Chinese goods has been labeled a “typical example” of United States’ contradictory behavior, per the Beijing administration.
A official from China’s Commerce Ministry also stated that Beijing could enact its own undisclosed “countermeasures” if the White House occupant carries out his warning, noting that the country was “unafraid” of a possible trade conflict.
On Friday, the former president hit back at the Chinese government’s action to reinforce its regulations for overseas sales of rare earth minerals, accusing Beijing of “turning aggressive” and attempting to hold the global community “under its control”.
He also threatened to withdraw from a planned talks with Chinese leader Xi Jinping, which was set for a meeting in Seoul in the coming weeks.
Trump’s comments on that day shook stock exchanges, with the S&P 500 share index closing down nearly three percent, marking its steepest fall since earlier this year.
These statements revived fears of a commercial dispute between the US and China.
Earlier this year, the two sides had consented to drop significant levies on each other’s imports, which had raised the prospect of bilateral trade stopping between the economic powers.
As a result, United States levies on products from China facing an added thirty percent tariff compared with the year’s onset, while American products entering China are subject to a import levy.
Beijing’s recent statements – published by the Commerce Ministry in the format of formal replies to press queries – echoed terminology from the peak of the recent trade conflict.
The remarks condemned United States controls on electronic components while supporting the country’s own export controls on rare earth minerals as “standard procedures” to protect national security and that of all nations.
The spokesperson stated that for “an extended period”, the United States had “broadened the definition” of domestic safety, abused overseas sale restrictions and “enforced” biased policies against China.
“Resorting to tariff threats is not the right way to deal with China,” their representative said.
“Beijing’s stance” on a import duty dispute has consistently been unchanging: we wish to avoid one, but we are unafraid of one.”
Recently, Beijing declared it was strengthening overseas sale regulations on rare earth minerals and other materials critical for cutting-edge industry.
This was seen as a significant step, as the nation refines about 90% of the global rare earth supply, which are employed in items such as photovoltaic modules and smartphones.
Latest statements from both governments are being viewed by some as a strategy of strengthening positions prior to forthcoming discussions.
Remains uncertain whether a meeting between Trump and Xi Jinping, scheduled at a high-level meeting in the Republic of Korea in the coming weeks, will take place as planned.