Beijing Slams America of ‘Double Standards’ Concerning Import Duty Ultimatum
Trump’s most recent threat to impose an extra 100% tariff on products from China has been called a “classic case” of US double standards, according to the China’s leadership.
A official from China’s Commerce Ministry further commented that China could enact its own unrevealed “responsive actions” if the White House occupant follows through on his pledge, noting that the country was “fearless” of a possible trade war.
Last Friday, the former president retaliated at the Chinese government’s action to tighten its regulations for exports of rare earths, charging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “captive”.
Additionally, he threatened to pull out of a planned talks with China’s President Xi Jinping, which was expected to take place during a conference in Seoul in the coming weeks.
The former president’s remarks on that day unsettled global markets, with the S&P 500 share index falling by 2.7%, marking its biggest drop since last spring.
These statements renewed concerns of a trade conflict between the two economic giants.
In May, the both nations had consented to drop significant levies on each other’s goods, which had raised the prospect of trade halting between the two nations.
This left, United States levies on products from China subject to an extra 30% levy compared with the year’s onset, while American products entering China face a ten percent duty.
The most recent comments from China – issued by the Commerce Ministry in the format of written responses to journalist’s questions – mirrored terminology from the height of the ongoing trade dispute.
Officials denounced American limits on exports on chips and semi-conductors while justifying the country’s own restrictions on exports on rare earth minerals as “normal actions” to ensure domestic safety and that of every country.
Their representative said that for “an extended period”, the United States had “overstretched the concept of national security, exploited overseas sale restrictions and “implemented” biased policies against China.
“Using” import duty warnings is not the right way to interact with Beijing,” their representative commented.
“China’s position on a import duty dispute has remained unchanging: we do not want one, but we are fearless of one.”
Recently, the Chinese government revealed it was tightening overseas sale regulations on rare earth minerals and additional substances essential to advanced tech manufacturing.
This move was regarded as a significant step, as the country processes about 90% of the global rare earth supply, which are employed in items such as renewable energy components and handheld devices.
The recent comments from both governments are being interpreted by analysts as a strategy of enhancing bargaining power in preparation for upcoming negotiations.
Is not yet known whether a meeting between the former president and Xi Jinping, planned at a high-level meeting in the Republic of Korea in the coming weeks, will take place as planned.