Beijing Slams United States of ‘Contradictory Stances’ Concerning Trade Levy Warning
Donald Trump’s most recent ultimatum to impose an extra 100% tariff on Chinese goods has been described as a “classic case” of US double standards, per the Chinese government.
A representative of the ministry further commented that China could implement its own undisclosed “countermeasures” if the White House occupant executes his pledge, emphasizing that the country was “unafraid” of a potential trade conflict.
On Friday, the former president retaliated at the Chinese government’s action to tighten its policies for exports of rare earth minerals, charging the Chinese leadership of “turning aggressive” and attempting to hold the global community “under its control”.
Additionally, he warned to withdraw from a arranged talks with Beijing’s head of state Xi, which was set for a summit in Seoul before the month ends.
His statements on last Friday unsettled global markets, with the S&P 500 falling by 2.7%, marking its steepest fall since April.
His comments revived apprehensions of a trade conflict between the two economic giants.
Earlier this year, the respective governments had consented to eliminate significant levies on each other’s goods, which had raised the prospect of trade halting between the economic powers.
This left, American import duties on products from China facing an added thirty percent tariff compared with the year’s onset, while US goods entering China are subject to a import levy.
China’s latest remarks – released by the Commerce Ministry in the form of formal replies to journalist’s questions – echoed terminology from the zenith of the recent trade conflict.
Officials denounced American limits on exports on chips and semi-conductors while justifying Beijing’s restrictions on exports on key elements as “routine measures” to safeguard domestic safety and that of all nations.
Their representative remarked that for “many years”, the America had “broadened the definition” of state security, abused export control measures and “enforced” discriminatory practices against China.
“Turning to” tariff threats is not the proper method to interact with China,” the spokesperson commented.
“The nation’s view” on a trade conflict has remained unchanging: we are not seeking one, but we are not afraid of one.”
Last week, China declared it was strengthening export controls on rare earth minerals and other materials vital for advanced tech manufacturing.
This was seen as a significant step, as the nation processes about ninety percent of the world’s rare earths, which are utilized in products such as solar panels and smartphones.
The recent comments from Washington and Beijing are being viewed by observers as a method of bolstering negotiating stances ahead of future trade talks.
It is unclear whether a meeting between the former president and President Xi, planned at a summit in South Korea before month’s end, will go ahead.
