Beijing Slams America of ‘Contradictory Stances’ Over Tariff Threat
Trump’s latest ultimatum to enforce an extra complete levy on Chinese goods has been described as a “prime illustration” of US double standards, as stated by the China’s leadership.
A representative of the ministry also stated that Beijing could implement its own unspecified “retaliatory steps” if the US President executes his pledge, adding that the country was “unafraid” of a looming trade war.
On Friday, Trump responded at China’s decision to tighten its regulations for overseas sales of rare earth minerals, accusing Beijing of “adopting a confrontational stance” and attempting to hold the global community “captive”.
He also vowed to withdraw from a arranged talks with Chinese leader Xi Jinping, which was arranged for a meeting in Seoul in the coming weeks.
The former president’s remarks on Friday unsettled global markets, with the benchmark US stock index dropping 2.7%, marking its steepest fall since last spring.
These statements revived concerns of a trade conflict between the two economic giants.
Earlier this year, the both nations had reached an agreement to drop significant levies on each other’s imports, which had created the possibility of trade halting between the two countries.
Consequently, American import duties on products from China facing an additional 30% levy compared with the year’s onset, while US goods entering the country face a 10% tariff.
The most recent comments from China – released by the Commerce Ministry in the manner of written responses to media inquiries – mirrored terminology from the height of the latest commercial tensions.
Officials denounced US export restrictions on chips and semi-conductors while justifying the country’s own restrictions on exports on rare earth minerals as “standard procedures” to safeguard domestic safety and that of the global community.
The spokesperson remarked that for “many years”, the America had “expanded the interpretation” of national security, misused overseas sale restrictions and “enforced” unfair treatments against China.
“Resorting to tariff threats is not the right way to deal with China,” the spokesperson commented.
“Beijing’s stance” on a import duty dispute has always been unchanging: we are not seeking one, but we are fearless of one.”
The previous week, the Chinese government declared it was tightening overseas sale regulations on rare earth minerals and other materials essential to cutting-edge industry.
This was seen as a key move, as the country handles about 90% of the global rare earth supply, which are used in products such as solar panels and mobile phones.
Latest statements from both governments are being seen by analysts as a method of enhancing bargaining power ahead of upcoming negotiations.
Remains uncertain whether a talks between Donald Trump and Xi Jinping, expected at a summit in the Republic of Korea later this month, will go ahead.
