Chinese Government Condemns America of ‘Double Standards’ Over Tariff Threat
Trump’s newest warning to impose an extra 100% tariff on products from China has been called a “prime illustration” of American hypocrisy, per the China’s leadership.
A representative of the ministry additionally remarked that China could introduce its own undisclosed “countermeasures” if the US President executes his threat, adding that the country was “not afraid” of a looming commercial battle.
Last Friday, Donald Trump retaliated at the Chinese government’s action to reinforce its policies for overseas sales of rare earths, charging China of “becoming very hostile” and attempting to hold the global community “captive”.
Furthermore, he vowed to withdraw from a planned talks with Chinese leader Xi, which was set for a meeting in the Republic of Korea later this month.
His statements on last Friday rattled stock exchanges, with the S&P 500 share index closing down over two and a half percent, marking its largest decline since April.
The president’s words renewed fears of a trade conflict between the two economic giants.
Earlier this year, the two sides had consented to remove triple-digit tariffs on each other’s products, which had raised the prospect of bilateral trade stopping between the two countries.
Consequently, US tariffs on Chinese goods incurring an extra import tax compared with the year’s onset, while US goods entering the Chinese market incur a ten percent duty.
China’s latest remarks – published by the Ministry of Commerce in the manner of written responses to press queries – echoed language from the height of the ongoing trade dispute.
The remarks condemned American limits on exports on electronic components while defending China’s own export controls on rare earth minerals as “routine measures” to protect state interests and that of the global community.
The spokesperson stated that for “a long time”, the United States had “broadened the definition” of domestic safety, misused foreign shipment regulations and “enforced” biased policies against China.
“Using” import duty warnings is not the proper method to engage with China,” the spokesperson said.
“China’s position on a import duty dispute has always been unchanging: we do not want one, but we are unafraid of one.”
Recently, China declared it was strengthening overseas sale regulations on rare earths and further resources essential to high-technology production.
This move was regarded as a key move, as the nation handles about 90% of the global rare earth supply, which are used in products such as renewable energy components and smartphones.
Latest statements from the US and China are being interpreted by analysts as a strategy of bolstering negotiating stances in preparation for future trade talks.
Remains uncertain whether a summit between Trump and China’s leader, scheduled at a conference in the Republic of Korea later this month, will take place as planned.