Beijing Slams United States of ‘Contradictory Stances’ Over Tariff Threat
The former US president’s latest warning to enforce an extra complete levy on items imported from China has been called a “classic case” of US double standards, per the China’s leadership.
A official from China’s Commerce Ministry further commented that the nation could implement its own unspecified “countermeasures” if the US President carries out his threat, noting that the country was “fearless” of a potential commercial battle.
Last Friday, Trump hit back at the Chinese government’s action to strengthen its regulations for exports of rare earth minerals, alleging Beijing of “becoming very hostile” and attempting to hold the international market “hostage”.
He also threatened to cancel a scheduled meeting with Beijing’s head of state Xi, which was set for a meeting in the Republic of Korea later this month.
His statements on Friday shook global markets, with the benchmark US stock index falling by over two and a half percent, marking its largest decline since April.
The president’s words renewed apprehensions of a trade war between the United States and China.
In May, the two sides had agreed to eliminate triple-digit tariffs on each other’s imports, which had created the possibility of commerce ceasing between the two nations.
Consequently, US tariffs on Chinese imports facing an extra import tax compared with the start of the year, while items from the United States entering China are subject to a import levy.
Beijing’s recent statements – issued by the relevant government department in the form of official answers to media inquiries – reflected rhetoric from the height of the ongoing trade dispute.
Officials denounced American limits on exports on chips and semi-conductors while justifying Beijing’s overseas sale regulations on key elements as “routine measures” to protect domestic safety and that of the global community.
Their representative said that for “many years”, the United States had “expanded the interpretation” of state security, misused overseas sale restrictions and “implemented” discriminatory practices against Beijing.
“Resorting to trade levy ultimatums is not the proper method to deal with Beijing,” the official commented.
“Beijing’s stance” on a tariff war has consistently been steady: we wish to avoid one, but we are fearless of one.”
Recently, China announced it was reinforcing overseas sale regulations on rare earths and further resources critical for cutting-edge industry.
This was seen as a significant step, as the country handles about 90% of the global rare earth supply, which are employed in products such as photovoltaic modules and mobile phones.
Latest statements from both governments are being viewed by observers as a means of bolstering negotiating stances in preparation for future trade talks.
It is unclear whether a meeting between the former president and China’s leader, planned at a conference in Seoul before month’s end, will go ahead.
