Beijing Slams United States of ‘Hypocritical Policies’ Concerning Import Duty Ultimatum
The former US president’s newest ultimatum to enforce an further 100% tariff on Chinese goods has been described as a “prime illustration” of United States’ contradictory behavior, per the Chinese government.
A Commerce Ministry spokesperson further commented that the nation could enact its own undisclosed “responsive actions” if the White House occupant follows through on his pledge, noting that the country was “fearless” of a looming trade conflict.
This past Friday, Trump retaliated at Beijing’s move to strengthen its policies for foreign shipments of critical elements, alleging China of “becoming very hostile” and attempting to hold the global community “hostage”.
Additionally, he threatened to cancel a planned talks with Chinese leader President Xi, which was arranged for a meeting in South Korea in the coming weeks.
His statements on that day unsettled financial markets, with the S&P 500 share index closing down over two and a half percent, marking its biggest drop since earlier this year.
These statements revived fears of a trade war between the United States and China.
In May, the both nations had consented to eliminate triple-digit tariffs on each other’s imports, which had led to concerns of commerce ceasing between the two countries.
Consequently, United States levies on products from China subject to an extra 30% levy compared with the year’s onset, while items from the United States entering the country face a ten percent duty.
The most recent comments from China – issued by the Ministry of Commerce in the form of formal replies to press queries – reflected language from the peak of the latest commercial tensions.
The remarks condemned American limits on exports on electronic components while defending China’s own restrictions on exports on rare earth minerals as “routine measures” to safeguard domestic safety and that of every country.
The spokesperson said that for “many years”, the United States had “broadened the definition” of domestic safety, exploited foreign shipment regulations and “enforced” biased policies against Beijing.
“Using” trade levy ultimatums is not the proper method to interact with Beijing,” the official stated.
“China’s position on a trade conflict has remained consistent: we are not seeking one, but we are not afraid of one.”
Last week, the Chinese government declared it was tightening overseas sale regulations on rare earths and further resources essential to high-technology production.
This move was regarded as a significant step, as the state refines about ninety percent of the global rare earth supply, which are utilized in products such as solar panels and handheld devices.
Latest statements from the US and China are being seen by some as a strategy of strengthening positions ahead of upcoming negotiations.
It is unclear whether a summit between the former president and President Xi, planned at a summit in the Republic of Korea in the coming weeks, will still proceed.