Beijing Slams US of ‘Double Standards’ Concerning Tariff Threat

Trump’s latest ultimatum to impose an additional full import duty on Chinese goods has been described as a “prime illustration” of American hypocrisy, as stated by the Beijing administration.

A official from China’s Commerce Ministry also stated that China could enact its own unrevealed “responsive actions” if the American leader executes his pledge, emphasizing that the country was “fearless” of a potential trade conflict.

On Friday, Donald Trump hit back at the Chinese government’s action to tighten its policies for exports of rare earth minerals, charging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “hostage”.

He also warned to withdraw from a planned meeting with China’s President Xi Jinping, which was arranged for a summit in South Korea later this month.

Trump’s comments on Friday shook stock exchanges, with the S&P 500 share index dropping over two and a half percent, marking its steepest fall since last spring.

His comments reignited concerns of a trade war between the two economic giants.

This past spring, the respective governments had consented to drop high import duties on each other’s imports, which had raised the prospect of trade halting between the economic powers.

As a result, US tariffs on products from China facing an extra import tax compared with the start of the year, while items from the United States entering the country are subject to a ten percent duty.

The most recent comments from China – published by the Ministry of Commerce in the manner of formal replies to media inquiries – reflected language from the zenith of the latest commercial tensions.

The remarks condemned US export restrictions on semiconductors and chips while defending China’s own overseas sale regulations on rare earths as “routine measures” to safeguard state interests and that of every country.

The spokesperson said that for “a long time”, the United States had “expanded the interpretation” of domestic safety, misused foreign shipment regulations and “implemented” biased policies against Beijing.

“Turning to” trade levy ultimatums is not the right way to interact with Beijing,” the spokesperson commented.

“The nation’s view” on a trade conflict has always been unchanging: we do not want one, but we are not afraid of one.”

The previous week, the Chinese government declared it was tightening foreign shipment restrictions on rare earth minerals and further resources critical for cutting-edge industry.

The action was viewed as a significant step, as the state handles about 90% of the world’s rare earths, which are used in products such as renewable energy components and handheld devices.

The recent comments from the US and China are being interpreted by some as a method of strengthening positions prior to forthcoming discussions.

It is unclear whether a meeting between Trump and Xi Jinping, expected at a summit in Seoul before month’s end, will take place as planned.