Chinese Government Condemns America of ‘Hypocritical Policies’ Over Tariff Threat
Trump’s most recent threat to introduce an additional full import duty on items imported from China has been called a “typical example” of US double standards, as stated by the China’s leadership.
A Commerce Ministry spokesperson also stated that the nation could introduce its own unspecified “retaliatory steps” if the US President follows through on his threat, emphasizing that the country was “not afraid” of a possible trade conflict.
On Friday, Trump responded at China’s decision to tighten its regulations for exports of critical elements, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the world “captive”.
Additionally, he threatened to cancel a scheduled talks with Chinese leader Xi Jinping, which was set for a meeting in Seoul before the month ends.
His statements on last Friday shook global markets, with the S&P 500 share index closing down nearly three percent, marking its largest decline since April.
His comments revived apprehensions of a commercial dispute between the US and China.
In May, the both nations had agreed to eliminate high import duties on each other’s goods, which had led to concerns of trade halting between the economic powers.
As a result, United States levies on Chinese goods subject to an extra import tax compared with the year’s onset, while items from the United States entering China face a ten percent duty.
Beijing’s recent statements – published by the Ministry of Commerce in the format of written responses to media inquiries – reflected rhetoric from the height of the recent trade conflict.
Officials denounced American limits on exports on chips and semi-conductors while supporting Beijing’s overseas sale regulations on rare earth minerals as “routine measures” to protect national security and that of every country.
The spokesperson remarked that for “many years”, the United States had “broadened the definition” of state security, abused export control measures and “implemented” unfair treatments against Beijing.
“Turning to” trade levy ultimatums is not the correct approach to deal with China,” their representative stated.
“The nation’s view” on a import duty dispute has consistently been consistent: we are not seeking one, but we are fearless of one.”
Last week, the Chinese government announced it was strengthening export controls on rare earth minerals and further resources essential to cutting-edge industry.
This was seen as a significant step, as the state refines about 90% of the global rare earth supply, which are employed in items such as photovoltaic modules and handheld devices.
The recent comments from the US and China are being viewed by observers as a means of bolstering negotiating stances in preparation for future trade talks.
Remains uncertain whether a meeting between Donald Trump and China’s leader, planned at a conference in Seoul before month’s end, will go ahead.
