Beijing Slams US of ‘Hypocritical Policies’ Over Tariff Threat
Donald Trump’s newest warning to introduce an extra full import duty on items imported from China has been described as a “classic case” of US double standards, as stated by the China’s leadership.
A official from China’s Commerce Ministry further commented that Beijing could introduce its own undisclosed “responsive actions” if the White House occupant follows through on his threat, adding that the country was “fearless” of a possible commercial battle.
Last Friday, the former president retaliated at China’s decision to reinforce its policies for foreign shipments of critical elements, alleging China of “turning aggressive” and attempting to hold the global community “under its control”.
Additionally, he threatened to withdraw from a planned summit with Beijing’s head of state President Xi, which was set for a summit in the Republic of Korea in the coming weeks.
The former president’s remarks on Friday rattled global markets, with the benchmark US stock index closing down 2.7%, marking its largest decline since April.
The president’s words revived fears of a trade war between the United States and China.
Earlier this year, the two sides had agreed to remove triple-digit tariffs on each other’s imports, which had led to concerns of commerce ceasing between the two countries.
This left, American import duties on Chinese imports facing an extra import tax compared with the start of the year, while items from the United States entering the Chinese market face a 10% tariff.
Beijing’s recent statements – issued by the Ministry of Commerce in the manner of formal replies to journalist’s questions – mirrored language from the zenith of the ongoing trade dispute.
Officials denounced United States controls on semiconductors and chips while supporting Beijing’s restrictions on exports on rare earths as “normal actions” to ensure domestic safety and that of the global community.
The spokesperson remarked that for “many years”, the United States had “expanded the interpretation” of state security, misused overseas sale restrictions and “implemented” unfair treatments against Beijing.
“Using” tariff threats is not the right way to interact with China,” the official said.
“Beijing’s stance” on a trade conflict has remained unchanging: we do not want one, but we are not afraid of one.”
Last week, the Chinese government announced it was tightening foreign shipment restrictions on rare earth minerals and further resources vital for advanced tech manufacturing.
This was seen as a important measure, as the nation refines about the vast majority of the planet’s critical minerals, which are utilized in products such as photovoltaic modules and smartphones.
The recent comments from the US and China are being seen by analysts as a means of strengthening positions ahead of forthcoming discussions.
Remains uncertain whether a meeting between the former president and Xi Jinping, expected at a conference in South Korea before month’s end, will go ahead.