China Accuses United States of ‘Hypocritical Policies’ Concerning Trade Levy Warning
Trump’s newest warning to enforce an additional 100% tariff on products from China has been called a “prime illustration” of US double standards, per the Beijing administration.
A representative of the ministry also stated that the nation could enact its own unrevealed “countermeasures” if the White House occupant follows through on his warning, noting that the country was “unafraid” of a possible trade conflict.
On Friday, the former president hit back at China’s decision to strengthen its rules for overseas sales of rare earths, alleging Beijing of “turning aggressive” and attempting to hold the world “captive”.
He also warned to withdraw from a planned talks with China’s President Xi, which was set for a conference in the Republic of Korea before the month ends.
His statements on that day unsettled stock exchanges, with the S&P 500 share index dropping nearly three percent, marking its biggest drop since last spring.
These statements revived fears of a trade war between the US and China.
This past spring, the respective governments had reached an agreement to remove significant levies on each other’s goods, which had led to concerns of bilateral trade stopping between the two countries.
This left, American import duties on Chinese goods subject to an additional 30% levy compared with the year’s onset, while US goods entering the country face a ten percent duty.
Beijing’s recent statements – published by the relevant government department in the manner of written responses to media inquiries – echoed terminology from the height of the ongoing trade dispute.
Officials denounced United States controls on chips and semi-conductors while supporting Beijing’s restrictions on exports on key elements as “standard procedures” to safeguard domestic safety and that of every country.
The official remarked that for “an extended period”, the America had “overstretched the concept of national security, exploited overseas sale restrictions and “implemented” discriminatory practices against China.
“Resorting to trade levy ultimatums is not the right way to interact with the Chinese government,” the spokesperson said.
“Beijing’s stance” on a tariff war has consistently been consistent: we wish to avoid one, but we are not afraid of one.”
The previous week, China revealed it was strengthening foreign shipment restrictions on rare earth minerals and other materials critical for advanced tech manufacturing.
This move was regarded as a important measure, as the country refines about ninety percent of the global rare earth supply, which are utilized in items such as photovoltaic modules and mobile phones.
The recent comments from Washington and Beijing are being seen by some as a means of strengthening positions in preparation for future trade talks.
It is unclear whether a talks between the former president and President Xi, scheduled at a summit in South Korea before month’s end, will go ahead.
