Chinese Government Condemns US of ‘Double Standards’ Over Trade Levy Warning
Trump’s most recent threat to impose an further complete levy on items imported from China has been labeled a “typical example” of United States’ contradictory behavior, as stated by the Chinese government.
A official from China’s Commerce Ministry also stated that Beijing could introduce its own unrevealed “responsive actions” if the White House occupant follows through on his threat, adding that the country was “not afraid” of a potential trade war.
This past Friday, Trump retaliated at Beijing’s move to reinforce its policies for overseas sales of critical elements, accusing China of “becoming very hostile” and attempting to hold the international market “captive”.
He also vowed to withdraw from a planned meeting with Chinese leader Xi Jinping, which was set for a meeting in Seoul before the month ends.
His statements on last Friday unsettled global markets, with the S&P 500 share index closing down nearly three percent, marking its biggest drop since April.
His comments reignited apprehensions of a trade war between the US and China.
Earlier this year, the both nations had agreed to eliminate significant levies on each other’s imports, which had led to concerns of commerce ceasing between the economic powers.
This left, US tariffs on Chinese goods facing an extra 30% levy compared with the year’s onset, while American products entering the country incur a 10% tariff.
Beijing’s recent statements – issued by the Ministry of Commerce in the format of official answers to media inquiries – echoed terminology from the height of the recent trade conflict.
They criticised United States controls on semiconductors and chips while justifying the country’s own export controls on key elements as “normal actions” to safeguard state interests and that of the global community.
The official stated that for “a long time”, the America had “expanded the interpretation” of domestic safety, misused foreign shipment regulations and “implemented” discriminatory practices against Beijing.
“Using” tariff threats is not the right way to engage with Beijing,” the spokesperson said.
“The nation’s view” on a trade conflict has always been unchanging: we are not seeking one, but we are fearless of one.”
The previous week, China declared it was tightening export controls on rare earth minerals and other materials vital for high-technology production.
This was seen as a key move, as the nation handles about ninety percent of the global rare earth supply, which are employed in items such as solar panels and smartphones.
The recent comments from both governments are being interpreted by analysts as a means of bolstering negotiating stances ahead of future trade talks.
Is not yet known whether a meeting between Donald Trump and China’s leader, expected at a high-level meeting in Seoul in the coming weeks, will take place as planned.