Beijing Slams US of ‘Double Standards’ Regarding Import Duty Ultimatum
The former US president’s most recent ultimatum to enforce an extra complete levy on items imported from China has been called a “classic case” of United States’ contradictory behavior, according to the Chinese government.
A Commerce Ministry spokesperson additionally remarked that Beijing could introduce its own unrevealed “countermeasures” if the White House occupant carries out his threat, emphasizing that the country was “unafraid” of a potential trade war.
This past Friday, Trump hit back at Beijing’s move to reinforce its rules for overseas sales of rare earth minerals, charging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “under its control”.
He also vowed to pull out of a scheduled talks with Beijing’s head of state President Xi, which was set for a meeting in Seoul in the coming weeks.
The former president’s remarks on Friday rattled stock exchanges, with the benchmark US stock index closing down nearly three percent, marking its largest decline since earlier this year.
His comments revived concerns of a trade war between the United States and China.
In May, the two sides had agreed to drop significant levies on each other’s products, which had created the possibility of commerce ceasing between the two countries.
Consequently, US tariffs on Chinese goods facing an added 30% levy compared with the year’s onset, while American products entering the Chinese market are subject to a ten percent duty.
China’s latest remarks – released by the relevant government department in the form of written responses to journalist’s questions – echoed language from the height of the ongoing trade dispute.
They criticised United States controls on electronic components while supporting China’s own export controls on rare earth minerals as “routine measures” to safeguard domestic safety and that of the global community.
The spokesperson said that for “a long time”, the America had “overstretched the concept of state security, misused overseas sale restrictions and “adopted unfair treatments against Beijing.
“Turning to” tariff threats is not the right way to engage with Beijing,” the official said.
“China’s position on a import duty dispute has consistently been consistent: we are not seeking one, but we are unafraid of one.”
Last week, Beijing declared it was tightening foreign shipment restrictions on rare earth minerals and further resources critical for high-technology production.
The action was viewed as a key move, as the nation handles about ninety percent of the world’s rare earths, which are employed in products such as renewable energy components and handheld devices.
The recent comments from Washington and Beijing are being interpreted by some as a strategy of bolstering negotiating stances ahead of future trade talks.
Is not yet known whether a summit between the former president and Xi Jinping, planned at a summit in Seoul in the coming weeks, will still proceed.