China Accuses US of ‘Contradictory Stances’ Concerning Tariff Threat
The former US president’s newest ultimatum to introduce an extra full import duty on products from China has been labeled a “prime illustration” of United States’ contradictory behavior, according to the Beijing administration.
A representative of the ministry additionally remarked that Beijing could enact its own unrevealed “countermeasures” if the White House occupant carries out his threat, noting that the country was “not afraid” of a potential trade war.
Last Friday, the former president responded at China’s decision to reinforce its regulations for foreign shipments of rare earth minerals, charging the Chinese leadership of “turning aggressive” and attempting to hold the international market “captive”.
Furthermore, he warned to cancel a scheduled talks with Chinese leader Xi, which was set for a summit in the Republic of Korea in the coming weeks.
His statements on Friday shook global markets, with the S&P 500 share index closing down 2.7%, marking its steepest fall since last spring.
The president’s words renewed fears of a trade conflict between the US and China.
Earlier this year, the both nations had reached an agreement to remove triple-digit tariffs on each other’s imports, which had raised the prospect of bilateral trade stopping between the two countries.
Consequently, United States levies on Chinese imports incurring an added import tax compared with the year’s onset, while American products entering the Chinese market incur a import levy.
China’s latest remarks – issued by the Commerce Ministry in the form of written responses to press queries – echoed rhetoric from the zenith of the recent trade conflict.
They criticised American limits on exports on electronic components while defending the country’s own restrictions on exports on rare earth minerals as “normal actions” to protect domestic safety and that of all nations.
Their representative stated that for “an extended period”, the US had “expanded the interpretation” of national security, misused overseas sale restrictions and “implemented” discriminatory practices against China.
“Using” trade levy ultimatums is not the right way to interact with Beijing,” the spokesperson said.
“The nation’s view” on a trade conflict has consistently been consistent: we wish to avoid one, but we are fearless of one.”
The previous week, the Chinese government declared it was tightening export controls on key elements and other materials essential to advanced tech manufacturing.
This was seen as a significant step, as the state processes about ninety percent of the world’s rare earths, which are used in products such as solar panels and smartphones.
New remarks from both governments are being interpreted by some as a strategy of strengthening positions in preparation for upcoming negotiations.
Is not yet known whether a meeting between Trump and President Xi, scheduled at a conference in South Korea later this month, will still proceed.
