Chinese Government Condemns US of ‘Double Standards’ Over Trade Levy Warning
Donald Trump’s most recent threat to enforce an further complete levy on items imported from China has been described as a “prime illustration” of US double standards, per the Chinese government.
A representative of the ministry additionally remarked that China could implement its own unspecified “retaliatory steps” if the American leader carries out his warning, adding that the country was “fearless” of a potential trade conflict.
Last Friday, Trump responded at the Chinese government’s action to reinforce its policies for foreign shipments of rare earth minerals, charging Beijing of “adopting a confrontational stance” and attempting to hold the global community “under its control”.
Furthermore, he threatened to cancel a planned meeting with China’s President Xi, which was set for a conference in South Korea before the month ends.
His statements on that day rattled stock exchanges, with the S&P 500 dropping over two and a half percent, marking its largest decline since last spring.
These statements reignited apprehensions of a trade conflict between the United States and China.
Earlier this year, the two sides had reached an agreement to remove significant levies on each other’s products, which had created the possibility of bilateral trade stopping between the two countries.
As a result, United States levies on Chinese imports facing an added thirty percent tariff compared with the year’s onset, while American products entering the country incur a import levy.
China’s latest remarks – issued by the Ministry of Commerce in the form of written responses to journalist’s questions – echoed rhetoric from the height of the ongoing trade dispute.
The remarks condemned United States controls on chips and semi-conductors while defending China’s own export controls on rare earth minerals as “normal actions” to protect national security and that of every country.
The official stated that for “a long time”, the US had “expanded the interpretation” of national security, abused export control measures and “adopted discriminatory practices against the Chinese nation.
“Resorting to trade levy ultimatums is not the correct approach to deal with Beijing,” the spokesperson stated.
“Beijing’s stance” on a import duty dispute has always been consistent: we are not seeking one, but we are fearless of one.”
Recently, Beijing announced it was tightening export controls on rare earths and further resources vital for cutting-edge industry.
This was seen as a significant step, as the country handles about ninety percent of the planet’s critical minerals, which are employed in goods such as renewable energy components and mobile phones.
Latest statements from both governments are being interpreted by analysts as a method of strengthening positions ahead of upcoming negotiations.
It is unclear whether a summit between Trump and China’s leader, planned at a conference in Seoul before month’s end, will take place as planned.