Beijing Slams US of ‘Hypocritical Policies’ Regarding Tariff Threat
Donald Trump’s newest ultimatum to impose an further 100% tariff on Chinese goods has been described as a “typical example” of United States’ contradictory behavior, per the China’s leadership.
A representative of the ministry also stated that Beijing could implement its own unrevealed “responsive actions” if the White House occupant carries out his threat, adding that the country was “not afraid” of a possible commercial battle.
On Friday, Trump responded at the Chinese government’s action to strengthen its regulations for foreign shipments of rare earths, charging the Chinese leadership of “becoming very hostile” and attempting to hold the global community “captive”.
Additionally, he warned to pull out of a scheduled meeting with Chinese leader President Xi, which was set for a summit in the Republic of Korea in the coming weeks.
Trump’s comments on last Friday shook stock exchanges, with the benchmark US stock index falling by 2.7%, marking its biggest drop since last spring.
The president’s words reignited concerns of a trade conflict between the United States and China.
In May, the both nations had reached an agreement to remove triple-digit tariffs on each other’s products, which had raised the prospect of commerce ceasing between the economic powers.
Consequently, American import duties on Chinese goods incurring an extra import tax compared with the year’s onset, while items from the United States entering China incur a 10% tariff.
China’s latest remarks – issued by the relevant government department in the format of written responses to press queries – echoed terminology from the zenith of the latest commercial tensions.
Officials denounced American limits on exports on electronic components while supporting the country’s own export controls on rare earth minerals as “routine measures” to safeguard national security and that of the global community.
The spokesperson remarked that for “many years”, the United States had “expanded the interpretation” of domestic safety, misused foreign shipment regulations and “adopted unfair treatments against China.
“Using” tariff threats is not the proper method to interact with Beijing,” the spokesperson said.
“Beijing’s stance” on a import duty dispute has consistently been consistent: we wish to avoid one, but we are fearless of one.”
The previous week, Beijing revealed it was tightening export controls on key elements and other materials critical for cutting-edge industry.
The action was viewed as a key move, as the nation processes about the vast majority of the planet’s critical minerals, which are utilized in items such as solar panels and smartphones.
The recent comments from both governments are being seen by analysts as a strategy of enhancing bargaining power ahead of future trade talks.
It is unclear whether a summit between Trump and President Xi, scheduled at a high-level meeting in South Korea before month’s end, will still proceed.