Beijing Slams United States of ‘Contradictory Stances’ Over Tariff Threat
Donald Trump’s latest threat to introduce an further full import duty on products from China has been labeled a “typical example” of American hypocrisy, per the Beijing administration.
A Commerce Ministry spokesperson further commented that Beijing could introduce its own unspecified “countermeasures” if the American leader carries out his warning, emphasizing that the country was “unafraid” of a potential commercial battle.
On Friday, the former president responded at the Chinese government’s action to tighten its policies for foreign shipments of rare earths, accusing China of “turning aggressive” and attempting to hold the world “captive”.
Furthermore, he threatened to cancel a scheduled summit with China’s President Xi Jinping, which was expected to take place during a meeting in the Republic of Korea in the coming weeks.
His statements on that day shook stock exchanges, with the S&P 500 closing down over two and a half percent, marking its biggest drop since earlier this year.
These statements revived apprehensions of a commercial dispute between the US and China.
This past spring, the both nations had consented to drop significant levies on each other’s products, which had created the possibility of trade halting between the two countries.
This left, US tariffs on Chinese goods subject to an extra 30% levy compared with the year’s onset, while US goods entering China are subject to a import levy.
China’s latest remarks – released by the relevant government department in the manner of written responses to press queries – echoed terminology from the zenith of the ongoing trade dispute.
Officials denounced American limits on exports on chips and semi-conductors while defending Beijing’s overseas sale regulations on rare earth minerals as “routine measures” to protect domestic safety and that of the global community.
Their representative stated that for “a long time”, the United States had “overstretched the concept of national security, abused foreign shipment regulations and “adopted biased policies against China.
“Resorting to tariff threats is not the right way to deal with China,” their representative stated.
“China’s position on a tariff war has always been steady: we wish to avoid one, but we are not afraid of one.”
The previous week, China revealed it was tightening overseas sale regulations on key elements and additional substances critical for cutting-edge industry.
This was seen as a important measure, as the nation handles about 90% of the planet’s critical minerals, which are employed in items such as renewable energy components and handheld devices.
Latest statements from both governments are being interpreted by analysts as a means of strengthening positions in preparation for forthcoming discussions.
Remains uncertain whether a talks between Donald Trump and Xi Jinping, scheduled at a summit in Seoul before month’s end, will go ahead.