Beijing Slams US of ‘Double Standards’ Concerning Tariff Threat

Trump’s most recent warning to introduce an extra complete levy on products from China has been described as a “classic case” of US double standards, according to the China’s leadership.

A official from China’s Commerce Ministry also stated that the nation could implement its own unspecified “countermeasures” if the US President follows through on his threat, adding that the country was “not afraid” of a potential commercial battle.

Last Friday, Donald Trump retaliated at China’s decision to strengthen its regulations for exports of rare earth minerals, charging the Chinese leadership of “turning aggressive” and attempting to hold the global community “under its control”.

He also warned to cancel a arranged talks with China’s President Xi, which was set for a summit in the Republic of Korea before the month ends.

Trump’s comments on Friday unsettled stock exchanges, with the benchmark US stock index dropping nearly three percent, marking its largest decline since earlier this year.

These statements renewed fears of a trade conflict between the United States and China.

Earlier this year, the two sides had reached an agreement to drop significant levies on each other’s products, which had created the possibility of trade halting between the two nations.

Consequently, US tariffs on Chinese imports facing an added 30% levy compared with the start of the year, while items from the United States entering China incur a ten percent duty.

China’s latest remarks – issued by the relevant government department in the manner of written responses to press queries – echoed rhetoric from the height of the recent trade conflict.

The remarks condemned US export restrictions on semiconductors and chips while supporting Beijing’s restrictions on exports on rare earth minerals as “normal actions” to safeguard state interests and that of every country.

Their representative remarked that for “many years”, the United States had “expanded the interpretation” of national security, misused foreign shipment regulations and “enforced” discriminatory practices against Beijing.

“Using” tariff threats is not the right way to deal with Beijing,” the official said.

“Beijing’s stance” on a import duty dispute has remained unchanging: we do not want one, but we are unafraid of one.”

The previous week, China declared it was reinforcing overseas sale regulations on rare earths and other materials essential to high-technology production.

This move was regarded as a significant step, as the nation refines about the vast majority of the world’s rare earths, which are utilized in items such as solar panels and handheld devices.

The recent comments from the US and China are being viewed by some as a strategy of enhancing bargaining power in preparation for upcoming negotiations.

It is unclear whether a summit between Donald Trump and President Xi, planned at a high-level meeting in the Republic of Korea before month’s end, will still proceed.