Chinese Government Condemns America of ‘Double Standards’ Over Import Duty Ultimatum
Donald Trump’s latest ultimatum to impose an further full import duty on products from China has been called a “classic case” of United States’ contradictory behavior, as stated by the Beijing administration.
A representative of the ministry further commented that the nation could introduce its own undisclosed “responsive actions” if the White House occupant carries out his pledge, adding that the country was “fearless” of a possible trade war.
This past Friday, Trump responded at China’s decision to strengthen its rules for exports of rare earths, alleging Beijing of “becoming very hostile” and attempting to hold the global community “under its control”.
Furthermore, he vowed to pull out of a scheduled summit with China’s President Xi Jinping, which was expected to take place during a summit in Seoul before the month ends.
Trump’s comments on that day shook stock exchanges, with the benchmark US stock index falling by 2.7%, marking its steepest fall since earlier this year.
The president’s words revived apprehensions of a commercial dispute between the United States and China.
Earlier this year, the both nations had reached an agreement to drop significant levies on each other’s products, which had led to concerns of trade halting between the economic powers.
As a result, American import duties on Chinese goods subject to an additional 30% levy compared with the start of the year, while items from the United States entering China incur a ten percent duty.
Beijing’s recent statements – released by the Ministry of Commerce in the manner of written responses to journalist’s questions – echoed terminology from the height of the ongoing trade dispute.
Officials denounced United States controls on chips and semi-conductors while supporting Beijing’s export controls on rare earth minerals as “standard procedures” to protect domestic safety and that of the global community.
The spokesperson said that for “many years”, the US had “expanded the interpretation” of national security, misused foreign shipment regulations and “enforced” unfair treatments against the Chinese nation.
“Using” tariff threats is not the correct approach to interact with China,” the official commented.
“China’s position on a import duty dispute has consistently been steady: we are not seeking one, but we are not afraid of one.”
The previous week, Beijing declared it was reinforcing foreign shipment restrictions on rare earth minerals and further resources critical for cutting-edge industry.
This was seen as a important measure, as the country refines about ninety percent of the global rare earth supply, which are used in products such as renewable energy components and smartphones.
Latest statements from the US and China are being seen by some as a method of enhancing bargaining power prior to future trade talks.
Remains uncertain whether a talks between Donald Trump and China’s leader, planned at a high-level meeting in Seoul later this month, will take place as planned.