Beijing Slams United States of ‘Double Standards’ Concerning Tariff Threat

Donald Trump’s latest ultimatum to impose an further full import duty on Chinese goods has been described as a “prime illustration” of US double standards, per the China’s leadership.

A Commerce Ministry spokesperson also stated that the nation could introduce its own unspecified “responsive actions” if the US President carries out his warning, adding that the country was “not afraid” of a looming trade war.

This past Friday, Trump hit back at Beijing’s move to strengthen its regulations for exports of rare earths, charging China of “becoming very hostile” and attempting to hold the global community “captive”.

He also vowed to cancel a scheduled summit with Chinese leader President Xi, which was arranged for a summit in South Korea before the month ends.

His statements on Friday rattled financial markets, with the S&P 500 share index dropping 2.7%, marking its biggest drop since earlier this year.

The president’s words renewed concerns of a trade conflict between the US and China.

In May, the respective governments had consented to remove significant levies on each other’s imports, which had led to concerns of commerce ceasing between the two countries.

As a result, US tariffs on Chinese goods facing an extra 30% levy compared with the start of the year, while American products entering the country face a import levy.

The most recent comments from China – released by the Ministry of Commerce in the manner of written responses to journalist’s questions – mirrored terminology from the peak of the latest commercial tensions.

They criticised United States controls on electronic components while defending the country’s own export controls on rare earths as “normal actions” to safeguard national security and that of every country.

The spokesperson stated that for “a long time”, the America had “expanded the interpretation” of state security, abused foreign shipment regulations and “implemented” unfair treatments against China.

“Using” tariff threats is not the correct approach to engage with the Chinese government,” the spokesperson stated.

“China’s position on a trade conflict has consistently been unchanging: we wish to avoid one, but we are not afraid of one.”

The previous week, the Chinese government declared it was tightening overseas sale regulations on rare earth minerals and additional substances essential to advanced tech manufacturing.

The action was viewed as a significant step, as the nation refines about the vast majority of the global rare earth supply, which are utilized in goods such as solar panels and smartphones.

New remarks from both governments are being interpreted by some as a means of bolstering negotiating stances prior to upcoming negotiations.

It is unclear whether a meeting between Trump and China’s leader, expected at a summit in Seoul later this month, will still proceed.