Chinese Government Condemns America of ‘Hypocritical Policies’ Concerning Import Duty Ultimatum
Donald Trump’s latest threat to impose an further 100% tariff on items imported from China has been called a “prime illustration” of US double standards, as stated by the China’s leadership.
A representative of the ministry further commented that the nation could introduce its own undisclosed “countermeasures” if the American leader executes his warning, noting that the country was “unafraid” of a possible commercial battle.
This past Friday, Donald Trump responded at Beijing’s move to tighten its policies for exports of critical elements, charging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the international market “captive”.
Additionally, he vowed to withdraw from a scheduled talks with China’s President Xi Jinping, which was set for a summit in the Republic of Korea later this month.
The former president’s remarks on that day shook global markets, with the S&P 500 closing down 2.7%, marking its biggest drop since earlier this year.
His comments renewed concerns of a trade war between the two economic giants.
This past spring, the respective governments had reached an agreement to eliminate high import duties on each other’s products, which had created the possibility of bilateral trade stopping between the two countries.
This left, American import duties on Chinese goods subject to an added import tax compared with the year’s onset, while US goods entering China incur a ten percent duty.
Beijing’s recent statements – issued by the Ministry of Commerce in the format of official answers to media inquiries – mirrored rhetoric from the height of the ongoing trade dispute.
Officials denounced US export restrictions on chips and semi-conductors while justifying the country’s own overseas sale regulations on rare earth minerals as “standard procedures” to ensure state interests and that of every country.
The spokesperson stated that for “a long time”, the United States had “overstretched the concept of domestic safety, misused foreign shipment regulations and “implemented” unfair treatments against the Chinese nation.
“Resorting to tariff threats is not the right way to deal with China,” the spokesperson commented.
“Beijing’s stance” on a import duty dispute has always been unchanging: we are not seeking one, but we are fearless of one.”
Recently, China announced it was strengthening export controls on rare earths and additional substances vital for advanced tech manufacturing.
This move was regarded as a important measure, as the nation processes about the vast majority of the global rare earth supply, which are used in items such as renewable energy components and smartphones.
The recent comments from the US and China are being seen by some as a means of strengthening positions ahead of upcoming negotiations.
Is not yet known whether a summit between Trump and President Xi, expected at a summit in the Republic of Korea before month’s end, will go ahead.