Beijing Slams US of ‘Double Standards’ Regarding Tariff Threat

The former US president’s most recent threat to impose an additional complete levy on items imported from China has been described as a “classic case” of American hypocrisy, as stated by the Chinese government.

A representative of the ministry also stated that Beijing could introduce its own undisclosed “responsive actions” if the American leader carries out his threat, noting that the country was “not afraid” of a potential trade conflict.

On Friday, the former president responded at the Chinese government’s action to strengthen its rules for overseas sales of rare earth minerals, alleging Beijing of “adopting a confrontational stance” and attempting to hold the world “under its control”.

Additionally, he warned to withdraw from a planned talks with Beijing’s head of state Xi Jinping, which was arranged for a meeting in South Korea before the month ends.

His statements on last Friday unsettled global markets, with the S&P 500 dropping 2.7%, marking its biggest drop since earlier this year.

His comments renewed fears of a commercial dispute between the United States and China.

Earlier this year, the both nations had consented to eliminate significant levies on each other’s products, which had created the possibility of bilateral trade stopping between the two nations.

As a result, US tariffs on Chinese goods subject to an added 30% levy compared with the year’s onset, while American products entering the country are subject to a import levy.

The most recent comments from China – published by the Commerce Ministry in the form of official answers to journalist’s questions – reflected language from the height of the ongoing trade dispute.

They criticised US export restrictions on chips and semi-conductors while supporting China’s own restrictions on exports on rare earths as “routine measures” to ensure state interests and that of the global community.

Their representative stated that for “many years”, the US had “overstretched the concept of national security, abused export control measures and “adopted discriminatory practices against Beijing.

“Turning to” tariff threats is not the proper method to interact with Beijing,” the official said.

“Beijing’s stance” on a trade conflict has remained steady: we do not want one, but we are unafraid of one.”

Last week, the Chinese government revealed it was reinforcing export controls on rare earth minerals and additional substances vital for high-technology production.

The action was viewed as a significant step, as the nation handles about ninety percent of the global rare earth supply, which are used in goods such as renewable energy components and smartphones.

Latest statements from both governments are being viewed by some as a method of bolstering negotiating stances in preparation for upcoming negotiations.

It is unclear whether a meeting between Donald Trump and China’s leader, scheduled at a summit in Seoul in the coming weeks, will go ahead.