Beijing Slams America of ‘Contradictory Stances’ Over Tariff Threat
The former US president’s most recent warning to impose an additional full import duty on products from China has been called a “typical example” of American hypocrisy, according to the Chinese government.
A representative of the ministry additionally remarked that Beijing could introduce its own unrevealed “responsive actions” if the White House occupant carries out his warning, adding that the country was “unafraid” of a looming trade war.
Last Friday, Donald Trump retaliated at the Chinese government’s action to strengthen its regulations for foreign shipments of rare earth minerals, alleging Beijing of “turning aggressive” and attempting to hold the international market “hostage”.
Additionally, he warned to withdraw from a scheduled talks with Beijing’s head of state Xi Jinping, which was set for a summit in the Republic of Korea later this month.
Trump’s comments on Friday shook stock exchanges, with the benchmark US stock index closing down 2.7%, marking its largest decline since April.
His comments renewed fears of a trade war between the United States and China.
In May, the both nations had reached an agreement to drop triple-digit tariffs on each other’s goods, which had raised the prospect of trade halting between the two nations.
As a result, United States levies on Chinese goods incurring an extra import tax compared with the start of the year, while US goods entering the country face a 10% tariff.
Beijing’s recent statements – released by the Ministry of Commerce in the form of formal replies to press queries – echoed language from the height of the ongoing trade dispute.
Officials denounced US export restrictions on semiconductors and chips while justifying Beijing’s restrictions on exports on rare earth minerals as “standard procedures” to protect state interests and that of the global community.
The spokesperson stated that for “an extended period”, the United States had “broadened the definition” of domestic safety, exploited export control measures and “implemented” biased policies against the Chinese nation.
“Using” tariff threats is not the proper method to engage with the Chinese government,” the spokesperson commented.
“Beijing’s stance” on a tariff war has remained consistent: we are not seeking one, but we are not afraid of one.”
The previous week, the Chinese government announced it was strengthening export controls on rare earth minerals and further resources essential to cutting-edge industry.
This move was regarded as a important measure, as the country refines about 90% of the planet’s critical minerals, which are utilized in goods such as solar panels and handheld devices.
The recent comments from Washington and Beijing are being viewed by some as a method of strengthening positions prior to future trade talks.
It is unclear whether a summit between Donald Trump and Xi Jinping, planned at a summit in Seoul in the coming weeks, will take place as planned.
