Beijing Slams America of ‘Hypocritical Policies’ Over Tariff Threat
Donald Trump’s most recent threat to introduce an extra full import duty on items imported from China has been described as a “prime illustration” of American hypocrisy, according to the Chinese government.
A Commerce Ministry spokesperson additionally remarked that the nation could introduce its own undisclosed “retaliatory steps” if the White House occupant carries out his warning, adding that the country was “unafraid” of a possible commercial battle.
On Friday, Donald Trump hit back at China’s decision to strengthen its regulations for exports of rare earth minerals, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “captive”.
He also threatened to cancel a scheduled summit with Chinese leader Xi, which was expected to take place during a conference in South Korea later this month.
His statements on Friday shook global markets, with the S&P 500 dropping nearly three percent, marking its steepest fall since April.
These statements revived apprehensions of a trade conflict between the two economic giants.
In May, the respective governments had reached an agreement to remove significant levies on each other’s goods, which had raised the prospect of bilateral trade stopping between the two countries.
As a result, United States levies on products from China facing an added import tax compared with the start of the year, while US goods entering the country face a import levy.
Beijing’s recent statements – issued by the relevant government department in the form of written responses to media inquiries – reflected rhetoric from the height of the ongoing trade dispute.
They criticised United States controls on chips and semi-conductors while defending the country’s own overseas sale regulations on rare earth minerals as “standard procedures” to safeguard national security and that of all nations.
The official stated that for “an extended period”, the United States had “overstretched the concept of state security, abused export control measures and “implemented” discriminatory practices against China.
“Turning to” import duty warnings is not the right way to interact with China,” their representative commented.
“The nation’s view” on a tariff war has remained unchanging: we are not seeking one, but we are fearless of one.”
Recently, the Chinese government announced it was reinforcing overseas sale regulations on key elements and further resources essential to advanced tech manufacturing.
This was seen as a important measure, as the country refines about 90% of the world’s rare earths, which are utilized in items such as solar panels and handheld devices.
Latest statements from Washington and Beijing are being viewed by analysts as a means of bolstering negotiating stances in preparation for future trade talks.
It is unclear whether a talks between the former president and Xi Jinping, expected at a summit in Seoul before month’s end, will go ahead.
