Beijing Slams United States of ‘Contradictory Stances’ Regarding Tariff Threat
Donald Trump’s newest warning to impose an additional 100% tariff on products from China has been called a “classic case” of United States’ contradictory behavior, according to the China’s leadership.
A representative of the ministry additionally remarked that Beijing could introduce its own unspecified “responsive actions” if the White House occupant executes his warning, emphasizing that the country was “fearless” of a looming commercial battle.
Last Friday, Trump retaliated at the Chinese government’s action to tighten its regulations for exports of rare earths, charging China of “becoming very hostile” and attempting to hold the world “under its control”.
He also warned to pull out of a arranged talks with Chinese leader President Xi, which was set for a summit in Seoul later this month.
The former president’s remarks on last Friday rattled stock exchanges, with the S&P 500 falling by nearly three percent, marking its largest decline since last spring.
These statements reignited concerns of a trade conflict between the US and China.
Earlier this year, the two sides had consented to remove triple-digit tariffs on each other’s imports, which had raised the prospect of bilateral trade stopping between the economic powers.
This left, United States levies on Chinese goods incurring an extra import tax compared with the start of the year, while American products entering China incur a import levy.
China’s latest remarks – issued by the Ministry of Commerce in the manner of formal replies to journalist’s questions – mirrored rhetoric from the peak of the recent trade conflict.
The remarks condemned United States controls on electronic components while justifying Beijing’s restrictions on exports on rare earth minerals as “standard procedures” to safeguard domestic safety and that of all nations.
The spokesperson stated that for “many years”, the United States had “overstretched the concept of domestic safety, misused export control measures and “adopted biased policies against the Chinese nation.
“Using” trade levy ultimatums is not the right way to deal with the Chinese government,” the official said.
“China’s position on a import duty dispute has consistently been unchanging: we are not seeking one, but we are fearless of one.”
Recently, China announced it was tightening foreign shipment restrictions on rare earth minerals and other materials critical for high-technology production.
This was seen as a important measure, as the nation processes about 90% of the world’s rare earths, which are utilized in goods such as photovoltaic modules and smartphones.
The recent comments from Washington and Beijing are being interpreted by some as a strategy of bolstering negotiating stances in preparation for upcoming negotiations.
Remains uncertain whether a talks between Trump and Xi Jinping, expected at a conference in Seoul later this month, will still proceed.