Beijing Slams US of ‘Contradictory Stances’ Regarding Tariff Threat
Trump’s newest warning to enforce an additional full import duty on products from China has been called a “prime illustration” of American hypocrisy, per the Chinese government.
A representative of the ministry additionally remarked that Beijing could implement its own unspecified “retaliatory steps” if the American leader follows through on his pledge, adding that the country was “not afraid” of a looming trade conflict.
This past Friday, Donald Trump responded at China’s decision to tighten its rules for overseas sales of critical elements, accusing China of “adopting a confrontational stance” and attempting to hold the world “captive”.
Furthermore, he vowed to pull out of a scheduled talks with Beijing’s head of state Xi, which was expected to take place during a summit in South Korea in the coming weeks.
The former president’s remarks on last Friday unsettled stock exchanges, with the benchmark US stock index dropping over two and a half percent, marking its steepest fall since last spring.
His comments revived fears of a trade conflict between the two economic giants.
This past spring, the respective governments had consented to drop significant levies on each other’s imports, which had raised the prospect of bilateral trade stopping between the two nations.
This left, American import duties on Chinese goods facing an added thirty percent tariff compared with the year’s onset, while American products entering the country face a ten percent duty.
China’s latest remarks – issued by the relevant government department in the format of written responses to press queries – echoed language from the height of the ongoing trade dispute.
The remarks condemned US export restrictions on electronic components while defending Beijing’s overseas sale regulations on rare earth minerals as “standard procedures” to protect domestic safety and that of every country.
The official said that for “a long time”, the US had “overstretched the concept of national security, abused export control measures and “enforced” unfair treatments against the Chinese nation.
“Using” import duty warnings is not the right way to deal with Beijing,” the spokesperson commented.
“The nation’s view” on a import duty dispute has consistently been unchanging: we are not seeking one, but we are fearless of one.”
Recently, the Chinese government declared it was tightening foreign shipment restrictions on rare earth minerals and other materials vital for high-technology production.
This was seen as a key move, as the country refines about 90% of the global rare earth supply, which are employed in products such as photovoltaic modules and mobile phones.
The recent comments from Washington and Beijing are being interpreted by observers as a strategy of enhancing bargaining power prior to upcoming negotiations.
Remains uncertain whether a meeting between the former president and Xi Jinping, scheduled at a conference in South Korea before month’s end, will go ahead.