Beijing Slams United States of ‘Double Standards’ Regarding Tariff Threat

The former US president’s newest ultimatum to introduce an extra complete levy on items imported from China has been called a “prime illustration” of US double standards, according to the Beijing administration.

A official from China’s Commerce Ministry further commented that Beijing could introduce its own unspecified “responsive actions” if the US President executes his threat, noting that the country was “unafraid” of a possible trade war.

Last Friday, Trump retaliated at Beijing’s move to reinforce its rules for foreign shipments of critical elements, charging China of “adopting a confrontational stance” and attempting to hold the international market “under its control”.

Furthermore, he vowed to withdraw from a planned summit with China’s President Xi Jinping, which was set for a conference in the Republic of Korea later this month.

His statements on that day shook stock exchanges, with the benchmark US stock index dropping 2.7%, marking its steepest fall since April.

The president’s words renewed apprehensions of a trade conflict between the two economic giants.

This past spring, the two sides had agreed to remove high import duties on each other’s goods, which had raised the prospect of bilateral trade stopping between the two nations.

Consequently, American import duties on Chinese imports subject to an extra thirty percent tariff compared with the start of the year, while US goods entering the country face a ten percent duty.

China’s latest remarks – issued by the relevant government department in the form of formal replies to press queries – echoed language from the zenith of the recent trade conflict.

They criticised US export restrictions on electronic components while justifying the country’s own overseas sale regulations on rare earth minerals as “routine measures” to ensure national security and that of the global community.

Their representative remarked that for “many years”, the US had “overstretched the concept of national security, abused foreign shipment regulations and “enforced” biased policies against Beijing.

“Using” tariff threats is not the correct approach to deal with Beijing,” the spokesperson said.

“The nation’s view” on a trade conflict has remained unchanging: we do not want one, but we are fearless of one.”

Recently, China declared it was tightening foreign shipment restrictions on key elements and further resources vital for advanced tech manufacturing.

This was seen as a key move, as the country refines about 90% of the world’s rare earths, which are employed in items such as renewable energy components and mobile phones.

New remarks from the US and China are being seen by analysts as a strategy of bolstering negotiating stances ahead of forthcoming discussions.

Is not yet known whether a meeting between Trump and Xi Jinping, planned at a high-level meeting in South Korea before month’s end, will still proceed.