Beijing Slams America of ‘Double Standards’ Over Import Duty Ultimatum
Donald Trump’s latest threat to enforce an further full import duty on items imported from China has been called a “prime illustration” of US double standards, as stated by the China’s leadership.
A representative of the ministry further commented that the nation could implement its own unspecified “responsive actions” if the US President follows through on his warning, emphasizing that the country was “unafraid” of a potential commercial battle.
Last Friday, Trump responded at China’s decision to strengthen its policies for exports of rare earths, charging China of “turning aggressive” and attempting to hold the international market “captive”.
He also threatened to pull out of a planned meeting with China’s President Xi Jinping, which was set for a conference in the Republic of Korea before the month ends.
The former president’s remarks on last Friday unsettled global markets, with the S&P 500 falling by 2.7%, marking its steepest fall since last spring.
The president’s words renewed apprehensions of a commercial dispute between the United States and China.
This past spring, the two sides had reached an agreement to drop significant levies on each other’s products, which had led to concerns of bilateral trade stopping between the two nations.
This left, United States levies on products from China incurring an added thirty percent tariff compared with the year’s onset, while items from the United States entering the country are subject to a ten percent duty.
Beijing’s recent statements – released by the Commerce Ministry in the form of official answers to journalist’s questions – echoed rhetoric from the zenith of the latest commercial tensions.
The remarks condemned American limits on exports on semiconductors and chips while supporting China’s own restrictions on exports on key elements as “routine measures” to ensure domestic safety and that of all nations.
The official stated that for “many years”, the America had “expanded the interpretation” of national security, abused overseas sale restrictions and “enforced” discriminatory practices against China.
“Using” import duty warnings is not the right way to deal with the Chinese government,” their representative stated.
“Beijing’s stance” on a import duty dispute has consistently been consistent: we do not want one, but we are not afraid of one.”
Last week, Beijing revealed it was reinforcing foreign shipment restrictions on key elements and further resources essential to high-technology production.
This was seen as a significant step, as the state processes about ninety percent of the global rare earth supply, which are employed in items such as photovoltaic modules and mobile phones.
Latest statements from both governments are being seen by analysts as a strategy of strengthening positions prior to future trade talks.
Remains uncertain whether a summit between the former president and Xi Jinping, planned at a conference in South Korea before month’s end, will still proceed.