Beijing Slams United States of ‘Double Standards’ Over Trade Levy Warning
The former US president’s newest warning to introduce an further complete levy on products from China has been labeled a “classic case” of American hypocrisy, per the China’s leadership.
A representative of the ministry additionally remarked that China could introduce its own undisclosed “retaliatory steps” if the White House occupant carries out his pledge, adding that the country was “not afraid” of a possible trade war.
This past Friday, the former president retaliated at the Chinese government’s action to strengthen its rules for exports of rare earths, accusing China of “turning aggressive” and attempting to hold the global community “hostage”.
Furthermore, he vowed to withdraw from a planned talks with Chinese leader Xi Jinping, which was set for a meeting in Seoul before the month ends.
His statements on Friday shook financial markets, with the S&P 500 share index dropping 2.7%, marking its steepest fall since last spring.
These statements reignited apprehensions of a trade conflict between the US and China.
Earlier this year, the respective governments had agreed to remove high import duties on each other’s goods, which had created the possibility of bilateral trade stopping between the two nations.
As a result, US tariffs on Chinese imports incurring an extra import tax compared with the year’s onset, while items from the United States entering the country incur a import levy.
Beijing’s recent statements – issued by the relevant government department in the manner of official answers to press queries – mirrored terminology from the height of the ongoing trade dispute.
They criticised US export restrictions on electronic components while justifying Beijing’s restrictions on exports on rare earths as “standard procedures” to protect domestic safety and that of the global community.
The official remarked that for “a long time”, the United States had “broadened the definition” of domestic safety, abused foreign shipment regulations and “implemented” unfair treatments against the Chinese nation.
“Turning to” tariff threats is not the correct approach to interact with China,” the official stated.
“Beijing’s stance” on a trade conflict has remained consistent: we are not seeking one, but we are not afraid of one.”
Last week, China announced it was reinforcing foreign shipment restrictions on rare earth minerals and further resources critical for high-technology production.
The action was viewed as a important measure, as the state processes about 90% of the global rare earth supply, which are utilized in items such as solar panels and handheld devices.
New remarks from the US and China are being viewed by some as a method of enhancing bargaining power ahead of upcoming negotiations.
Remains uncertain whether a talks between Trump and Xi Jinping, scheduled at a high-level meeting in South Korea before month’s end, will still proceed.
