Beijing Slams United States of ‘Hypocritical Policies’ Concerning Trade Levy Warning
Trump’s latest threat to enforce an extra 100% tariff on items imported from China has been labeled a “typical example” of United States’ contradictory behavior, as stated by the Chinese government.
A representative of the ministry also stated that Beijing could enact its own unrevealed “countermeasures” if the White House occupant carries out his threat, noting that the country was “fearless” of a looming trade war.
On Friday, the former president hit back at China’s decision to tighten its rules for exports of rare earth minerals, accusing China of “becoming very hostile” and attempting to hold the world “hostage”.
He also warned to pull out of a scheduled summit with China’s President Xi Jinping, which was arranged for a meeting in Seoul in the coming weeks.
His statements on that day rattled stock exchanges, with the S&P 500 closing down nearly three percent, marking its steepest fall since April.
The president’s words reignited fears of a trade war between the two economic giants.
Earlier this year, the respective governments had agreed to drop significant levies on each other’s imports, which had led to concerns of bilateral trade stopping between the economic powers.
Consequently, United States levies on Chinese goods facing an added import tax compared with the start of the year, while US goods entering the country face a 10% tariff.
The most recent comments from China – published by the relevant government department in the format of written responses to journalist’s questions – echoed language from the height of the latest commercial tensions.
The remarks condemned US export restrictions on electronic components while justifying Beijing’s export controls on key elements as “normal actions” to ensure national security and that of every country.
The spokesperson stated that for “many years”, the US had “expanded the interpretation” of national security, exploited export control measures and “adopted biased policies against China.
“Resorting to import duty warnings is not the right way to interact with Beijing,” their representative commented.
“China’s position on a tariff war has remained unchanging: we do not want one, but we are unafraid of one.”
Last week, China revealed it was strengthening export controls on rare earths and further resources critical for cutting-edge industry.
The action was viewed as a important measure, as the state processes about 90% of the planet’s critical minerals, which are utilized in goods such as renewable energy components and mobile phones.
New remarks from Washington and Beijing are being viewed by analysts as a means of strengthening positions in preparation for future trade talks.
Is not yet known whether a talks between Trump and President Xi, scheduled at a high-level meeting in South Korea later this month, will go ahead.