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

Donald Trump’s latest ultimatum to enforce an additional 100% tariff on products from China has been labeled a “prime illustration” of US double standards, per the Beijing administration.

A official from China’s Commerce Ministry also stated that China could enact 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 war.

On Friday, Trump hit back at the Chinese government’s action to strengthen its policies for foreign shipments of rare earths, accusing Beijing of “adopting a confrontational stance” and attempting to hold the global community “captive”.

Additionally, he warned to cancel a arranged meeting with Chinese leader President Xi, which was set for a conference in the Republic of Korea later this month.

The former president’s remarks on that day shook stock exchanges, with the S&P 500 dropping 2.7%, marking its largest decline since earlier this year.

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

Earlier this year, the two sides had reached an agreement to remove high import duties on each other’s goods, which had created the possibility of commerce ceasing between the two nations.

This left, United States levies on Chinese goods incurring an added 30% levy compared with the start of the year, while American products entering China are subject to a 10% tariff.

The most recent comments from China – issued by the Commerce Ministry in the manner of written responses to media inquiries – echoed terminology from the height of the recent trade conflict.

The remarks condemned US export restrictions on electronic components while justifying Beijing’s restrictions on exports on rare earth minerals as “normal actions” to safeguard domestic safety and that of all nations.

The official remarked that for “a long time”, the America had “overstretched the concept of state security, abused foreign shipment regulations and “implemented” biased policies against Beijing.

“Turning to” import duty warnings is not the proper method to engage with Beijing,” their representative commented.

“The nation’s view” on a import duty dispute has consistently been consistent: we are not seeking one, but we are unafraid of one.”

Recently, the Chinese government revealed it was reinforcing overseas sale regulations on rare earth minerals and other materials essential to cutting-edge industry.

The action was viewed as a significant step, as the nation processes about the vast majority of the world’s rare earths, which are employed in products such as solar panels and mobile phones.

The recent comments from Washington and Beijing are being interpreted by some as a method of bolstering negotiating stances ahead of forthcoming discussions.

It is unclear whether a meeting between Donald Trump and China’s leader, expected at a conference in Seoul before month’s end, will take place as planned.