China Accuses America of ‘Hypocritical Policies’ Concerning Trade Levy Warning
Trump’s latest ultimatum to impose an extra 100% tariff on Chinese goods has been described as a “prime illustration” of American hypocrisy, as stated by the China’s leadership.
A official from China’s Commerce Ministry additionally remarked that Beijing could enact its own undisclosed “retaliatory steps” if the American leader carries out his threat, noting that the country was “not afraid” of a potential trade war.
This past Friday, Trump retaliated at the Chinese government’s action to strengthen its rules for exports of critical elements, alleging Beijing of “becoming very hostile” and attempting to hold the international market “hostage”.
Furthermore, he warned to pull out of a planned talks with China’s President President Xi, which was arranged for a conference in Seoul in the coming weeks.
His statements on that day unsettled global markets, with the S&P 500 closing down nearly three percent, marking its biggest drop since April.
His comments revived apprehensions of a trade conflict between the two economic giants.
Earlier this year, the two sides had consented to remove triple-digit tariffs on each other’s products, which had led to concerns of commerce ceasing between the economic powers.
This left, American import duties on products from China subject to an added import tax compared with the year’s onset, while US goods entering the Chinese market incur a 10% tariff.
Beijing’s recent statements – published by the Commerce Ministry in the format of written responses to media inquiries – reflected language from the peak of the recent trade conflict.
They criticised United States controls on electronic components while supporting the country’s own restrictions on exports on rare earth minerals as “normal actions” to safeguard state interests and that of the global community.
The spokesperson stated that for “many years”, the US had “expanded the interpretation” of national security, misused export control measures and “adopted unfair treatments against Beijing.
“Using” tariff threats is not the proper method to interact with China,” the official commented.
“The nation’s view” on a import duty dispute has remained steady: we do not want one, but we are not afraid of one.”
The previous week, the Chinese government declared it was strengthening export controls on key elements and other materials essential to high-technology production.
The action was viewed as a important measure, as the nation refines about the vast majority of the world’s rare earths, which are employed in goods such as renewable energy components and smartphones.
Latest statements from the US and China are being viewed by analysts as a strategy of strengthening positions prior to future trade talks.
Is not yet known whether a meeting between Donald Trump and China’s leader, scheduled at a conference in South Korea later this month, will go ahead.
