Beijing Slams America of ‘Double Standards’ Over Trade Levy Warning

Trump’s most recent warning to introduce an further full import duty on Chinese goods has been labeled a “prime illustration” of United States’ contradictory behavior, according to the China’s leadership.

A Commerce Ministry spokesperson further commented that China could introduce its own undisclosed “responsive actions” if the US President follows through on his pledge, adding that the country was “not afraid” of a looming commercial battle.

On Friday, Donald Trump hit back at China’s decision to reinforce its regulations for foreign shipments of rare earth minerals, alleging Beijing of “turning aggressive” and attempting to hold the global community “under its control”.

He also vowed to pull out of a scheduled meeting with Beijing’s head of state Xi Jinping, which was expected to take place during a meeting in Seoul in the coming weeks.

His statements on last Friday rattled financial markets, with the S&P 500 share index closing down nearly three percent, marking its largest decline since earlier this year.

His comments revived fears of a commercial dispute between the US and China.

Earlier this year, the both nations had consented to eliminate triple-digit tariffs on each other’s products, which had led to concerns of trade halting between the two countries.

This left, United States levies on Chinese goods subject to an additional 30% levy compared with the year’s onset, while items from the United States entering the Chinese market are subject to a ten percent duty.

China’s latest remarks – published by the Commerce Ministry in the manner of formal replies to media inquiries – reflected terminology from the peak of the recent trade conflict.

They criticised US export restrictions on semiconductors and chips while defending China’s own restrictions on exports on rare earths as “routine measures” to ensure domestic safety and that of the global community.

The official said that for “many years”, the United States had “broadened the definition” of state security, misused foreign shipment regulations and “adopted biased policies against Beijing.

“Turning to” trade levy ultimatums is not the right way to engage with Beijing,” their representative commented.

“Beijing’s stance” on a tariff war has always been steady: we wish to avoid one, but we are not afraid of one.”

Recently, China announced it was reinforcing overseas sale regulations on rare earths and other materials essential to high-technology production.

The action was viewed as a significant step, as the nation processes about 90% of the global rare earth supply, which are utilized in products such as solar panels and smartphones.

Latest statements from Washington and Beijing are being viewed by observers as a means of enhancing bargaining power in preparation for future trade talks.

Remains uncertain whether a summit between the former president and Xi Jinping, expected at a conference in the Republic of Korea later this month, will take place as planned.