China Accuses America of ‘Hypocritical Policies’ Regarding Tariff Threat
Donald Trump’s latest ultimatum to enforce an extra complete levy on products from China has been described as a “typical example” of United States’ contradictory behavior, as stated by the China’s leadership.
A official from China’s Commerce Ministry also stated that China could introduce its own unspecified “responsive actions” if the White House occupant follows through on his warning, noting that the country was “not afraid” of a looming trade war.
Last Friday, the former president retaliated at China’s decision to reinforce its regulations for overseas sales of critical elements, charging the Chinese leadership of “becoming very hostile” and attempting to hold the international market “under its control”.
Additionally, he warned to cancel a arranged talks with Beijing’s head of state President Xi, which was arranged for a summit in South Korea later this month.
The former president’s remarks on that day unsettled stock exchanges, with the S&P 500 closing down over two and a half percent, marking its steepest fall since earlier this year.
His comments reignited concerns of a trade war between the US and China.
In May, the respective governments had consented to drop significant levies on each other’s products, which had created the possibility of commerce ceasing between the two countries.
This left, US tariffs on Chinese goods subject to an additional import tax compared with the year’s onset, while US goods entering China incur a 10% tariff.
China’s latest remarks – released by the relevant government department in the format of official answers to journalist’s questions – reflected terminology from the zenith of the recent trade conflict.
The remarks condemned US export restrictions on electronic components while justifying China’s own overseas sale regulations on rare earth minerals as “routine measures” to safeguard domestic safety and that of all nations.
The official said that for “many years”, the America had “expanded the interpretation” of state security, exploited overseas sale restrictions and “enforced” discriminatory practices against Beijing.
“Resorting to tariff threats is not the correct approach to engage with China,” the spokesperson stated.
“China’s position on a trade conflict has remained consistent: we are not seeking one, but we are unafraid of one.”
Recently, the Chinese government announced it was strengthening export controls on rare earth minerals and other materials essential to advanced tech manufacturing.
This was seen as a significant step, as the state handles about 90% of the world’s rare earths, which are used in items such as renewable energy components and mobile phones.
The recent comments from both governments are being viewed by some as a strategy of bolstering negotiating stances in preparation for future trade talks.
Remains uncertain whether a talks between Trump and Xi Jinping, expected at a conference in Seoul later this month, will still proceed.