Trump’s newest warning to impose an further 100% tariff on products from China has been described as a “typical example” of US double standards, as stated by the Beijing administration.
A official from China’s Commerce Ministry further commented that China could enact its own undisclosed “responsive actions” if the White House occupant carries out his warning, noting that the country was “fearless” of a possible commercial battle.
This past Friday, Trump retaliated at the Chinese government’s action to reinforce its policies for overseas sales of rare earth minerals, alleging Beijing of “turning aggressive” and attempting to hold the global community “captive”.
He also threatened to pull out of a scheduled summit with Chinese leader Xi Jinping, which was arranged for a meeting in South Korea before the month ends.
His statements on that day shook global markets, with the benchmark US stock index dropping 2.7%, marking its largest decline since earlier this year.
His comments reignited concerns of a trade conflict between the US and China.
Earlier this year, the two sides had consented to drop significant levies on each other’s goods, which had led to concerns of bilateral trade stopping between the two countries.
As a result, American import duties on Chinese goods subject to an extra 30% levy compared with the start of the year, while American products entering the country face a ten percent duty.
China’s latest remarks – published by the Ministry of Commerce in the form of written responses to journalist’s questions – reflected language from the zenith of the recent trade conflict.
Officials denounced US export restrictions on semiconductors and chips while defending Beijing’s restrictions on exports on rare earths as “standard procedures” to ensure state interests and that of all nations.
The spokesperson said that for “a long time”, the United States had “broadened the definition” of national security, exploited export control measures and “adopted unfair treatments against the Chinese nation.
“Turning to” tariff threats is not the right way to interact with the Chinese government,” the official commented.
“China’s position on a tariff war has consistently been consistent: we are not seeking one, but we are unafraid of one.”
The previous week, the Chinese government declared it was strengthening foreign shipment restrictions on rare earths and additional substances vital for cutting-edge industry.
This was seen as a key move, as the country handles about the vast majority of the world’s rare earths, which are utilized in products such as photovoltaic modules and handheld devices.
New remarks from the US and China are being seen by analysts as a method of bolstering negotiating stances ahead of upcoming negotiations.
Remains uncertain whether a summit between Trump and China’s leader, scheduled at a high-level meeting in Seoul later this month, will still proceed.
