China Accuses US of ‘Double Standards’ Concerning Tariff Threat

The former US president’s newest ultimatum to enforce an further 100% tariff on Chinese goods has been labeled a “typical example” of American hypocrisy, as stated by the Chinese government.

A representative of the ministry further commented that the nation could introduce its own undisclosed “countermeasures” if the American leader executes his warning, adding that the country was “unafraid” of a possible commercial battle.

This past Friday, Trump responded at the Chinese government’s action to strengthen its policies for exports of rare earths, alleging Beijing of “adopting a confrontational stance” and attempting to hold the world “hostage”.

Additionally, he warned to pull out of a scheduled meeting with Beijing’s head of state Xi Jinping, which was set for a meeting in South Korea later this month.

His statements on Friday rattled stock exchanges, with the benchmark US stock index falling by 2.7%, marking its largest decline since last spring.

His comments reignited concerns of a trade conflict between the two economic giants.

Earlier this year, the two sides had reached an agreement to eliminate triple-digit tariffs on each other’s goods, which had created the possibility of commerce ceasing between the two countries.

Consequently, American import duties on products from China facing an added thirty percent tariff compared with the year’s onset, while items from the United States entering China are subject to a ten percent duty.

China’s latest remarks – released by the relevant government department in the manner of formal replies to press queries – mirrored language from the zenith of the latest commercial tensions.

They criticised United States controls on electronic components while justifying Beijing’s restrictions on exports on key elements as “routine measures” to safeguard state interests and that of the global community.

Their representative said that for “many years”, the United States had “overstretched the concept of national security, exploited foreign shipment regulations and “enforced” unfair treatments against China.

“Using” tariff threats is not the proper method to interact with Beijing,” their representative said.

“China’s position on a import duty dispute has always been consistent: we are not seeking one, but we are fearless of one.”

Last week, Beijing revealed it was tightening overseas sale regulations on key elements and other materials essential to cutting-edge industry.

This move was regarded as a key move, as the state handles about 90% of the world’s rare earths, which are employed in items such as solar panels and handheld devices.

The recent comments from both governments are being seen by some as a strategy of bolstering negotiating stances prior to forthcoming discussions.

It is unclear whether a summit between Trump and President Xi, expected at a summit in Seoul before month’s end, will go ahead.