Beijing Slams United States of ‘Hypocritical Policies’ Over Tariff Threat
Trump’s newest warning to impose an extra full import duty on items imported from China has been called a “classic case” of American hypocrisy, as stated by the Beijing administration.
A Commerce Ministry spokesperson also stated that China could implement its own unspecified “retaliatory steps” if the US President executes his threat, emphasizing that the country was “fearless” of a possible trade war.
This past Friday, the former president retaliated at China’s decision to reinforce its rules for foreign shipments of critical elements, accusing Beijing of “adopting a confrontational stance” and attempting to hold the global community “hostage”.
He also warned to cancel a scheduled talks with China’s President Xi, which was arranged for a summit in South Korea in the coming weeks.
Trump’s comments on last Friday shook financial markets, with the S&P 500 share index falling by nearly three percent, marking its biggest drop since earlier this year.
The president’s words revived concerns of a commercial dispute between the US and China.
This past spring, the two sides had consented to eliminate triple-digit tariffs on each other’s goods, which had raised the prospect of trade halting between the two countries.
This left, American import duties on Chinese imports incurring an added import tax compared with the start of the year, while US goods entering China face a import levy.
Beijing’s recent statements – issued by the relevant government department in the format of formal replies to media inquiries – mirrored terminology from the zenith of the recent trade conflict.
Officials denounced United States controls on chips and semi-conductors while supporting China’s own export controls on rare earths as “routine measures” to safeguard state interests and that of the global community.
The spokesperson stated that for “a long time”, the US had “overstretched the concept of domestic safety, exploited foreign shipment regulations and “adopted unfair treatments against China.
“Turning to” tariff threats is not the correct approach to deal with China,” the official stated.
“Beijing’s stance” on a import duty dispute has always been consistent: we do not want one, but we are not afraid of one.”
The previous week, China announced it was strengthening foreign shipment restrictions on rare earths and additional substances critical for cutting-edge industry.
This move was regarded as a key move, as the state refines about ninety percent of the global rare earth supply, which are employed in items such as photovoltaic modules and mobile phones.
New remarks from both governments are being viewed by analysts as a means of strengthening positions ahead of future trade talks.
It is unclear whether a talks between Donald Trump and Xi Jinping, expected at a summit in the Republic of Korea before month’s end, will go ahead.
