Beijing Slams United States of ‘Hypocritical Policies’ Regarding Trade Levy Warning

Trump’s newest warning to enforce an extra 100% tariff on products from China has been described as a “typical example” of US double standards, as stated by the Chinese government.

A representative of the ministry further commented that Beijing could introduce its own unrevealed “retaliatory steps” if the American leader executes his pledge, emphasizing that the country was “fearless” of a possible trade conflict.

On Friday, Trump hit back at the Chinese government’s action to reinforce its regulations for overseas sales of rare earths, charging Beijing of “becoming very hostile” and attempting to hold the international market “under its control”.

Furthermore, he threatened to withdraw from a scheduled summit with Chinese leader Xi Jinping, which was arranged for a conference in the Republic of Korea in the coming weeks.

The former president’s remarks on last Friday shook global markets, with the S&P 500 share index closing down 2.7%, marking its largest decline since earlier this year.

These statements revived concerns of a trade conflict between the United States and China.

Earlier this year, the respective governments had reached an agreement to remove high import duties on each other’s imports, which had led to concerns of commerce ceasing between the two nations.

This left, American import duties on Chinese imports subject to an added import tax compared with the start of the year, while American products entering the Chinese market incur a import levy.

The most recent comments from China – issued by the Commerce Ministry in the format of official answers to media inquiries – echoed rhetoric from the height of the latest commercial tensions.

The remarks condemned United States controls on chips and semi-conductors while defending the country’s own export controls on rare earths as “standard procedures” to ensure state interests and that of the global community.

Their representative stated that for “an extended period”, the United States had “expanded the interpretation” of national security, misused foreign shipment regulations and “enforced” discriminatory practices against Beijing.

“Turning to” import duty warnings is not the right way to deal with the Chinese government,” the official stated.

“The nation’s view” on a tariff war has consistently been consistent: we do not want one, but we are unafraid of one.”

The previous week, Beijing declared it was tightening overseas sale regulations on key elements and further resources critical for advanced tech manufacturing.

This was seen as a key move, as the country refines about the vast majority of the global rare earth supply, which are employed in goods such as photovoltaic modules and handheld devices.

New remarks from the US and China are being viewed by observers as a strategy of enhancing bargaining power prior to upcoming negotiations.

Is not yet known whether a meeting between Trump and President Xi, planned at a conference in Seoul before month’s end, will take place as planned.