Beijing Slams US of ‘Contradictory Stances’ Over Import Duty Ultimatum
The former US president’s most recent ultimatum to impose an further full import duty on products from China has been described as a “classic case” of US double standards, as stated by the Beijing administration.
A representative of the ministry also stated that Beijing could introduce its own unspecified “responsive actions” if the White House occupant carries out his threat, adding that the country was “unafraid” of a looming trade conflict.
Last Friday, Trump responded at the Chinese government’s action to tighten its regulations for overseas sales of rare earth minerals, charging Beijing of “turning aggressive” and attempting to hold the global community “hostage”.
He also warned to cancel a planned talks with Chinese leader President Xi, which was arranged for a meeting in Seoul in the coming weeks.
His statements on last Friday unsettled global markets, with the S&P 500 share index closing down over two and a half percent, marking its biggest drop since April.
These statements revived apprehensions of a commercial dispute between the US and China.
This past spring, the respective governments had consented to drop high import duties on each other’s goods, which had created the possibility of commerce ceasing between the two nations.
This left, United States levies on Chinese goods facing an extra import tax compared with the year’s onset, while American products entering the country incur a 10% tariff.
The most recent comments from China – issued by the relevant government department in the format of official answers to media inquiries – mirrored rhetoric from the zenith of the recent trade conflict.
The remarks condemned American limits on exports on chips and semi-conductors while supporting Beijing’s restrictions on exports on rare earths as “normal actions” to protect domestic safety and that of all nations.
Their representative said that for “many years”, the America had “expanded the interpretation” of state security, abused overseas sale restrictions and “enforced” unfair treatments against the Chinese nation.
“Turning to” import duty warnings is not the correct approach to interact with Beijing,” their representative stated.
“China’s position on a import duty dispute has consistently been unchanging: we are not seeking one, but we are not afraid of one.”
Last week, the Chinese government announced it was strengthening overseas sale regulations on rare earth minerals and additional substances vital for cutting-edge industry.
The action was viewed as a important measure, as the nation processes about 90% of the global rare earth supply, which are employed in goods such as solar panels and handheld devices.
The recent comments from the US and China are being seen by analysts as a strategy of strengthening positions ahead of upcoming negotiations.
Is not yet known whether a talks between the former president and Xi Jinping, expected at a high-level meeting in the Republic of Korea in the coming weeks, will go ahead.