Beijing Slams US of ‘Contradictory Stances’ Concerning Import Duty Ultimatum
Donald Trump’s latest ultimatum to enforce an further full import duty on Chinese goods has been labeled a “typical example” of United States’ contradictory behavior, per the Chinese government.
A Commerce Ministry spokesperson additionally remarked that Beijing could enact its own unspecified “responsive actions” if the White House occupant carries out his threat, noting that the country was “fearless” of a possible trade war.
On Friday, Donald Trump retaliated at Beijing’s move to tighten its policies for exports of rare earth minerals, alleging China of “turning aggressive” and attempting to hold the international market “under its control”.
Furthermore, he vowed to cancel a scheduled summit with China’s President President Xi, which was arranged for a summit in South Korea later this month.
His statements on Friday rattled global markets, with the benchmark US stock index falling by nearly three percent, marking its biggest drop since April.
The president’s words reignited fears of a commercial dispute between the US and China.
Earlier this year, the respective governments had consented to remove high import duties on each other’s products, which had created the possibility of commerce ceasing between the two countries.
Consequently, American import duties on products from China incurring an added import tax compared with the start of the year, while US goods entering the country face a 10% tariff.
Beijing’s recent statements – issued by the relevant government department in the manner of official answers to media inquiries – reflected terminology from the zenith of the ongoing trade dispute.
They criticised United States controls on chips and semi-conductors while supporting Beijing’s restrictions on exports on rare earths as “routine measures” to protect national security and that of all nations.
The official remarked that for “many years”, the United States had “expanded the interpretation” of national security, exploited foreign shipment regulations and “implemented” unfair treatments against China.
“Using” import duty warnings is not the right way to engage with Beijing,” their representative commented.
“The nation’s view” on a tariff war has always been unchanging: we are not seeking one, but we are not afraid of one.”
Recently, Beijing announced it was strengthening export controls on rare earth minerals and further resources essential to advanced tech manufacturing.
This was seen as a important measure, as the state refines about the vast majority of the planet’s critical minerals, which are utilized in goods such as photovoltaic modules and handheld devices.
Latest statements from the US and China are being interpreted by some as a means of strengthening positions in preparation for forthcoming discussions.
Remains uncertain whether a meeting between the former president and Xi Jinping, expected at a summit in South Korea later this month, will take place as planned.