Beijing Slams United States of ‘Double Standards’ Over Trade Levy Warning

Donald Trump’s most recent warning to impose an additional full import duty on items imported from China has been described as a “typical example” of US double standards, as stated by the Beijing administration.

A official from China’s Commerce Ministry further commented that Beijing could enact its own unrevealed “retaliatory steps” if the American leader follows through on his pledge, emphasizing that the country was “not afraid” of a looming trade conflict.

Last Friday, the former president hit back at the Chinese government’s action to tighten its regulations for exports of rare earth minerals, charging the Chinese leadership of “turning aggressive” and attempting to hold the world “under its control”.

Furthermore, he threatened to cancel a planned talks with Chinese leader Xi Jinping, which was set for a conference in Seoul in the coming weeks.

His statements on last Friday shook financial markets, with the S&P 500 dropping nearly three percent, marking its steepest fall since earlier this year.

The president’s words reignited apprehensions of a trade conflict between the US and China.

This past spring, the two sides had agreed to remove significant levies on each other’s goods, which had created the possibility of trade halting between the two nations.

Consequently, American import duties on Chinese imports facing an additional thirty percent tariff compared with the start of the year, while US goods entering the Chinese market are subject to a ten percent duty.

Beijing’s recent statements – released by the relevant government department in the form of written responses to journalist’s questions – reflected terminology from the zenith of the recent trade conflict.

The remarks condemned US export restrictions on electronic components while supporting the country’s own export controls on key elements as “standard procedures” to ensure national security and that of every country.

The official said that for “a long time”, the US had “broadened the definition” of national security, abused overseas sale restrictions and “enforced” unfair treatments against Beijing.

“Turning to” trade levy ultimatums is not the proper method to deal with the Chinese government,” the spokesperson commented.

“The nation’s view” on a import duty dispute has remained steady: we are not seeking one, but we are fearless of one.”

Recently, the Chinese government revealed it was reinforcing foreign shipment restrictions on rare earths and additional substances essential to high-technology production.

This was seen as a significant step, as the state refines about the vast majority of the global rare earth supply, which are utilized in products such as photovoltaic modules and mobile phones.

The recent comments from the US and China are being interpreted by analysts as a strategy of strengthening positions in preparation for future trade talks.

Is not yet known whether a meeting between the former president and Xi Jinping, scheduled at a high-level meeting in South Korea later this month, will go ahead.