China Accuses United States of ‘Double Standards’ Regarding Trade Levy Warning

Donald Trump’s newest ultimatum to introduce an further full import duty on items imported from China has been labeled a “prime illustration” of US double standards, per the Chinese government.

A representative of the ministry also stated that Beijing could introduce its own unspecified “retaliatory steps” if the US President carries out his threat, noting that the country was “unafraid” of a potential commercial battle.

Last Friday, the former president hit back at China’s decision to reinforce its rules for exports of rare earth minerals, accusing the Chinese leadership of “becoming very hostile” and attempting to hold the global community “hostage”.

He also threatened to pull out of a scheduled talks with Chinese leader President Xi, which was set for a meeting in South Korea before the month ends.

His statements on Friday shook stock exchanges, with the S&P 500 share index falling by 2.7%, marking its steepest fall since April.

The president’s words reignited concerns of a commercial dispute between the United States and China.

Earlier this year, the both nations had consented to eliminate triple-digit tariffs on each other’s goods, which had created the possibility of bilateral trade stopping between the economic powers.

This left, US tariffs on products from China subject to an additional 30% levy compared with the start of the year, while US goods entering the Chinese market incur a ten percent duty.

China’s latest remarks – released by the Ministry of Commerce in the manner of written responses to press queries – echoed rhetoric from the zenith of the recent trade conflict.

They criticised American limits on exports on electronic components while justifying Beijing’s overseas sale regulations on rare earths as “routine measures” to protect state interests and that of the global community.

The spokesperson stated that for “an extended period”, the America had “broadened the definition” of domestic safety, exploited export control measures and “adopted biased policies against Beijing.

“Using” trade levy ultimatums is not the right way to interact with China,” the official stated.

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

Last week, the Chinese government announced it was reinforcing overseas sale regulations on rare earth minerals and other materials critical for cutting-edge industry.

The action was viewed as a important measure, as the country refines about 90% of the world’s rare earths, which are used in goods such as photovoltaic modules and handheld devices.

Latest statements from the US and China are being seen by some as a strategy of enhancing bargaining power in preparation for future trade talks.

Is not yet known whether a summit between Donald Trump and President Xi, expected at a conference in the Republic of Korea before month’s end, will still proceed.