Chinese Government Condemns US of ‘Hypocritical Policies’ Over Tariff Threat
The former US president’s most recent threat to enforce an additional 100% tariff on Chinese goods has been labeled a “typical example” of United States’ contradictory behavior, per the China’s leadership.
A Commerce Ministry spokesperson also stated that the nation could implement its own unrevealed “countermeasures” if the US President executes his warning, noting that the country was “fearless” of a potential trade war.
On Friday, Trump responded at Beijing’s move to tighten its policies for overseas sales of critical elements, accusing China of “turning aggressive” and attempting to hold the global community “hostage”.
Additionally, he threatened to withdraw from a planned summit with Beijing’s head of state President Xi, which was arranged for a conference in the Republic of Korea later this month.
The former president’s remarks on last Friday rattled financial markets, with the S&P 500 falling by over two and a half percent, marking its largest decline since April.
These statements revived concerns of a trade war between the two economic giants.
Earlier this year, the both nations had consented to eliminate significant levies on each other’s imports, which had created the possibility of commerce ceasing between the economic powers.
As a result, US tariffs on Chinese imports subject to an additional thirty percent tariff compared with the start of the year, while US goods entering the country face a 10% tariff.
The most recent comments from China – published by the Ministry of Commerce in the manner of written responses to journalist’s questions – mirrored language from the peak of the latest commercial tensions.
The remarks condemned US export restrictions on semiconductors and chips while justifying China’s own export controls on rare earths as “normal actions” to ensure national security and that of every country.
The official remarked that for “many years”, the US had “overstretched the concept of domestic safety, abused overseas sale restrictions and “enforced” discriminatory practices against China.
“Resorting to import duty warnings is not the right way to interact with Beijing,” the official stated.
“The nation’s view” on a tariff war has always been consistent: we are not seeking one, but we are unafraid of one.”
Last week, the Chinese government declared it was reinforcing export controls on key elements and further resources critical for advanced tech manufacturing.
This was seen as a important measure, as the state handles about ninety percent of the global rare earth supply, which are employed in goods such as solar panels and smartphones.
Latest statements from Washington and Beijing are being interpreted by observers as a means of strengthening positions in preparation for forthcoming discussions.
It is unclear whether a meeting between the former president and President Xi, planned at a summit in Seoul later this month, will take place as planned.