China Accuses America of ‘Hypocritical Policies’ Concerning Trade Levy Warning
The former US president’s latest threat to enforce an additional complete levy on products from China has been described as a “prime illustration” of United States’ contradictory behavior, according to the China’s leadership.
A Commerce Ministry spokesperson also stated that the nation could implement its own unrevealed “countermeasures” if the US President follows through on his pledge, noting that the country was “unafraid” of a potential commercial battle.
On Friday, Donald Trump retaliated at Beijing’s move to strengthen its policies for foreign shipments of critical elements, accusing China of “turning aggressive” and attempting to hold the world “captive”.
He also threatened to withdraw from a scheduled meeting with China’s President Xi Jinping, which was arranged for a summit in the Republic of Korea in the coming weeks.
His statements on that day shook stock exchanges, with the S&P 500 falling by nearly three percent, marking its biggest drop since last spring.
The president’s words reignited concerns of a trade war between the United States and China.
This past spring, the respective governments had agreed to remove triple-digit tariffs on each other’s imports, which had raised the prospect of trade halting between the two countries.
This left, United States levies on Chinese goods subject to an extra 30% levy compared with the year’s onset, while US goods entering China face a import levy.
The most recent comments from China – published by the relevant government department in the format of written responses to media inquiries – mirrored terminology from the height of the recent trade conflict.
They criticised American limits on exports on semiconductors and chips while supporting China’s own restrictions on exports on rare earth minerals as “standard procedures” to safeguard national security and that of every country.
Their representative remarked that for “many years”, the America had “overstretched the concept of state security, abused export control measures and “enforced” biased policies against China.
“Turning to” import duty warnings is not the proper method to deal with Beijing,” the official commented.
“China’s position on a trade conflict has always been steady: we do not want one, but we are fearless of one.”
The previous week, China declared it was reinforcing export controls on key elements and other materials vital for high-technology production.
This move was regarded as a important measure, as the nation processes about 90% of the world’s rare earths, which are used in products such as renewable energy components and mobile phones.
Latest statements from both governments are being interpreted by analysts as a strategy of bolstering negotiating stances in preparation for future trade talks.
It is unclear whether a summit between Trump and China’s leader, scheduled at a conference in Seoul in the coming weeks, will go ahead.
