China Accuses US of ‘Double Standards’ Concerning Tariff Threat

The former US president’s most recent ultimatum to introduce an extra complete levy on products from China has been labeled a “classic case” of US double standards, as stated by the Beijing administration.

A representative of the ministry also stated that China could enact its own undisclosed “responsive actions” if the US President executes his threat, adding that the country was “unafraid” of a looming commercial battle.

On Friday, Donald Trump retaliated at Beijing’s move to tighten its rules for overseas sales of rare earth minerals, alleging the Chinese leadership of “turning aggressive” and attempting to hold the international market “captive”.

He also warned to withdraw from a scheduled talks with Beijing’s head of state President Xi, which was arranged for a summit in Seoul before the month ends.

Trump’s comments on Friday shook stock exchanges, with the S&P 500 share index falling by 2.7%, marking its biggest drop since earlier this year.

The president’s words revived apprehensions of a trade war between the two economic giants.

In May, the two sides had reached an agreement to eliminate high import duties on each other’s products, which had led to concerns of trade halting between the economic powers.

Consequently, American import duties on Chinese goods facing an added 30% levy compared with the start of the year, while US goods entering the country face a 10% tariff.

China’s latest remarks – issued by the Ministry of Commerce in the format of official answers to journalist’s questions – reflected terminology from the peak of the ongoing trade dispute.

The remarks condemned US export restrictions on electronic components while defending Beijing’s export controls on key elements as “routine measures” to ensure state interests and that of all nations.

The official said that for “a long time”, the US had “overstretched the concept of domestic safety, abused export control measures and “implemented” discriminatory practices against China.

“Using” trade levy ultimatums is not the proper method to interact with China,” their representative said.

“China’s position on a trade conflict has always been steady: we wish to avoid one, but we are unafraid of one.”

Recently, the Chinese government declared it was reinforcing overseas sale regulations on key elements and other materials essential to high-technology production.

The action was viewed as a important measure, as the country processes about ninety percent of the global rare earth supply, which are employed in products such as renewable energy components and smartphones.

The recent comments from the US and China are being interpreted by some as a means of enhancing bargaining power in preparation for future trade talks.

Remains uncertain whether a summit between Trump and President Xi, scheduled at a conference in South Korea later this month, will go ahead.