Beijing Slams America of ‘Hypocritical Policies’ Regarding Tariff Threat
The former US president’s most recent warning to enforce an additional 100% tariff on Chinese goods has been labeled a “prime illustration” of United States’ contradictory behavior, as stated by the Chinese government.
A representative of the ministry additionally remarked that China could introduce its own unrevealed “countermeasures” if the White House occupant carries out his pledge, adding that the country was “unafraid” of a possible trade war.
Last Friday, the former president responded at Beijing’s move to reinforce its policies for foreign shipments of critical elements, alleging China of “becoming very hostile” and attempting to hold the international market “captive”.
Furthermore, he vowed to pull out of a scheduled talks with Beijing’s head of state President Xi, which was arranged for a meeting in Seoul in the coming weeks.
His statements on Friday shook stock exchanges, with the S&P 500 share index falling by nearly three percent, marking its steepest fall since last spring.
The president’s words reignited concerns of a trade war between the United States and China.
Earlier this year, the respective governments had reached an agreement to drop high import duties on each other’s products, which had led to concerns of trade halting between the two nations.
Consequently, American import duties on Chinese goods subject to an extra import tax compared with the year’s onset, while items from the United States entering the Chinese market incur a 10% tariff.
Beijing’s recent statements – published by the relevant government department in the form of official answers to media inquiries – reflected language from the height of the recent trade conflict.
Officials denounced US export restrictions on semiconductors and chips while defending the country’s own restrictions on exports on key elements as “normal actions” to protect state interests and that of all nations.
The spokesperson said that for “a long time”, the America had “broadened the definition” of national security, abused foreign shipment regulations and “enforced” discriminatory practices against China.
“Using” import duty warnings is not the right way to interact with the Chinese government,” their representative stated.
“China’s position on a tariff war has always been steady: we wish to avoid one, but we are fearless of one.”
Last week, Beijing revealed it was reinforcing overseas sale regulations on key elements and further resources critical for advanced tech manufacturing.
This move was regarded as a important measure, as the nation refines about 90% of the global rare earth supply, which are used in items such as renewable energy components and mobile phones.
The recent comments from Washington and Beijing are being viewed by some as a means of enhancing bargaining power ahead of forthcoming discussions.
It is unclear whether a summit between Donald Trump and China’s leader, expected at a high-level meeting in Seoul later this month, will still proceed.