Beijing Slams United States of ‘Contradictory Stances’ Concerning Import Duty Ultimatum
Trump’s most recent warning to enforce an additional full import duty on items imported from China has been called a “prime illustration” of United States’ contradictory behavior, per the China’s leadership.
A representative of the ministry additionally remarked that Beijing could implement its own undisclosed “responsive actions” if the US President carries out his warning, noting that the country was “not afraid” of a looming trade war.
Last Friday, Donald Trump retaliated at Beijing’s move to tighten its rules for exports of rare earth minerals, charging China of “turning aggressive” and attempting to hold the world “under its control”.
He also warned to pull out of a scheduled meeting with Chinese leader Xi, which was expected to take place during a conference in South Korea before the month ends.
His statements on that day unsettled financial markets, with the benchmark US stock index dropping 2.7%, marking its biggest drop since earlier this year.
These statements reignited concerns of a commercial dispute between the two economic giants.
In May, the respective governments had consented to remove high import duties on each other’s products, which had raised the prospect of trade halting between the two countries.
As a result, American import duties on Chinese goods facing an added 30% levy compared with the start of the year, while US goods entering the Chinese market incur a 10% tariff.
China’s latest remarks – released by the Ministry of Commerce in the format of official answers to media inquiries – echoed language from the zenith of the latest commercial tensions.
They criticised United States controls on semiconductors and chips while supporting Beijing’s overseas sale regulations on rare earths as “routine measures” to safeguard state interests and that of all nations.
The spokesperson stated that for “a long time”, the US had “broadened the definition” of domestic safety, exploited foreign shipment regulations and “implemented” unfair treatments against China.
“Turning to” import duty warnings is not the proper method to engage with Beijing,” the spokesperson commented.
“The nation’s view” on a trade conflict has always been steady: we do not want one, but we are not afraid of one.”
Last week, the Chinese government announced it was tightening overseas sale regulations on rare earths and additional substances essential to advanced tech manufacturing.
This was seen as a significant step, as the nation handles about 90% of the world’s rare earths, which are used in items such as photovoltaic modules and mobile phones.
The recent comments from Washington and Beijing are being viewed by analysts as a means of enhancing bargaining power prior to forthcoming discussions.
Is not yet known whether a talks between Donald Trump and President Xi, planned at a conference in Seoul in the coming weeks, will still proceed.
