China Accuses America of ‘Double Standards’ Over Trade Levy Warning

The former US president’s newest threat to impose an further full import duty on products from China has been labeled a “classic case” of American hypocrisy, according to the Chinese government.

A official from China’s Commerce Ministry additionally remarked that Beijing could implement its own unspecified “countermeasures” if the White House occupant executes his warning, emphasizing that the country was “fearless” of a possible trade war.

On Friday, Donald Trump hit back at Beijing’s move to strengthen its regulations for exports of rare earth minerals, alleging the Chinese leadership of “turning aggressive” and attempting to hold the international market “hostage”.

He also vowed to cancel a arranged meeting with Beijing’s head of state President Xi, which was set for a meeting in Seoul later this month.

Trump’s comments on last Friday unsettled stock exchanges, with the S&P 500 share index dropping over two and a half percent, marking its biggest drop since earlier this year.

These statements renewed fears of a commercial dispute between the United States and China.

Earlier this year, the respective governments had agreed to remove significant levies on each other’s imports, which had raised the prospect of trade halting between the two nations.

As a result, American import duties on Chinese goods incurring an added 30% levy compared with the start of the year, while American products entering the country incur a ten percent duty.

The most recent comments from China – released by the Ministry of Commerce in the manner of official answers to media inquiries – reflected language from the height of the recent trade conflict.

Officials denounced American limits on exports on semiconductors and chips while defending Beijing’s export controls on rare earth minerals as “routine measures” to safeguard domestic safety and that of every country.

The official stated that for “a long time”, the US had “broadened the definition” of domestic safety, abused overseas sale restrictions and “enforced” discriminatory practices against Beijing.

“Using” trade levy ultimatums is not the correct approach to engage with the Chinese government,” their representative commented.

“Beijing’s stance” on a tariff war has always been unchanging: we do not want one, but we are unafraid of one.”

Recently, China revealed it was strengthening overseas sale regulations on rare earths and further resources critical for high-technology production.

This move was regarded as a key move, as the country refines about the vast majority of the global rare earth supply, which are utilized in goods such as photovoltaic modules and mobile phones.

Latest statements from the US and China are being interpreted by observers as a strategy of enhancing bargaining power ahead of future trade talks.

It is unclear whether a talks between the former president and China’s leader, scheduled at a conference in South Korea before month’s end, will go ahead.