China Accuses America of ‘Double Standards’ Regarding Import Duty Ultimatum

Trump’s newest warning to impose an additional full import duty on Chinese goods has been described as a “prime illustration” of US double standards, as stated by the China’s leadership.

A Commerce Ministry spokesperson additionally remarked that the nation could implement its own unrevealed “countermeasures” if the US President follows through on his warning, noting that the country was “not afraid” of a possible trade conflict.

On Friday, the former president responded at China’s decision to strengthen its rules for overseas sales of rare earth minerals, accusing Beijing of “adopting a confrontational stance” and attempting to hold the global community “under its control”.

Additionally, he vowed to pull out of a arranged summit with Chinese leader Xi Jinping, which was arranged for a conference in South Korea later this month.

Trump’s comments on Friday shook financial markets, with the S&P 500 share index falling by 2.7%, marking its biggest drop since April.

The president’s words reignited apprehensions of a trade war between the US and China.

Earlier this year, the respective governments had consented to drop high import duties on each other’s goods, which had led to concerns of bilateral trade stopping between the two countries.

This left, American import duties on Chinese imports subject to an additional 30% levy compared with the start of the year, while American products entering China are subject to a import levy.

Beijing’s recent statements – issued by the relevant government department in the manner of written responses to journalist’s questions – reflected language from the zenith of the latest commercial tensions.

The remarks condemned United States controls on chips and semi-conductors while defending Beijing’s restrictions on exports on key elements as “normal actions” to safeguard national security and that of the global community.

Their representative said that for “a long time”, the US had “broadened the definition” of state security, misused export control measures and “enforced” unfair treatments against China.

“Using” import duty warnings is not the correct approach to deal with Beijing,” the spokesperson said.

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

The previous week, Beijing revealed it was strengthening foreign shipment restrictions on rare earths and further resources critical for cutting-edge industry.

The action was viewed as a significant step, as the country refines about ninety percent of the global rare earth supply, which are employed in products such as renewable energy components and handheld devices.

New remarks from the US and China are being interpreted by analysts as a method of bolstering negotiating stances in preparation for forthcoming discussions.

Is not yet known whether a meeting between Trump and President Xi, scheduled at a high-level meeting in Seoul later this month, will go ahead.