China Accuses US of ‘Contradictory Stances’ Concerning Import Duty Ultimatum
The former US president’s latest ultimatum to enforce an further full import duty on products from China has been called a “prime illustration” of United States’ contradictory behavior, per the Chinese government.
A representative of the ministry also stated that the nation could enact its own undisclosed “countermeasures” if the White House occupant executes his threat, emphasizing that the country was “not afraid” of a looming commercial battle.
Last Friday, Trump retaliated at Beijing’s move to strengthen its policies for overseas sales of rare earths, charging the Chinese leadership of “becoming very hostile” and attempting to hold the global community “hostage”.
Furthermore, he warned to pull out of a scheduled summit with Chinese leader Xi Jinping, which was set for a meeting in the Republic of Korea later this month.
His statements on last Friday unsettled global markets, with the benchmark US stock index dropping 2.7%, marking its biggest drop since April.
His comments reignited fears of a commercial dispute between the United States and China.
In May, the respective governments had reached an agreement to eliminate significant levies on each other’s imports, which had created the possibility of trade halting between the two nations.
As a result, United States levies on Chinese imports incurring an extra import tax compared with the year’s onset, while US goods entering China incur a import levy.
The most recent comments from China – published by the Commerce Ministry in the manner of official answers to press queries – reflected rhetoric from the height of the recent trade conflict.
Officials denounced US export restrictions on electronic components while defending China’s own overseas sale regulations on key elements as “standard procedures” to protect state interests and that of all nations.
Their representative stated that for “an extended period”, the America had “overstretched the concept of national security, exploited export control measures and “implemented” biased policies against China.
“Resorting to tariff threats is not the proper method to engage with China,” their representative said.
“Beijing’s stance” on a import duty dispute has remained unchanging: we are not seeking one, but we are unafraid of one.”
Last week, Beijing announced it was reinforcing foreign shipment restrictions on rare earths and further resources essential to cutting-edge industry.
This was seen as a key move, as the state handles about the vast majority of the planet’s critical minerals, which are utilized in items such as solar panels and smartphones.
New remarks from both governments are being viewed by observers as a means of enhancing bargaining power prior to upcoming negotiations.
It is unclear whether a talks between Trump and Xi Jinping, planned at a high-level meeting in Seoul before month’s end, will take place as planned.
