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

The former US president’s latest ultimatum to enforce an extra full import duty on products from China has been called a “typical example” of US double standards, as stated by the Beijing administration.

A representative of the ministry also stated that Beijing could introduce its own unspecified “countermeasures” if the White House occupant follows through on his warning, noting that the country was “not afraid” of a possible trade conflict.

Last Friday, the former president retaliated at Beijing’s move to strengthen its rules for exports of rare earths, alleging Beijing of “becoming very hostile” and attempting to hold the international market “captive”.

He also vowed to pull out of a scheduled summit with China’s President President Xi, which was set for a conference in South Korea before the month ends.

His statements on Friday unsettled stock exchanges, with the S&P 500 closing down 2.7%, marking its steepest fall since last spring.

The president’s words renewed apprehensions of a commercial dispute between the US and China.

This past spring, the both nations had consented to remove significant levies on each other’s goods, which had led to concerns of trade halting between the economic powers.

As a result, American import duties on Chinese goods facing an extra 30% levy compared with the year’s onset, while American products entering China are subject to a import levy.

The most recent comments from China – released by the relevant government department in the format of written responses to journalist’s questions – mirrored rhetoric from the peak of the recent trade conflict.

The remarks condemned US export restrictions on electronic components while defending China’s own overseas sale regulations on rare earths as “normal actions” to safeguard national security and that of the global community.

The official said that for “many years”, the US had “broadened the definition” of state security, abused export control measures and “adopted discriminatory practices against the Chinese nation.

“Turning to” trade levy ultimatums is not the right way to deal with China,” the official commented.

“The nation’s view” on a trade conflict has always been steady: we wish to avoid one, but we are not afraid of one.”

Recently, the Chinese government revealed it was reinforcing foreign shipment restrictions on key elements and additional substances critical for cutting-edge industry.

This move was regarded as a key move, as the country processes about the vast majority of the planet’s critical minerals, which are employed in products such as solar panels and smartphones.

Latest statements from Washington and Beijing are being viewed by some as a means of bolstering negotiating stances in preparation for future trade talks.

Remains uncertain whether a summit between Trump and China’s leader, scheduled at a high-level meeting in the Republic of Korea before month’s end, will go ahead.