China Accuses US of ‘Hypocritical Policies’ Regarding Trade Levy Warning

Trump’s most recent ultimatum to enforce an extra full import duty on products from China has been called a “typical example” of US double standards, per the China’s leadership.

A Commerce Ministry spokesperson further commented that Beijing could enact its own unspecified “countermeasures” if the American leader executes his warning, noting that the country was “unafraid” of a looming trade war.

On Friday, Donald Trump retaliated at the Chinese government’s action to reinforce its rules for overseas sales of critical elements, accusing China of “turning aggressive” and attempting to hold the world “captive”.

Furthermore, he warned to pull out of a scheduled meeting with Chinese leader Xi Jinping, which was set for a conference in South Korea later this month.

Trump’s comments on last Friday rattled stock exchanges, with the S&P 500 share index closing down 2.7%, marking its largest decline since earlier this year.

The president’s words revived apprehensions of a trade war between the United States and China.

Earlier this year, the respective governments had agreed to drop triple-digit tariffs on each other’s products, which had led to concerns of commerce ceasing between the two countries.

This left, United States levies on Chinese goods incurring an added import tax compared with the start of the year, while US goods entering the country face a import levy.

The most recent comments from China – released by the Commerce Ministry in the form of official answers to press queries – reflected terminology from the zenith of the recent trade conflict.

Officials denounced US export restrictions on chips and semi-conductors while defending Beijing’s export controls on rare earth minerals as “normal actions” to ensure domestic safety and that of all nations.

Their representative stated that for “an extended period”, the United States had “expanded the interpretation” of national security, abused overseas sale restrictions and “adopted discriminatory practices against China.

“Resorting to trade levy ultimatums is not the correct approach to deal with China,” their representative said.

“The nation’s view” on a import duty dispute has remained unchanging: we do not want one, but we are unafraid of one.”

Last week, Beijing declared it was tightening foreign shipment restrictions on rare earths and other materials essential to cutting-edge industry.

This move was regarded as a important measure, as the country refines about ninety percent of the planet’s critical minerals, which are used in products such as renewable energy components and handheld devices.

New remarks from Washington and Beijing are being viewed by observers as a method of bolstering negotiating stances ahead of forthcoming discussions.

Is not yet known whether a talks between the former president and President Xi, expected at a high-level meeting in the Republic of Korea later this month, will still proceed.