Donald Trump’s latest warning to introduce an additional 100% tariff on products from China has been described as a “prime illustration” of American hypocrisy, as stated by the China’s leadership.
A representative of the ministry also stated that the nation could implement its own undisclosed “countermeasures” if the White House occupant follows through on his warning, adding that the country was “not afraid” of a potential commercial battle.
On Friday, the former president retaliated at the Chinese government’s action to reinforce its policies for exports of rare earth minerals, alleging Beijing of “turning aggressive” and attempting to hold the global community “hostage”.
Additionally, he threatened to withdraw from a arranged talks with Chinese leader President Xi, which was arranged for a summit in the Republic of Korea in the coming weeks.
Trump’s comments on last Friday unsettled global markets, with the S&P 500 share index closing down over two and a half percent, marking its largest decline since April.
The president’s words reignited apprehensions of a trade conflict between the US and China.
Earlier this year, the both nations had reached an agreement to remove high import duties on each other’s goods, which had led to concerns of trade halting between the two nations.
As a result, American import duties on Chinese goods subject to an added 30% levy compared with the year’s onset, while items from the United States entering the Chinese market incur a 10% tariff.
The most recent comments from China – released by the Commerce Ministry in the format of written responses to journalist’s questions – mirrored language from the peak of the recent trade conflict.
Officials denounced US export restrictions on chips and semi-conductors while supporting Beijing’s overseas sale regulations on rare earths as “standard procedures” to safeguard domestic safety and that of every country.
The official said that for “many years”, the US had “overstretched the concept of state security, misused export control measures and “implemented” discriminatory practices against the Chinese nation.
“Resorting to trade levy ultimatums is not the proper method to deal with Beijing,” the official stated.
“Beijing’s stance” on a tariff war has remained steady: we wish to avoid one, but we are not afraid of one.”
The previous week, Beijing announced it was tightening foreign shipment restrictions on key elements and other materials essential to cutting-edge industry.
This move was regarded as a important measure, as the state processes about the vast majority of the world’s rare earths, which are used in items such as renewable energy components and handheld devices.
New remarks from the US and China are being viewed by some as a strategy of enhancing bargaining power in preparation for future trade talks.
It is unclear whether a talks between the former president and Xi Jinping, scheduled at a conference in the Republic of Korea later this month, will take place as planned.
Astrophysicist and space technology consultant with 15 years of experience in lunar mission planning and research.
