Beijing Slams United States of ‘Double Standards’ Concerning Import Duty Ultimatum

Donald Trump’s newest threat to introduce an additional full import duty on products from China has been called a “classic case” of US double standards, according to the Chinese government.

A representative of the ministry additionally remarked that China could implement its own undisclosed “countermeasures” if the American leader carries out his threat, adding that the country was “fearless” of a looming trade war.

On Friday, Donald Trump hit back at Beijing’s move to reinforce its rules for exports of critical elements, charging the Chinese leadership of “turning aggressive” and attempting to hold the world “hostage”.

He also threatened to withdraw from a arranged summit with Chinese leader Xi Jinping, which was set for a summit in Seoul before the month ends.

His statements on Friday unsettled global markets, with the S&P 500 closing down 2.7%, marking its largest decline since last spring.

The president’s words revived concerns of a trade war between the US and China.

Earlier this year, the both nations had agreed to drop triple-digit tariffs on each other’s goods, which had created the possibility of commerce ceasing between the economic powers.

This left, US tariffs on products from China incurring an added import tax compared with the start of the year, while American products entering the country face a 10% tariff.

Beijing’s recent statements – issued by the Commerce Ministry in the form of formal replies to media inquiries – reflected rhetoric from the zenith of the ongoing trade dispute.

They criticised United States controls on semiconductors and chips while supporting Beijing’s export controls on key elements as “routine measures” to protect domestic safety and that of all nations.

The official remarked that for “an extended period”, the America had “broadened the definition” of national security, abused overseas sale restrictions and “enforced” discriminatory practices against the Chinese nation.

“Turning to” trade levy ultimatums is not the proper method to engage with the Chinese government,” the official stated.

“Beijing’s stance” on a import duty dispute has always been unchanging: we wish to avoid one, but we are fearless of one.”

The previous week, Beijing announced it was tightening export controls on rare earth minerals and additional substances critical for high-technology production.

This move was regarded as a significant step, as the state handles about 90% of the planet’s critical minerals, which are utilized in products such as renewable energy components and handheld devices.

New remarks from both governments are being seen by some as a method of bolstering negotiating stances ahead of upcoming negotiations.

Is not yet known whether a meeting between the former president and Xi Jinping, scheduled at a conference in the Republic of Korea in the coming weeks, will go ahead.