Chinese Government Condemns US of ‘Double Standards’ Over Import Duty Ultimatum

The former US president’s latest warning to introduce an extra full import duty on Chinese goods has been called a “typical example” of American hypocrisy, according to the China’s leadership.

A official from China’s Commerce Ministry also stated that China could introduce its own undisclosed “responsive actions” if the White House occupant follows through on his warning, emphasizing that the country was “unafraid” of a looming trade war.

This past Friday, the former president responded at Beijing’s move to strengthen its rules for foreign shipments of rare earths, charging the Chinese leadership of “becoming very hostile” and attempting to hold the international market “captive”.

He also warned to cancel a planned talks with China’s President Xi, which was set for a meeting in Seoul before the month ends.

The former president’s remarks on last Friday unsettled financial markets, with the S&P 500 falling by over two and a half percent, marking its biggest drop since earlier this year.

The president’s words renewed concerns of a trade war between the two economic giants.

In May, the respective governments had consented to eliminate high import duties on each other’s goods, which had created the possibility of trade halting between the economic powers.

As a result, United States levies on Chinese imports incurring an added 30% levy compared with the start of the year, while US goods entering the country are subject to a 10% tariff.

China’s latest remarks – issued by the relevant government department in the format of official answers to media inquiries – echoed rhetoric from the height of the latest commercial tensions.

The remarks condemned US export restrictions on chips and semi-conductors while justifying China’s own export controls on key elements as “normal actions” to ensure domestic safety and that of every country.

Their representative remarked that for “a long time”, the US had “expanded the interpretation” of state security, abused foreign shipment regulations and “implemented” unfair treatments against the Chinese nation.

“Resorting to trade levy ultimatums is not the correct approach to interact with Beijing,” the official commented.

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

Recently, China announced it was strengthening export controls on key elements and other materials essential to cutting-edge industry.

This was seen as a key move, as the state refines about ninety percent of the planet’s critical minerals, which are employed in items such as solar panels and mobile phones.

New remarks from Washington and Beijing are being viewed by some as a method of enhancing bargaining power prior to future trade talks.

It is unclear whether a meeting between Donald Trump and Xi Jinping, planned at a conference in South Korea later this month, will go ahead.