Beijing Slams America of ‘Contradictory Stances’ Over Import Duty Ultimatum

The former US president’s newest threat to impose an extra full import duty on products from China has been called a “classic case” of American hypocrisy, as stated by the China’s leadership.

A representative of the ministry also stated that the nation could introduce its own unrevealed “responsive actions” if the White House occupant executes his threat, emphasizing that the country was “fearless” of a possible trade war.

On Friday, Trump hit back at Beijing’s move to reinforce its rules for exports of rare earth minerals, alleging the Chinese leadership of “turning aggressive” and attempting to hold the international market “hostage”.

He also threatened to pull out of a scheduled talks with China’s President Xi, which was set for a conference in South Korea later this month.

Trump’s comments on last Friday rattled financial markets, with the S&P 500 dropping nearly three percent, marking its steepest fall since earlier this year.

The president’s words renewed fears of a trade conflict between the US and China.

This past spring, the both nations had agreed to drop significant levies on each other’s goods, which had created the possibility of bilateral trade stopping between the two countries.

Consequently, United States levies on Chinese goods incurring an additional 30% levy compared with the start of the year, while US goods entering the country face a import levy.

Beijing’s recent statements – released by the Commerce Ministry in the form of written responses to media inquiries – reflected language from the peak of the latest commercial tensions.

They criticised US export restrictions on semiconductors and chips while justifying China’s own export controls on rare earths as “routine measures” to ensure domestic safety and that of all nations.

The official stated that for “many years”, the US had “broadened the definition” of state security, misused foreign shipment regulations and “implemented” discriminatory practices against China.

“Resorting to import duty warnings is not the proper method to deal with Beijing,” the official stated.

“Beijing’s stance” on a trade conflict has remained unchanging: we wish to avoid one, but we are fearless of one.”

Recently, China announced it was reinforcing overseas sale regulations on rare earths and further resources critical for cutting-edge industry.

This move was regarded as a significant step, as the nation refines about the vast majority of the world’s rare earths, which are used in goods such as photovoltaic modules and smartphones.

New remarks from both governments are being seen by analysts as a means of strengthening positions in preparation for forthcoming discussions.

It is unclear whether a meeting between Donald Trump and President Xi, scheduled at a summit in South Korea later this month, will still proceed.