🔗 Share this article

The former US president’s most recent threat to impose an extra full import duty on products from China has been called a “classic case” of US double standards, per the China’s leadership.

A official from China’s Commerce Ministry additionally remarked that the nation could implement its own unspecified “countermeasures” if the American leader executes his warning, adding that the country was “fearless” of a looming trade war.

Last Friday, the former president retaliated at Beijing’s move to strengthen its rules for foreign shipments of rare earth minerals, alleging China of “turning aggressive” and attempting to hold the world “hostage”.

Furthermore, he warned to withdraw from a planned meeting with Chinese leader Xi, which was arranged for a summit in Seoul later this month.

The former president’s remarks on that day rattled 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 reignited apprehensions of a trade war between the two economic giants.

This past spring, the two sides had reached an agreement to remove significant levies on each other’s imports, which had raised the prospect of trade halting between the two nations.

Consequently, US tariffs on products from China subject to an additional 30% levy compared with the start of the year, while items from the United States entering the Chinese market are subject to a import levy.

Beijing’s recent statements – issued by the relevant government department in the format of written responses to press queries – mirrored language from the zenith of the recent trade conflict.

They criticised American limits on exports on semiconductors and chips while justifying the country’s own overseas sale regulations on rare earths as “normal actions” to protect domestic safety and that of all nations.

The official said that for “many years”, the United States had “overstretched the concept of national security, abused overseas sale restrictions and “implemented” unfair treatments against China.

“Resorting to tariff threats is not the proper method to deal with the Chinese government,” the spokesperson commented.

“Beijing’s stance” on a import duty dispute has always been consistent: we do not want one, but we are fearless of one.”

Last week, China revealed it was tightening foreign shipment restrictions on rare earth minerals and other materials vital for cutting-edge industry.

This was seen as a significant step, as the nation handles about 90% of the global rare earth supply, which are utilized in goods such as solar panels and mobile phones.

Latest statements from Washington and Beijing are being interpreted by analysts as a method of enhancing bargaining power prior to forthcoming discussions.

Remains uncertain whether a summit between Donald Trump and China’s leader, scheduled at a high-level meeting in the Republic of Korea before month’s end, will go ahead.