🔗 Share this article

Donald Trump’s latest threat to introduce an further full import duty on Chinese goods has been described as a “classic case” of US double standards, according to the Chinese government.

A representative of the ministry additionally remarked that China could enact its own undisclosed “responsive actions” if the White House occupant follows through on his pledge, emphasizing that the country was “not afraid” of a looming commercial battle.

This past Friday, Trump retaliated at the Chinese government’s action to reinforce its regulations for exports of rare earth minerals, charging the Chinese leadership of “becoming very hostile” and attempting to hold the world “hostage”.

Additionally, he threatened to cancel a arranged summit with China’s President Xi, which was arranged for a conference in Seoul later this month.

Trump’s comments on last Friday rattled financial markets, with the S&P 500 closing down over two and a half percent, marking its biggest drop since last spring.

The president’s words renewed fears of a trade war between the United States and China.

This past spring, the both nations had reached an agreement to eliminate triple-digit tariffs on each other’s goods, which had led to concerns of trade halting between the economic powers.

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

Beijing’s recent statements – released by the relevant government department in the manner of formal replies to press queries – mirrored rhetoric from the height 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 “standard procedures” to safeguard state interests and that of the global community.

Their representative stated that for “many years”, the United States had “expanded the interpretation” of domestic safety, exploited export control measures and “enforced” unfair treatments against China.

“Resorting to tariff threats is not the right way to interact with the Chinese government,” the official commented.

“China’s position on a import duty dispute has remained steady: we wish to avoid one, but we are unafraid of one.”

Recently, the Chinese government revealed it was reinforcing overseas sale regulations on rare earth minerals and other materials vital for cutting-edge industry.

The action was viewed as a key move, as the country handles about 90% of the world’s rare earths, which are utilized in items such as renewable energy components and handheld devices.

Latest statements from Washington and Beijing are being seen by analysts as a means of enhancing bargaining power ahead of future trade talks.

Is not yet known whether a talks between Trump and Xi Jinping, scheduled at a conference in South Korea before month’s end, will still proceed.