🔗 Share this article

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

A Commerce Ministry spokesperson further commented that Beijing could introduce its own unrevealed “countermeasures” if the US President carries out his threat, adding that the country was “not afraid” of a potential trade conflict.

This past Friday, the former president retaliated at the Chinese government’s action to reinforce its policies for exports of rare earth minerals, alleging the Chinese leadership of “turning aggressive” and attempting to hold the world “under its control”.

Additionally, he vowed to cancel a planned meeting with Chinese leader President Xi, which was set for a meeting in Seoul in the coming weeks.

The former president’s remarks on that day unsettled financial markets, with the S&P 500 share index closing down nearly three percent, marking its largest decline since April.

His comments reignited apprehensions of a trade war between the two economic giants.

This past spring, the two sides 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.

Consequently, American import duties on Chinese goods subject to an extra 30% levy compared with the start of the year, while American products entering the country are subject to a import levy.

Beijing’s recent statements – published by the Commerce Ministry in the manner of formal replies to journalist’s questions – echoed terminology from the zenith of the ongoing trade dispute.

The remarks condemned US export restrictions on semiconductors and chips while defending the country’s own restrictions on exports on rare earth minerals as “standard procedures” to protect domestic safety and that of all nations.

The spokesperson stated that for “many years”, the America had “overstretched the concept of national security, abused export control measures and “enforced” discriminatory practices against Beijing.

“Using” trade levy ultimatums is not the right way to deal with the Chinese government,” the official stated.

“China’s position on a import duty dispute has remained unchanging: we wish to avoid one, but we are not afraid of one.”

The previous week, China revealed it was reinforcing export controls on rare earth minerals and further resources critical for high-technology production.

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

Latest statements from Washington and Beijing are being interpreted by analysts as a method of bolstering negotiating stances ahead of forthcoming discussions.

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