China Accuses America of ‘Hypocritical Policies’ Concerning Trade Levy Warning

The former US president’s most recent threat to impose an additional complete levy on products from China has been labeled a “typical example” of United States’ contradictory behavior, as stated by the Chinese government.

A representative of the ministry further commented that Beijing could implement its own unspecified “retaliatory steps” if the White House occupant carries out his pledge, noting that the country was “fearless” of a looming trade conflict.

This past Friday, Donald Trump hit back at Beijing’s move to reinforce its policies for overseas sales of rare earth minerals, accusing China of “adopting a confrontational stance” and attempting to hold the international market “hostage”.

Additionally, he threatened to cancel a arranged summit with China’s President President Xi, which was set for a summit in the Republic of Korea before the month ends.

Trump’s comments on Friday shook stock exchanges, with the S&P 500 dropping over two and a half percent, marking its biggest drop since earlier this year.

His comments reignited fears of a trade conflict between the two economic giants.

Earlier this year, the both nations had consented to drop high import duties on each other’s imports, which had created the possibility of commerce ceasing between the two countries.

As a result, United States levies on Chinese goods incurring an added 30% levy compared with the start of the year, while US goods entering the Chinese market incur a ten percent duty.

Beijing’s recent statements – released by the Commerce Ministry in the form of written responses to press queries – mirrored rhetoric from the height of the ongoing trade dispute.

The remarks condemned US export restrictions on chips and semi-conductors while supporting the country’s own overseas sale regulations on rare earth minerals as “routine measures” to protect domestic safety and that of every country.

The spokesperson remarked that for “an extended period”, the America had “overstretched the concept of domestic safety, exploited export control measures and “adopted biased policies against the Chinese nation.

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

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

Last week, China announced it was reinforcing overseas sale regulations on rare earth minerals and other materials essential to high-technology production.

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

The recent comments from the US and China are being seen by observers as a method of enhancing bargaining power in preparation for upcoming negotiations.

It is unclear whether a meeting between Trump and China’s leader, scheduled at a conference in the Republic of Korea before month’s end, will take place as planned.