🔗 Share this article

Donald Trump’s newest warning to impose an further 100% tariff on products from China has been called a “prime illustration” of US double standards, according to the Chinese government.

A official from China’s Commerce Ministry also stated that Beijing could enact its own unspecified “retaliatory steps” if the US President follows through on his warning, adding that the country was “fearless” of a possible trade conflict.

This past Friday, Trump responded at the Chinese government’s action to tighten its policies for foreign shipments of rare earth minerals, charging Beijing of “turning aggressive” and attempting to hold the global community “captive”.

He also warned to withdraw from a arranged summit with Beijing’s head of state Xi, which was set for a summit in the Republic of Korea before the month ends.

The former president’s remarks on Friday unsettled global markets, with the S&P 500 share index dropping 2.7%, marking its steepest fall since last spring.

The president’s words reignited concerns of a trade conflict between the two economic giants.

This past spring, the respective governments had consented to eliminate triple-digit tariffs on each other’s imports, which had created the possibility of commerce ceasing between the two countries.

Consequently, American import duties on products from China facing an added 30% levy compared with the year’s onset, while items from the United States entering the country incur a 10% tariff.

Beijing’s recent statements – issued by the relevant government department in the manner of formal replies to journalist’s questions – reflected language from the peak of the ongoing trade dispute.

Officials denounced American limits on exports on electronic components while defending China’s own restrictions on exports on rare earth minerals as “routine measures” to safeguard state interests and that of the global community.

The official stated that for “many years”, the America had “broadened the definition” of domestic safety, abused foreign shipment regulations and “adopted biased policies against the Chinese nation.

“Turning to” tariff threats is not the proper method to interact with Beijing,” their representative commented.

“China’s position on a trade conflict has remained unchanging: we wish to avoid one, but we are unafraid of one.”

Recently, the Chinese government declared it was tightening overseas sale regulations on rare earths and additional substances critical for high-technology production.

This was seen as a key move, as the state processes about the vast majority of the planet’s critical minerals, which are employed in goods such as photovoltaic modules and handheld devices.

Latest statements from Washington and Beijing are being viewed by some as a means of enhancing bargaining power in preparation for forthcoming discussions.

Remains uncertain whether a summit between Trump and China’s leader, scheduled at a high-level meeting in South Korea before month’s end, will still proceed.