🔗 Share this article

The former US president’s latest threat to introduce an extra full import duty on Chinese goods has been labeled a “classic case” of US double standards, as stated by the Chinese government.

A official from China’s Commerce Ministry additionally remarked that Beijing could enact its own unspecified “responsive actions” if the American leader carries out his warning, adding that the country was “unafraid” of a possible commercial battle.

This past Friday, the former president hit back at China’s decision to tighten its rules for overseas sales of rare earths, alleging China of “becoming very hostile” and attempting to hold the global community “captive”.

Additionally, he warned to cancel a scheduled talks with Chinese leader Xi, which was expected to take place during a conference in South Korea in the coming weeks.

The former president’s remarks on Friday unsettled stock exchanges, with the S&P 500 closing down nearly three percent, marking its biggest drop since April.

His comments renewed apprehensions of a trade conflict between the United States and China.

Earlier this year, the respective governments had reached an agreement to remove triple-digit tariffs on each other’s goods, which had created the possibility of commerce ceasing between the two nations.

Consequently, American import duties on Chinese goods facing an extra 30% levy compared with the year’s onset, while American products entering China incur a ten percent duty.

The most recent comments from China – released by the Commerce Ministry in the format of official answers to media inquiries – reflected terminology from the zenith of the ongoing trade dispute.

The remarks condemned American limits on exports on chips and semi-conductors while defending Beijing’s restrictions on exports on key elements as “routine measures” to ensure national security and that of every country.

Their representative stated that for “many years”, the United States had “overstretched the concept of national security, exploited overseas sale restrictions and “implemented” discriminatory practices against China.

“Turning to” tariff threats is not the right way to engage with the Chinese government,” the spokesperson said.

“Beijing’s stance” on a import duty dispute has remained consistent: we are not seeking one, but we are unafraid of one.”

The previous week, Beijing declared it was strengthening export controls on key elements and additional substances essential to cutting-edge industry.

This move was regarded as a key move, as the state handles about 90% of the world’s rare earths, which are used in items such as photovoltaic modules and mobile phones.

The recent comments from Washington and Beijing are being seen by analysts as a strategy of enhancing bargaining power ahead of future trade talks.

It is unclear whether a summit between the former president and China’s leader, planned at a high-level meeting in Seoul in the coming weeks, will take place as planned.