🔗 Share this article

The former US president’s newest threat to impose an further complete levy on products from China has been labeled a “classic case” of US double standards, according to the China’s leadership.

A representative of the ministry also stated that the nation could implement its own undisclosed “retaliatory steps” if the US President carries out his warning, adding that the country was “not afraid” of a looming trade conflict.

Last Friday, Trump responded at China’s decision to reinforce its policies for overseas sales of rare earth minerals, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the international market “hostage”.

Furthermore, he vowed to cancel a scheduled talks with Chinese leader Xi Jinping, which was arranged for a conference in the Republic of Korea in the coming weeks.

The former president’s remarks on last Friday rattled financial markets, with the S&P 500 share index dropping nearly three percent, marking its steepest fall since April.

These statements renewed apprehensions of a trade war between the two economic giants.

In May, the two sides had reached an agreement to eliminate high import duties on each other’s goods, which had created the possibility of commerce ceasing between the two countries.

This left, United States levies on products from China incurring an additional 30% levy compared with the start of the year, while items from the United States entering the country incur a ten percent duty.

The most recent comments from China – published by the relevant government department in the form of formal replies to journalist’s questions – reflected rhetoric from the height of the recent trade conflict.

They criticised American limits on exports on semiconductors and chips while defending Beijing’s export controls on rare earth minerals as “routine measures” to protect domestic safety and that of all nations.

The spokesperson stated that for “a long time”, the America had “broadened the definition” of domestic safety, exploited foreign shipment regulations and “adopted biased policies against the Chinese nation.

“Turning to” trade levy ultimatums is not the proper method to engage with Beijing,” the official commented.

“Beijing’s stance” on a trade conflict has always been consistent: we are not seeking one, but we are unafraid of one.”

Last week, Beijing announced it was strengthening foreign shipment restrictions on key elements and other materials vital for cutting-edge industry.

The action was viewed as a important measure, as the country processes about the vast majority of the world’s rare earths, which are employed in products such as photovoltaic modules and smartphones.

New remarks from both governments are being interpreted by some as a means of bolstering negotiating stances prior to future trade talks.

Is not yet known whether a talks between Trump and President Xi, expected at a summit in Seoul before month’s end, will take place as planned.