🔗 Share this article

Trump’s newest threat to introduce an extra complete levy on Chinese goods has been described as a “classic case” of US double standards, per the Chinese government.

A Commerce Ministry spokesperson additionally remarked that Beijing could introduce its own unspecified “retaliatory steps” if the US President carries out his warning, noting that the country was “not afraid” of a looming commercial battle.

This past Friday, the former president hit back at Beijing’s move to reinforce its policies for foreign shipments of rare earth minerals, accusing China of “turning aggressive” and attempting to hold the world “hostage”.

Additionally, he warned to cancel a arranged meeting with Chinese leader Xi Jinping, which was arranged for a summit in Seoul in the coming weeks.

His statements on last Friday unsettled global markets, with the S&P 500 dropping 2.7%, marking its largest decline since earlier this year.

His comments revived concerns of a trade conflict between the two economic giants.

In May, the both nations had agreed to drop high import duties on each other’s imports, which had led to concerns of trade halting between the two countries.

Consequently, United States levies on Chinese goods facing an added thirty percent tariff compared with the start of the year, while US goods entering the country incur a import levy.

China’s latest remarks – released by the Ministry of Commerce in the form of official answers to journalist’s questions – mirrored rhetoric from the zenith of the recent trade conflict.

The remarks condemned US export restrictions on electronic components while supporting Beijing’s overseas sale regulations on key elements as “normal actions” to protect state interests and that of all nations.

The official remarked that for “a long time”, the America had “broadened the definition” of domestic safety, misused foreign shipment regulations and “adopted discriminatory practices against Beijing.

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

“The nation’s view” on a trade conflict has remained unchanging: we are not seeking one, but we are unafraid of one.”

Last week, Beijing announced it was tightening foreign shipment restrictions on key elements and further resources essential to cutting-edge industry.

The action was viewed as a key move, as the state processes about ninety percent of the global rare earth supply, which are utilized in items such as solar panels and mobile phones.

Latest statements from the US and China are being viewed by analysts as a strategy of enhancing bargaining power prior to upcoming negotiations.

Is not yet known whether a summit between the former president and Xi Jinping, expected at a high-level meeting in South Korea later this month, will still proceed.