🔗 Share this article

Trump’s most recent warning to impose an extra complete levy on items imported from China has been labeled a “prime illustration” of US double standards, as stated by the Chinese government.

A official from China’s Commerce Ministry further commented that Beijing could implement its own unspecified “retaliatory steps” if the US President carries out his threat, emphasizing that the country was “unafraid” of a possible trade war.

On Friday, the former president retaliated at Beijing’s move to reinforce its regulations for overseas sales of rare earths, accusing Beijing of “turning aggressive” and attempting to hold the world “hostage”.

Furthermore, he vowed to withdraw from a arranged meeting with Chinese leader President Xi, which was set for a summit in South Korea in the coming weeks.

The former president’s remarks on Friday unsettled financial markets, with the S&P 500 dropping over two and a half percent, marking its biggest drop since last spring.

The president’s words renewed concerns of a trade war between the two economic giants.

In May, the both nations had agreed to remove significant levies on each other’s products, which had led to concerns of trade halting between the two nations.

This left, US tariffs on Chinese goods subject to an extra import tax compared with the year’s onset, while American products entering the country face a import levy.

The most recent comments from China – released by the Commerce Ministry in the format of formal replies to journalist’s questions – echoed language from the peak of the recent trade conflict.

Officials denounced American limits on exports on chips and semi-conductors while supporting the country’s own export controls on rare earth minerals as “standard procedures” to ensure state interests and that of all nations.

Their representative said that for “a long time”, the United States had “overstretched the concept of domestic safety, abused foreign shipment regulations and “implemented” biased policies against China.

“Resorting to tariff threats is not the proper method to interact with China,” the official stated.

“China’s position on a tariff war has remained consistent: we wish to avoid one, but we are not afraid of one.”

The previous week, China declared it was strengthening overseas sale regulations on key elements and other materials vital for cutting-edge industry.

This was seen as a key move, as the state refines about 90% of the world’s rare earths, which are used in goods such as renewable energy components and handheld devices.

Latest statements from both governments are being seen by some as a means of strengthening positions ahead of forthcoming discussions.

Is not yet known whether a summit between Trump and China’s leader, scheduled at a conference in the Republic of Korea later this month, will go ahead.