The Chinese government has characterized President Donald Trump’s recent threat to impose a 100% tariff on Chinese goods as “a typical example of US double standards.”
A spokesperson for the Ministry of Commerce further stated that China is prepared to implement its own unspecified “countermeasures” should the US president follow through with his threat, adding that the nation is “not afraid” of a potential trade war.
President Trump’s remarks on Friday followed Beijing’s move to tighten regulations on rare earths exports. He accused China of “becoming very hostile” and attempting to hold the world “captive.” Trump also threatened to withdraw from a planned meeting with Chinese President Xi Jinping later this month.
However, on Sunday, President Trump posted a message stating, “Don’t worry about China, it will all be fine!”
“Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!” Trump stated on social media, without providing further details.
President Trump’s comments on Friday triggered volatility in financial markets, with the S&P 500 share index closing down 2.7%, marking its most significant decline since April.
The President’s statements have reignited concerns regarding a potential trade war between the United States and China.
In May, both nations had agreed to remove triple-digit tariffs on each other’s goods, a move that had previously raised the possibility of a complete halt in trade between the two countries.
Currently, US tariffs on Chinese goods face an additional 30% levy compared to the beginning of the year, while US goods entering China are subject to a 10% tariff.
China’s response, communicated through written statements from the Ministry of Commerce in response to questions from journalists, echoed the rhetoric used during the height of the recent trade conflict.
Chinese officials criticized US export restrictions on chips and semiconductors, while defending China’s own export controls on rare earths as “normal actions” taken to safeguard national security and the security of all nations.
The spokesperson asserted that for “a long time,” the US has “overstretched the concept of national security, abused export control measures,” and “adopted discriminatory practices against China.”
“Resorting to tariff threats is not the right way to engage with China,” the spokesperson stated.
“China’s position on a tariff war has always been consistent: we do not want one, but we are not afraid of one.”
Last week, China announced it was tightening export controls on rare earths and other materials critical for advanced tech manufacturing.
This move is considered significant as China processes approximately 90% of the world’s rare earths, which are essential components in products such as solar panels and smartphones.
The recent statements from Washington and Beijing are being interpreted by some as a strategy to strengthen their respective positions in advance of future trade negotiations.
The status of a potential meeting between President Trump and President Xi, anticipated at a summit in South Korea later this month, remains uncertain.
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