🔗 Share this article

The former US president’s latest threat to enforce an additional full import duty on Chinese goods has been described as a “prime illustration” of United States’ contradictory behavior, according to the Chinese government.

A Commerce Ministry spokesperson also stated that the nation could introduce its own unspecified “retaliatory steps” if the US President executes his pledge, adding that the country was “fearless” of a potential trade conflict.

This past Friday, Trump hit back at the Chinese government’s action to strengthen its regulations for exports of critical elements, charging Beijing of “adopting a confrontational stance” and attempting to hold the international market “hostage”.

Additionally, he warned to pull out of a arranged meeting with China’s President Xi, which was set for a summit in Seoul later this month.

His statements on Friday shook global markets, with the S&P 500 closing down over two and a half percent, marking its largest decline since April.

The president’s words renewed fears of a trade conflict between the US and China.

This past spring, the both nations had reached an agreement to eliminate high import duties on each other’s imports, which had created the possibility of trade halting between the two countries.

As a result, American import duties on products from China subject to an added import tax compared with the start of the year, while American products entering the Chinese market are subject to a ten percent duty.

Beijing’s recent statements – released by the relevant government department in the format of written responses to press queries – reflected rhetoric from the peak of the recent trade conflict.

They criticised US export restrictions on chips and semi-conductors while defending the country’s own export controls on rare earths as “normal actions” to safeguard state interests and that of every country.

The spokesperson said that for “an extended period”, the US had “expanded the interpretation” of national security, exploited export control measures and “adopted unfair treatments against the Chinese nation.

“Resorting to trade levy ultimatums is not the proper method to deal with China,” the spokesperson commented.

“China’s position on a import duty dispute has remained steady: we wish to avoid one, but we are fearless of one.”

Recently, the Chinese government revealed it was tightening foreign shipment restrictions on key elements and other materials critical for advanced tech manufacturing.

This move was regarded as a key move, as the nation handles about 90% of the planet’s critical minerals, which are employed in goods such as renewable energy components and handheld devices.

New remarks from the US and China are being viewed by some as a means of strengthening positions prior to future trade talks.

Remains uncertain whether a summit between the former president and President Xi, expected at a high-level meeting in Seoul later this month, will go ahead.