🔗 Share this article

The former US president’s latest threat to enforce an extra 100% tariff on Chinese goods has been called a “prime illustration” of American hypocrisy, per the Beijing administration.

A official from China’s Commerce Ministry also stated that China could implement its own undisclosed “retaliatory steps” if the American leader executes his pledge, emphasizing that the country was “fearless” of a looming commercial battle.

This past Friday, the former president responded at the Chinese government’s action to tighten its regulations for exports of rare earth minerals, alleging China of “becoming very hostile” and attempting to hold the global community “hostage”.

Furthermore, he vowed to cancel a planned talks with Beijing’s head of state Xi, which was expected to take place during a meeting in the Republic of Korea in the coming weeks.

His statements on Friday rattled global markets, with the S&P 500 share index dropping over two and a half percent, marking its largest decline since last spring.

The president’s words reignited concerns of a commercial dispute between the United States and China.

Earlier this year, the two sides had agreed to drop triple-digit tariffs on each other’s goods, which had raised the prospect of commerce ceasing between the two nations.

Consequently, US tariffs on products from China facing an extra thirty percent tariff compared with the year’s onset, while items from the United States entering China are subject to a import levy.

The most recent comments from China – released by the Ministry of Commerce in the manner of written responses to press queries – echoed terminology from the zenith of the latest commercial tensions.

The remarks condemned United States controls on electronic components while supporting Beijing’s restrictions on exports on key elements as “standard procedures” to protect state interests and that of every country.

The official stated that for “a long time”, the United States had “broadened the definition” of national security, abused export control measures and “enforced” discriminatory practices against China.

“Turning to” import duty warnings is not the proper method to deal with the Chinese government,” the spokesperson stated.

“The nation’s view” on a import duty dispute has consistently been unchanging: we are not seeking one, but we are fearless of one.”

The previous week, China declared it was reinforcing overseas sale regulations on key elements and other materials essential to advanced tech manufacturing.

This move was regarded as a significant step, as the state handles about 90% of the global rare earth supply, which are utilized in products such as solar panels and handheld devices.

Latest statements from both governments are being interpreted by some as a means of enhancing bargaining power in preparation for forthcoming discussions.

It is unclear whether a meeting between the former president and Xi Jinping, expected at a summit in South Korea in the coming weeks, will take place as planned.