China accuses the United States of “double standards” over the threat of tariffs

Donald Trump’s recent threat to impose additional 100% tariffs on Chinese goods is a “typical example of US double standards,” the Chinese government said.

A Commerce Department spokesperson also said China may take unspecified “countermeasures” if the US president carries out his threat, adding that it is “not afraid” of a potential trade war.

Trump on Friday responded to Beijing’s move to tighten its rules for rare earth exports, accusing China of “becoming very hostile” and trying to keep the world “captive.”

He also threatened to withdraw from a meeting with Chinese President Xi Jinping that was scheduled to take place later this month.

Trump’s statements on Friday Financial markets were rocked, with the S&P 500 closing down 2.7%, its biggest decline since April.

The president’s words renewed fears of a trade war between the United States and China.

In May, the two sides agreed to drop triple-digit tariffs on each other’s goods. Which raised the possibility of a halt in trade between the two countries.

This left US tariffs on Chinese goods facing an additional 30% tariff compared to the start of the year, while US goods entering China faced a 10% tariff.

China’s latest statements – issued by the Commerce Ministry in the form of written responses to reporters’ questions – reflected language from the height of the recent trade conflict.

They criticized US export restrictions on chips and semiconductors as well as defended China’s export controls on rare earth elements as “normal measures” to protect national security and the security of all countries.

The spokesman said that “for a long time,” the United States “exaggerated 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 deal with China,” the spokesman said.

“China’s position on a tariff war has always been consistent: we don’t want it, but we’re not afraid it will happen.”

last week, China announced it is tightening export controls on rare earth elements And other important materials for advanced technology manufacturing.

This was seen as a major step, as the country processes about 90% of the world’s rare earth elements, which are used in goods such as solar panels and smartphones.

Recent comments from Washington and Beijing are seen by some as a way to bolster positions ahead of future trade talks.

It is unclear whether the meeting between Donald Trump and Xi Jinping, expected to take place at a summit in South Korea later this month, will go ahead.