China Accuses US of "Double Standards" Over Tariff Threat, Vows Countermeasures
The Chinese government has accused the United States of practicing "double standards" in its trade policies, following a threat by President Donald Trump to impose an additional 100% tariff on Chinese goods. According to a commerce ministry spokesperson, China is not afraid of a possible trade war and will introduce unspecified countermeasures if the US president carries out his threat.
The latest development comes after Trump hit back at Beijing's move to tighten its rules for rare earths exports, accusing it of becoming "very hostile" and trying to hold the world "captive." He also threatened to pull out of a meeting with China's President Xi Jinping later this month. However, on Sunday, Trump reiterated his intention to impose the additional tariffs, citing unfair trade practices by China.
The US president's latest threat has been met with strong criticism from Beijing, which views it as an example of "double standards" in US trade policies. According to a commerce ministry spokesperson, "the US is always talking about fairness and justice, but when it comes to its own actions, it shows no regard for these principles." The spokesperson added that China could introduce unspecified countermeasures if the US president carries out his threat.
The rare earths dispute has been ongoing since Beijing announced plans to tighten its rules on exports of the valuable minerals. Trump accused China of trying to hold the world "captive" by restricting access to these resources, which are crucial for high-tech industries such as electronics and renewable energy. However, according to experts, the US has also imposed restrictions on rare earths exports in the past.
The trade tensions between the two countries have been escalating over the past year, with both sides imposing tariffs on each other's goods. The latest development has raised concerns about a possible trade war, which could have far-reaching consequences for global markets and economies. According to analysts, a full-blown trade war would be disastrous for both countries, as it would lead to higher prices, reduced economic growth, and potential job losses.
The current status of the situation is uncertain, with both sides maintaining their positions. The US president has reiterated his intention to impose additional tariffs on Chinese goods, while Beijing has vowed to take countermeasures if necessary. The meeting between Trump and Xi Jinping later this month remains uncertain, but experts believe that a resolution to the trade tensions will require compromise from both parties.
In conclusion, the latest development in the ongoing trade dispute between China and the US highlights the need for a more constructive approach to resolving these issues. As one expert noted, "both countries need to work together to find common ground and avoid a full-blown trade war." The outcome of this situation will have significant implications for global markets and economies, making it essential to monitor developments closely.
Sources:
BBC World: China accuses US of 'double standards' over tariff threat
BBC Business: China accuses US of 'double standards' over tariff threat
This story was compiled from reports by BBC World and BBC Business.
