Donald Trump's latest threat to impose an additional 100% tariff on Chinese goods is a typical example of US double standards, China's government has said.
A commerce ministry spokesperson also stated that China could introduce its own unspecified countermeasures if the US president carries out his threat, adding it was not afraid of a possible trade war.
On Friday, Trump retaliated against Beijing's tightening rules for rare earth exports, describing it as a move to hold the world captive and signaling he might withdraw from a scheduled meeting with China's President Xi Jinping. However, the next day, he reassured followers that China would be fine, stating: Don't worry about China, it will all be fine!.
Trump acknowledged that President Xi was facing challenges and emphasized that the US aims to help China, not harm it. These comments intensified financial instability, leading to a significant drop in the S&P 500 index.
On Monday, stock markets in China also absorbed the impact, with substantial declines observed. Trump's renewed threats have reignited concerns about a brewing trade conflict. Pretreatment measures were previously agreed upon between the US and China to eliminate tariffs, but tensions have since escalated.
China's official response to Trump's latest pronouncements reiterated its position against a tariff war while voicing discontent over US practices which, they argue, misplace the concept of national security and bias against China. The commerce ministry pointed out the importance of equitable trade relations.
In light of recent trade frictions, China had earlier tightened its export controls on rare earth materials, a strategic move given its dominance in the global market. The narrative between Washington and Beijing appears increasingly sharpened as both nations prepare for upcoming negotiations.
It's uncertain whether the anticipated meeting between Trump and Xi at a summit in South Korea will proceed as planned, leaving the future of US-China trade relations hanging in the balance.
