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 recent move to tighten its regulations on rare earth exports, accusing it of becoming very hostile and trying to hold the world captive. He also threatened to withdraw from a scheduled meeting with China's President Xi Jinping later this month.
However, Trump later reassured, Don't worry about China, it will all be fine!
He added that highly respected President Xi just had a bad moment and expressed a desire to help China, not harm it. Trump's comments have unsettled financial markets, with the S&P 500 dropping 2.7%—its steepest decline since April. Additionally, China's Shenzhen Component Index fell over 2.5%, while Hong Kong's Hang Seng index dropped about 3.5%.
The heightened rhetoric has reignited fears of a trade war between the two nations. In May, both sides had agreed to suspend significant tariffs on each other's goods, which had previously threatened to halt trade altogether.
This situation has left US tariffs on Chinese goods facing an additional 30% levy compared to the beginning of the year, whereas US goods entering China are subject to a 10% tariff.
China's response, articulated through a written statement from the commerce ministry, reiterated previous arguments from the height of the trade conflict. The ministry criticized US export restrictions on technology, asserting that China's export controls on rare earths are normal actions to protect national security.
The spokesperson declared that the U.S. has overstretched national security considerations, abusing export control measures, and adopting discriminatory practices against China. They affirmed that resorting to tariff threats is not the right way to engage with China.
China stated that it has consistently held the position of not wanting a tariff war but is also not afraid of one. Following recent developments, China announced new restrictions on rare earth exports, vital for advanced technology manufacturing and accounting for about 90% of the global supply used in products like smartphones and solar panels.
The escalating verbal exchanges from both countries are perceived as a tactic to reinforce positions before upcoming trade negotiations, with uncertainty surrounding the potential meeting between Trump and Xi at an upcoming summit in South Korea.





















