China has accused the United States of “double standards” after President Donald Trump threatened to impose an additional 100% tariff on Chinese goods, warning that Beijing could respond with its own countermeasures.
A spokesperson for China’s Commerce Ministry said the country was “not afraid” of a possible trade war and would take “necessary actions” if Washington followed through on its threat.
“Resorting to tariff threats is not the right way to engage with China,” the spokesperson said, accusing the US of “abusing export control measures” and “adopting discriminatory practices” against Chinese companies.
Trump’s remarks on Friday came after Beijing announced new restrictions on exports of rare earth materials essential to global tech production. In response, the US President accused China of becoming “very hostile” and threatened to withdraw from an upcoming meeting with President Xi Jinping.
The escalating rhetoric rattled global markets, with the S&P 500 falling 2.7%, its steepest drop since April. Analysts say the exchange could reignite trade tensions that had eased earlier this year after both countries agreed to roll back certain tariffs.
China defended its export curbs on rare earths, saying the measures were “normal actions” to protect national security. It also criticised US restrictions on semiconductor exports, arguing that Washington had “overstretched the concept of national security” for political gain.
“China’s position on a tariff war has always been consistent: we do not want one, but we are not afraid of one,” the spokesperson said.
The planned meeting between Trump and Xi expected to take place later this month in South Korea now appears uncertain, raising fresh concerns about renewed economic friction between the world’s two largest economies.