China’s government has called Donald Trump’s recent threat to put an additional 100% tariff on Chinese imports “a typical example of US double standards.” A spokesman for the Commerce Ministry added that China was “not afraid” of a potential trade war and that it might implement its own undefined “countermeasures” if the US President follows through on his warning.
Trump responded to Beijing’s decision to tighten regulations on rare earth exports on Friday, calling China “becoming very hostile” and attempting to “captive” the planet. Additionally, he threatened to cancel a later-this-month summit with Chinese President Xi Jinping.
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Financial markets were rocked by Trump’s remarks on Friday, and the S&P 500 share index closed 2.7% lower—its biggest decline since April. The two parties had decided to remove triple-digit tariffs on each other’s goods in May. It had increased the likelihood that trade between the two nations would cease.
China’s most recent statements, which were made public by the Commerce Ministry in the form of written answers to questions from journalists, were reminiscent of those used at the height of the most recent trade spat.
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