Economic Buzz: Willful threats of high tariffs are not the right way to get along with China, notes MOFCOM

Responding to US announcement to impose a tariff of 100% on China, the country's commerce ministry, MOFCOM stated that China has taken note of the situation. MOFCOM said that on October 9, China released export control measures on rare earths and related items, which are normal actions taken by the Chinese government in accordance with laws and regulations to refine its own export control system. As a responsible major country, China always firmly safeguards its national security and international common security, always takes a just and reasonable principled position and implements export control measures in a prudential and moderate manner. The U.S. remarks reflect textbook ?double standard?, it said. For a long time, the U.S. has been overstretching the concept of national security, abusing export control, taking discriminatory actions against China, and imposing unilateral long-arm jurisdiction measures on various products including semiconductor equipment and chips.

Further, MOFCOM noted that willful threats of high tariffs are not the right way to get along with China. China?s position on the trade war is consistent: we do not want it, but we are not afraid of it. China urges the U.S. to promptly correct its wrong practices, adhere to the important consensuses of the phone calls between the two heads of state, protect the hard-won outcomes of consultations, continue to use the China-U.S. economic and trade consultation mechanism, and address respective concerns and properly manage differences through dialogues and on the basis of mutual respect and equal-footed consultation, so as to ensure the stable, sound and sustainable development of the China-U.S. economic and trade relationship. If the U.S. insists on going the wrong way, China will surely take resolute measures to protect its legitimate rights and interests, ministry added.

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