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Trump’s most recent threat to introduce an additional full import duty on products from China has been called a “classic case” of US double standards, per the Beijing administration.

A representative of the ministry also stated that Beijing could implement its own unrevealed “retaliatory steps” if the American leader follows through on his pledge, adding that the country was “fearless” of a possible trade war.

Last Friday, Trump retaliated at the Chinese government’s action to reinforce its rules for exports of rare earths, alleging Beijing of “becoming very hostile” and attempting to hold the global community “hostage”.

Additionally, he warned to pull out of a planned summit with Chinese leader Xi Jinping, which was expected to take place during a conference in South Korea later this month.

Trump’s comments on Friday unsettled financial markets, with the S&P 500 closing down nearly three percent, marking its steepest fall since last spring.

The president’s words reignited apprehensions of a trade conflict between the US and China.

In May, the respective governments had reached an agreement to drop significant levies on each other’s products, which had led to concerns of trade halting between the economic powers.

Consequently, United States levies on Chinese imports incurring an extra import tax compared with the start of the year, while items from the United States entering the Chinese market incur a ten percent duty.

Beijing’s recent statements – released by the Ministry of Commerce in the form of written responses to journalist’s questions – echoed terminology from the peak of the latest commercial tensions.

They criticised US export restrictions on chips and semi-conductors while supporting the country’s own overseas sale regulations on rare earth minerals as “routine measures” to protect state interests and that of every country.

Their representative stated that for “many years”, the America had “expanded the interpretation” of state security, exploited overseas sale restrictions and “adopted unfair treatments against the Chinese nation.

“Resorting to trade levy ultimatums is not the right way to interact with China,” the spokesperson said.

“China’s position on a import duty dispute has remained consistent: we are not seeking one, but we are unafraid of one.”

Last week, Beijing revealed it was reinforcing export controls on rare earths and additional substances essential to high-technology production.

The action was viewed as a important measure, as the nation handles about 90% of the planet’s critical minerals, which are utilized in products such as photovoltaic modules and mobile phones.

The recent comments from both governments are being interpreted by some as a means of enhancing bargaining power ahead of upcoming negotiations.

It is unclear whether a meeting between the former president and Xi Jinping, planned at a high-level meeting in South Korea later this month, will go ahead.