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Trump’s most recent ultimatum to impose an extra full import duty on items imported from China has been called a “classic case” of US double standards, as stated by the Chinese government.

A Commerce Ministry spokesperson further commented that Beijing could enact its own unspecified “retaliatory steps” if the American leader executes his warning, noting that the country was “unafraid” of a potential trade war.

On Friday, Trump hit back at China’s decision to tighten its policies for exports of rare earth minerals, alleging Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.

Additionally, he warned to cancel a scheduled summit with Beijing’s head of state Xi Jinping, which was expected to take place during a meeting in Seoul later this month.

His statements on Friday rattled financial markets, with the benchmark US stock index closing down 2.7%, marking its largest decline since earlier this year.

These statements reignited fears of a commercial dispute between the two economic giants.

In May, the two sides had reached an agreement to drop triple-digit tariffs on each other’s products, which had raised the prospect of trade halting between the two countries.

Consequently, United States levies on Chinese goods incurring an additional 30% levy compared with the start of the year, while American products entering the Chinese market are subject to a ten percent duty.

The most recent comments from China – published by the relevant government department in the manner of official answers to press queries – reflected rhetoric from the height of the recent trade conflict.

The remarks condemned American limits on exports on chips and semi-conductors while justifying Beijing’s restrictions on exports on rare earth minerals as “normal actions” to safeguard domestic safety and that of every country.

Their representative stated that for “many years”, the US had “overstretched the concept of national security, exploited foreign shipment regulations and “implemented” discriminatory practices against the Chinese nation.

“Resorting to trade levy ultimatums is not the right way to deal with Beijing,” the official said.

“The nation’s view” on a tariff war has consistently been steady: we do not want one, but we are fearless of one.”

Recently, Beijing revealed it was strengthening export controls on key elements and other materials essential to cutting-edge industry.

This was seen as a important measure, as the nation refines about the vast majority of the planet’s critical minerals, which are used in products such as renewable energy components and mobile phones.

Latest statements from Washington and Beijing are being viewed by some as a strategy of strengthening positions in preparation for upcoming negotiations.

It is unclear whether a meeting between the former president and Xi Jinping, expected at a summit in Seoul later this month, will still proceed.