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The former US president’s newest ultimatum to enforce an additional full import duty on Chinese goods has been labeled a “typical example” of US double standards, as stated by the China’s leadership.

A Commerce Ministry spokesperson also stated that the nation could enact its own unrevealed “countermeasures” if the White House occupant executes his pledge, noting that the country was “fearless” of a possible trade conflict.

On Friday, Trump hit back at Beijing’s move to reinforce its regulations for overseas sales of rare earths, charging China of “adopting a confrontational stance” and attempting to hold the world “captive”.

Additionally, he vowed to cancel a arranged talks with Chinese leader Xi Jinping, which was arranged for a conference in Seoul in the coming weeks.

Trump’s comments on last Friday rattled financial markets, with the S&P 500 closing down 2.7%, marking its steepest fall since April.

His comments renewed fears of a commercial dispute between the United States and China.

This past spring, the both nations had agreed to drop triple-digit tariffs on each other’s products, which had raised the prospect of bilateral trade stopping between the economic powers.

This left, US tariffs on Chinese imports subject to an additional 30% levy compared with the year’s onset, while items from the United States entering the country are subject to a ten percent duty.

The most recent comments from China – issued by the Ministry of Commerce in the form of written responses to media inquiries – echoed rhetoric from the zenith of the recent trade conflict.

The remarks condemned United States controls on semiconductors and chips while defending the country’s own overseas sale regulations on key elements as “routine measures” to safeguard national security and that of the global community.

The official said that for “many years”, the America had “expanded the interpretation” of national security, exploited overseas sale restrictions and “enforced” biased policies against Beijing.

“Using” import duty warnings is not the correct approach to engage with China,” the spokesperson stated.

“The nation’s view” on a tariff war has remained unchanging: we wish to avoid one, but we are unafraid of one.”

Recently, the Chinese government announced it was reinforcing overseas sale regulations on rare earth minerals and other materials critical for cutting-edge industry.

This move was regarded as a key move, as the country handles about 90% of the global rare earth supply, which are utilized in goods such as renewable energy components and mobile phones.

Latest statements from both governments are being seen by some as a strategy of strengthening positions prior to future trade talks.

Remains uncertain whether a summit between Trump and Xi Jinping, scheduled at a high-level meeting in the Republic of Korea in the coming weeks, will go ahead.