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Trump’s newest threat to impose an additional full import duty on items imported from China has been described as a “typical example” of US double standards, per the Beijing administration.

A Commerce Ministry spokesperson further commented that China could introduce its own undisclosed “countermeasures” if the American leader executes his pledge, adding that the country was “not afraid” of a potential commercial battle.

On Friday, Donald Trump retaliated at China’s decision to reinforce its rules for foreign shipments of rare earth minerals, accusing the Chinese leadership of “becoming very hostile” and attempting to hold the world “hostage”.

He also vowed to withdraw from a scheduled meeting with China’s President President Xi, which was arranged for a summit in the Republic of Korea later this month.

Trump’s comments on Friday shook stock exchanges, with the S&P 500 closing down nearly three percent, marking its biggest drop since earlier this year.

His comments revived fears of a trade conflict between the United States and China.

This past spring, the both nations had agreed to remove high import duties on each other’s products, which had led to concerns of commerce ceasing between the economic powers.

As a result, American import duties on Chinese goods incurring an extra 30% levy compared with the year’s onset, while American products entering China are subject to a 10% tariff.

The most recent comments from China – published by the Commerce Ministry in the manner of written responses to media inquiries – mirrored terminology from the zenith of the recent trade conflict.

The remarks condemned US export restrictions on semiconductors and chips while defending China’s own export controls on rare earths as “normal actions” to safeguard state interests and that of every country.

The spokesperson said that for “a long time”, the America had “broadened the definition” of state security, misused foreign shipment regulations and “enforced” discriminatory practices against Beijing.

“Turning to” trade levy ultimatums is not the correct approach to engage with China,” the spokesperson stated.

“Beijing’s stance” on a import duty dispute has remained steady: we do not want one, but we are unafraid of one.”

Recently, the Chinese government announced it was strengthening overseas sale regulations on rare earths and further resources essential to high-technology production.

This move was regarded as a significant step, as the state handles about 90% of the world’s rare earths, which are utilized in goods such as solar panels and mobile phones.

Latest statements from Washington and Beijing are being seen by observers as a method of enhancing bargaining power prior to forthcoming discussions.

Is not yet known whether a meeting between the former president and China’s leader, scheduled at a high-level meeting in Seoul before month’s end, will take place as planned.