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Trump’s newest threat to introduce an further full import duty on products from China has been labeled a “typical example” of US double standards, according to the China’s leadership.

A representative of the ministry additionally remarked that Beijing could enact its own unrevealed “retaliatory steps” if the American leader carries out his warning, emphasizing that the country was “fearless” of a looming trade war.

On Friday, the former president retaliated at the Chinese government’s action to tighten its regulations for exports of critical elements, alleging China of “turning aggressive” and attempting to hold the global community “hostage”.

Furthermore, he vowed to pull out of a planned talks with Beijing’s head of state President Xi, which was set for a conference in South Korea later this month.

Trump’s comments on Friday unsettled financial markets, with the S&P 500 dropping over two and a half percent, marking its largest decline since earlier this year.

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

This past spring, the both nations had agreed to drop significant levies on each other’s imports, which had led to concerns of trade halting between the two countries.

Consequently, United States levies on products from China facing an additional import tax compared with the year’s onset, while American products entering the country face a ten percent duty.

The most recent comments from China – released by the Ministry of Commerce in the format of written responses to press queries – reflected language from the height of the latest commercial tensions.

The remarks condemned US export restrictions on semiconductors and chips while justifying China’s own restrictions on exports on rare earths as “routine measures” to safeguard state interests and that of every country.

The spokesperson said that for “a long time”, the United States had “overstretched the concept of state security, misused export control measures and “enforced” unfair treatments against China.

“Using” import duty warnings is not the proper method to deal with the Chinese government,” the official said.

“Beijing’s stance” on a trade conflict has consistently been consistent: we do not want one, but we are not afraid of one.”

The previous week, China declared it was strengthening export controls on rare earth minerals and other materials critical for advanced tech manufacturing.

This was seen as a significant step, as the state refines about the vast majority of the world’s rare earths, which are used in goods such as photovoltaic modules and handheld devices.

The recent comments from both governments are being interpreted by analysts as a means of strengthening positions prior to future trade talks.

Remains uncertain whether a talks between the former president and Xi Jinping, planned at a summit in the Republic of Korea later this month, will still proceed.