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Trump’s latest ultimatum to enforce an additional complete levy on Chinese goods has been called a “classic case” of US double standards, according to the Beijing administration.

A official from China’s Commerce Ministry further commented that the nation could introduce its own unrevealed “retaliatory steps” if the US President follows through on his warning, emphasizing that the country was “not afraid” of a looming trade conflict.

Last Friday, Trump hit back at the Chinese government’s action to tighten its policies for overseas sales of rare earths, accusing Beijing of “adopting a confrontational stance” and attempting to hold the international market “captive”.

Additionally, he warned to pull out of a planned meeting with Beijing’s head of state Xi, which was arranged for a conference in the Republic of Korea later this month.

The former president’s remarks on last Friday rattled global markets, with the S&P 500 share index falling by 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 two sides had agreed to eliminate high import duties on each other’s goods, which had led to concerns of bilateral trade stopping between the economic powers.

As a result, United States levies on products from China facing an extra import tax compared with the year’s onset, while US goods entering the country incur a import levy.

China’s latest remarks – published by the relevant government department in the manner of official answers to journalist’s questions – echoed language from the height of the latest commercial tensions.

The remarks condemned US export restrictions on chips and semi-conductors while justifying Beijing’s restrictions on exports on key elements as “routine measures” to protect state interests and that of the global community.

The official stated that for “a long time”, the United States had “broadened the definition” of state security, abused export control measures and “implemented” unfair treatments against China.

“Using” trade levy ultimatums is not the correct approach to engage with the Chinese government,” the official said.

“Beijing’s stance” on a tariff war has always been unchanging: we are not seeking one, but we are unafraid of one.”

The previous week, Beijing declared it was tightening foreign shipment restrictions on rare earths and other materials vital for advanced tech manufacturing.

This move was regarded as a important measure, as the country refines about ninety percent of the global rare earth supply, which are utilized in items such as renewable energy components and smartphones.

Latest statements from the US and China are being viewed by observers as a means of enhancing bargaining power ahead of upcoming negotiations.

It is unclear whether a summit between Donald Trump and Xi Jinping, expected at a high-level meeting in South Korea in the coming weeks, will take place as planned.