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Trump’s latest threat to impose an additional full import duty on products from China has been called a “classic case” of US double standards, according to the Beijing administration.

A Commerce Ministry spokesperson also stated that Beijing could implement its own unspecified “retaliatory steps” if the White House occupant follows through on his pledge, noting that the country was “fearless” of a potential trade war.

Last Friday, Trump hit back at Beijing’s move to reinforce its regulations for exports of rare earth minerals, accusing China of “turning aggressive” and attempting to hold the world “captive”.

Additionally, he threatened to withdraw from a scheduled meeting with China’s President Xi Jinping, which was expected to take place during a meeting in the Republic of Korea before the month ends.

Trump’s comments on last Friday rattled stock exchanges, with the S&P 500 share index closing down over two and a half percent, marking its biggest drop since earlier this year.

His comments renewed apprehensions of a commercial dispute between the two economic giants.

Earlier this year, the both nations had agreed to remove significant levies on each other’s goods, which had created the possibility of bilateral trade stopping between the economic powers.

Consequently, American import duties on products from China facing an added thirty percent tariff compared with the start of the year, while American products entering China are subject to a ten percent duty.

Beijing’s recent statements – published by the relevant government department in the format of formal replies to press queries – echoed language from the peak of the ongoing trade dispute.

The remarks condemned US export restrictions on electronic components while supporting the country’s own export controls on key elements as “routine measures” to ensure state interests and that of every country.

Their representative said that for “a long time”, the America had “broadened the definition” of national security, exploited foreign shipment regulations and “implemented” biased policies against the Chinese nation.

“Turning to” import duty warnings is not the proper method to interact with the Chinese government,” their representative said.

“The nation’s view” on a tariff war has remained consistent: we are not seeking one, but we are fearless of one.”

The previous week, Beijing announced it was reinforcing export controls on rare earths and additional substances vital for cutting-edge industry.

This move was regarded as a significant step, as the nation refines about 90% of the planet’s critical minerals, which are employed in items such as solar panels and mobile phones.

New remarks from both governments are being seen by analysts as a method of strengthening positions in preparation for forthcoming discussions.

Remains uncertain whether a summit between Donald Trump and Xi Jinping, expected at a summit in Seoul before month’s end, will still proceed.