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Donald Trump’s latest threat to impose an additional full import duty on items imported from China has been called a “classic case” of US double standards, according to the Chinese government.

A Commerce Ministry spokesperson additionally remarked that Beijing could introduce its own undisclosed “retaliatory steps” if the US President executes his warning, noting that the country was “unafraid” of a looming trade conflict.

This past Friday, Donald Trump retaliated at the Chinese government’s action to strengthen its regulations for overseas sales of rare earths, alleging Beijing of “becoming very hostile” and attempting to hold the world “under its control”.

Additionally, he vowed to pull out of a arranged meeting with Chinese leader Xi Jinping, which was arranged for a meeting in South Korea in the coming weeks.

The former president’s remarks on Friday unsettled global markets, with the S&P 500 share index falling by over two and a half percent, marking its biggest drop since April.

His comments revived fears of a commercial dispute between the two economic giants.

This past spring, the two sides had reached an agreement to remove triple-digit tariffs on each other’s goods, which had created the possibility of bilateral trade stopping between the two nations.

As a result, United States levies on Chinese goods subject to an additional 30% levy compared with the start of the year, while items from the United States entering China incur a 10% tariff.

China’s latest remarks – published by the Commerce Ministry in the form of formal replies to media inquiries – echoed language from the height of the latest commercial tensions.

Officials denounced US export restrictions on electronic components while supporting China’s own restrictions on exports on rare earth minerals as “standard procedures” to protect state interests and that of all nations.

The official stated that for “a long time”, the US had “broadened the definition” of national security, exploited export control measures and “enforced” biased policies against China.

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

“The nation’s view” on a tariff war has always been consistent: we wish to avoid one, but we are not afraid of one.”

Last week, the Chinese government revealed it was tightening overseas sale regulations on rare earth minerals and further resources critical for advanced tech manufacturing.

This move was regarded as a key move, as the country handles about 90% of the planet’s critical minerals, which are employed in items such as solar panels and handheld devices.

New remarks from Washington and Beijing are being seen by observers as a means of bolstering negotiating stances ahead of future trade talks.

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