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Trump’s newest threat to impose an further full import duty on Chinese goods has been labeled a “typical example” of US double standards, as stated by the China’s leadership.

A official from China’s Commerce Ministry further commented that Beijing could implement its own unspecified “countermeasures” if the White House occupant carries out his warning, noting that the country was “not afraid” of a possible trade war.

On Friday, Donald Trump hit back at Beijing’s move to strengthen its regulations for exports of rare earth minerals, accusing China of “turning aggressive” and attempting to hold the global community “under its control”.

Furthermore, he warned to pull out of a planned meeting with Beijing’s head of state Xi Jinping, which was expected to take place during a meeting in South Korea later this month.

The former president’s remarks on Friday unsettled financial markets, with the S&P 500 dropping nearly three percent, marking its biggest drop since last spring.

These statements renewed apprehensions of a commercial dispute between the US and China.

Earlier this year, the two sides had agreed to drop high import duties on each other’s imports, which had created the possibility of bilateral trade stopping between the economic powers.

As a result, United States levies on Chinese imports facing an extra import tax compared with the start of the year, while American products entering the Chinese market are subject to a ten percent duty.

The most recent comments from China – released by the relevant government department in the manner of written responses to press queries – reflected language from the height of the latest commercial tensions.

The remarks condemned American limits on exports on electronic components while defending Beijing’s overseas sale regulations on rare earths as “standard procedures” to protect national security and that of every country.

Their representative said that for “many years”, the United States had “broadened the definition” of national security, exploited foreign shipment regulations and “enforced” unfair treatments against Beijing.

“Resorting to tariff threats is not the correct approach to engage with the Chinese government,” the spokesperson commented.

“The nation’s view” on a import duty dispute has consistently been consistent: we are not seeking one, but we are fearless of one.”

Recently, China revealed it was reinforcing overseas sale regulations on rare earth minerals and additional substances critical for advanced tech manufacturing.

This was seen as a significant step, as the country processes about ninety percent of the global rare earth supply, which are utilized in products such as photovoltaic modules and mobile phones.

Latest statements from both governments are being viewed by analysts as a means of strengthening positions ahead of forthcoming discussions.

Is not yet known whether a summit between the former president and President Xi, scheduled at a summit in South Korea later this month, will go ahead.