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Trump’s latest ultimatum to impose an extra complete levy on Chinese goods has been described as a “classic case” of US double standards, according to the Chinese government.

A representative of the ministry further commented that the nation could enact its own undisclosed “responsive actions” if the US President executes his threat, emphasizing that the country was “fearless” of a potential trade conflict.

On Friday, Trump responded at Beijing’s move to strengthen its rules for foreign shipments of rare earth minerals, accusing China of “turning aggressive” and attempting to hold the world “hostage”.

Furthermore, he vowed to withdraw from a arranged summit with China’s President Xi, which was set for a meeting in the Republic of Korea in the coming weeks.

His statements on Friday shook financial markets, with the benchmark US stock index falling by over two and a half percent, marking its biggest drop since earlier this year.

The president’s words renewed apprehensions of a trade war between the United States and China.

This past spring, the both nations had agreed to drop triple-digit tariffs on each other’s goods, which had led to concerns of trade halting between the two nations.

Consequently, US tariffs on products from China subject to an added thirty percent tariff compared with the start of the year, while US goods entering the country are subject to a 10% tariff.

Beijing’s recent statements – published by the relevant government department in the manner of official answers to media inquiries – mirrored rhetoric from the peak of the ongoing trade dispute.

They criticised American limits on exports on semiconductors and chips while defending Beijing’s export controls on rare earths as “routine measures” to safeguard state interests and that of all nations.

Their representative remarked that for “many years”, the US had “expanded the interpretation” of state security, exploited foreign shipment regulations and “enforced” unfair treatments against the Chinese nation.

“Turning to” import duty warnings is not the correct approach to interact with Beijing,” their representative commented.

“The nation’s view” on a import duty dispute has always been unchanging: we do not want one, but we are unafraid of one.”

Recently, China revealed it was strengthening foreign shipment restrictions on key elements and further resources critical for high-technology production.

This was seen as a important measure, as the state refines about the vast majority of the world’s rare earths, which are employed in goods such as renewable energy components and handheld devices.

New remarks from both governments are being seen by some as a method of enhancing bargaining power ahead of upcoming negotiations.

Remains uncertain whether a meeting between Donald Trump and Xi Jinping, scheduled at a summit in South Korea before month’s end, will take place as planned.