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Trump’s latest threat to impose an further full import duty on Chinese goods has been labeled a “prime illustration” of US double standards, as stated by the Beijing administration.

A official from China’s Commerce Ministry further commented that China could implement its own unspecified “retaliatory steps” if the White House occupant follows through on his warning, emphasizing that the country was “fearless” of a possible trade conflict.

This past Friday, Trump responded at China’s decision to tighten its policies for foreign shipments of rare earth minerals, alleging China of “turning aggressive” and attempting to hold the global community “captive”.

Furthermore, he vowed to pull out of a arranged summit with Chinese leader Xi Jinping, which was expected to take place during a summit in the Republic of Korea before the month ends.

The former president’s remarks on last Friday unsettled global markets, with the S&P 500 share index falling by nearly three percent, marking its biggest drop since earlier this year.

These statements renewed concerns of a trade conflict between the two economic giants.

This past spring, the two sides had consented to remove triple-digit tariffs on each other’s goods, which had led to concerns of bilateral trade stopping between the two nations.

Consequently, US tariffs on products from China incurring an added 30% levy compared with the start of the year, while US goods entering China face a import levy.

The most recent comments from China – issued by the relevant government department in the format of written responses to media inquiries – mirrored language from the peak of the recent trade conflict.

The remarks condemned United States controls on semiconductors and chips while supporting Beijing’s restrictions on exports on key elements as “routine measures” to protect national security and that of all nations.

The official said that for “many years”, the US had “overstretched the concept of national security, abused overseas sale restrictions and “adopted biased policies against Beijing.

“Resorting to trade levy ultimatums is not the correct approach to deal with China,” the official said.

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

Recently, the Chinese government announced it was tightening export controls on key elements and other materials vital for high-technology production.

This was seen as a key move, as the state processes about ninety percent of the global rare earth supply, which are used in products such as photovoltaic modules and mobile phones.

The recent comments from Washington and Beijing are being viewed by some as a means of enhancing bargaining power ahead of upcoming negotiations.

Is not yet known whether a meeting between Trump and President Xi, expected at a summit in the Republic of Korea before month’s end, will still proceed.