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Trump’s latest threat to enforce an additional complete levy on items imported from China has been labeled a “classic case” of US double standards, per the Chinese government.

A representative of the ministry also stated that China could introduce its own unspecified “retaliatory steps” if the US President executes his pledge, adding that the country was “fearless” of a looming trade war.

On Friday, the former president hit back at Beijing’s move to reinforce its policies for exports of rare earths, accusing the Chinese leadership of “turning aggressive” and attempting to hold the international market “under its control”.

Additionally, he vowed to pull out of a arranged summit with China’s President President Xi, which was arranged for a conference in the Republic of Korea later this month.

His statements on that day shook stock exchanges, with the S&P 500 falling by 2.7%, marking its biggest drop since earlier this year.

The president’s words reignited fears of a commercial dispute between the US and China.

Earlier this year, the both nations had reached an agreement to remove significant levies on each other’s imports, which had led to concerns of trade halting between the two countries.

As a result, US tariffs on Chinese imports facing an added thirty percent tariff compared with the start of the year, while items from the United States entering the Chinese market are subject to a 10% tariff.

The most recent comments from China – published by the relevant government department in the format of written responses to journalist’s questions – reflected terminology from the zenith of the recent trade conflict.

Officials denounced United States controls on chips and semi-conductors while supporting the country’s own overseas sale regulations on key elements as “normal actions” to ensure national security and that of all nations.

The official stated that for “many years”, the US had “expanded the interpretation” of state security, misused overseas sale restrictions and “enforced” biased policies against China.

“Resorting to trade levy ultimatums is not the right way to interact with Beijing,” the official commented.

“Beijing’s stance” on a trade conflict has remained unchanging: we wish to avoid one, but we are not afraid of one.”

Last week, China announced it was tightening export controls on key elements and additional substances vital for advanced tech manufacturing.

This move was regarded as a key move, as the nation processes about 90% of the world’s rare earths, which are employed in products such as photovoltaic modules and mobile phones.

New remarks from the US and China are being interpreted by analysts as a strategy of strengthening positions in preparation for future trade talks.

Is not yet known whether a summit between Donald Trump and President Xi, scheduled at a high-level meeting in Seoul before month’s end, will take place as planned.