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Trump’s newest threat to introduce an additional full import duty on Chinese goods has been described as a “typical example” of US double standards, as stated by the Chinese government.

A official from China’s Commerce Ministry also stated that China could implement its own unrevealed “retaliatory steps” if the US President executes his pledge, adding that the country was “not afraid” of a possible trade war.

This past Friday, Donald Trump hit back at Beijing’s move to strengthen its rules for exports of rare earths, alleging China of “becoming very hostile” and attempting to hold the global community “hostage”.

He also threatened to pull out of a planned summit with China’s President Xi, which was set for a meeting in South Korea later this month.

Trump’s comments on Friday rattled stock exchanges, with the S&P 500 closing down 2.7%, marking its biggest drop since April.

The president’s words reignited fears of a trade conflict between the US and China.

In May, the both nations had agreed to remove triple-digit tariffs on each other’s goods, which had raised the prospect of trade halting between the two nations.

Consequently, American import duties on Chinese goods facing an added import tax compared with the year’s onset, while US goods entering the country face a import levy.

China’s latest remarks – released by the Commerce Ministry in the format of formal replies to press queries – echoed terminology from the height of the ongoing trade dispute.

They criticised United States controls on chips and semi-conductors while defending Beijing’s overseas sale regulations on key elements as “standard procedures” to safeguard national security and that of all nations.

The spokesperson said that for “an extended period”, the America had “expanded the interpretation” of state security, misused overseas sale restrictions and “enforced” biased policies against Beijing.

“Using” trade levy ultimatums is not the right way to interact with China,” the spokesperson commented.

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

The previous week, China declared it was tightening overseas sale regulations on key elements and additional substances critical for high-technology production.

This move was regarded as a important measure, as the state handles about 90% of the world’s rare earths, which are used in products such as renewable energy components and mobile phones.

The recent comments from Washington and Beijing are being viewed by observers as a strategy of enhancing bargaining power prior to upcoming negotiations.

Is not yet known whether a meeting between Trump and Xi Jinping, planned at a high-level meeting in South Korea later this month, will take place as planned.