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The former US president’s latest ultimatum to impose an further complete levy on Chinese goods has been described as a “classic case” of US double standards, per the Beijing administration.

A Commerce Ministry spokesperson also stated that China could implement its own undisclosed “retaliatory steps” if the US President carries out his threat, adding that the country was “not afraid” of a looming trade conflict.

On Friday, the former president hit back at Beijing’s move to reinforce its rules for exports of rare earth minerals, alleging the Chinese leadership of “turning aggressive” and attempting to hold the international market “captive”.

Furthermore, he threatened to cancel a arranged meeting with Chinese leader Xi, which was arranged for a summit in the Republic of Korea before the month ends.

Trump’s comments on Friday shook stock exchanges, with the S&P 500 share index dropping 2.7%, marking its steepest fall since last spring.

His comments renewed concerns of a trade conflict between the two economic giants.

Earlier this year, the two sides had reached an agreement to eliminate triple-digit tariffs on each other’s products, which had created the possibility of trade halting between the two nations.

This left, American import duties on Chinese imports subject to an additional 30% levy compared with the start of the year, while items from the United States entering the country face a import levy.

The most recent comments from China – released by the relevant government department in the form of formal replies to media inquiries – mirrored rhetoric from the zenith of the recent trade conflict.

Officials denounced United States controls on electronic components while justifying the country’s own restrictions on exports on rare earth minerals as “routine measures” to safeguard state interests and that of every country.

The official said that for “many years”, the United States had “expanded the interpretation” of state security, abused export control measures and “adopted unfair treatments against the Chinese nation.

“Using” import duty warnings is not the correct approach to engage with Beijing,” the spokesperson commented.

“Beijing’s stance” on a import duty dispute has remained unchanging: we do not want one, but we are fearless of one.”

Recently, China revealed it was reinforcing overseas sale regulations on rare earths and other materials essential to high-technology production.

This move was regarded as a important measure, as the country processes about the vast majority of the planet’s critical minerals, which are used in items such as solar panels and handheld devices.

Latest statements from the US and China are being seen by analysts as a means of strengthening positions in preparation for forthcoming discussions.

Is not yet known whether a summit between Donald Trump and Xi Jinping, scheduled at a high-level meeting in the Republic of Korea in the coming weeks, will take place as planned.