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The former US president’s most recent threat to impose an additional full import duty on products from China has been labeled a “classic case” of US double standards, per the Chinese government.

A Commerce Ministry spokesperson also stated that the nation could introduce its own undisclosed “retaliatory steps” if the White House occupant follows through on his threat, noting that the country was “fearless” of a potential trade war.

On Friday, Trump retaliated at the Chinese government’s action to tighten its policies for overseas sales of rare earths, accusing Beijing of “turning aggressive” and attempting to hold the global community “under its control”.

He also threatened to withdraw from a arranged meeting with Chinese leader Xi, which was set for a summit in Seoul before the month ends.

Trump’s comments on Friday shook global markets, with the S&P 500 share index closing down over two and a half percent, marking its steepest fall since last spring.

The president’s words revived concerns of a commercial dispute between the two economic giants.

Earlier this year, the both nations had consented to remove significant levies on each other’s products, which had raised the prospect of commerce ceasing between the two countries.

As a result, US tariffs on products from China incurring an extra 30% levy compared with the year’s onset, while American products entering China are subject to a 10% tariff.

China’s latest remarks – issued by the Commerce Ministry in the manner of written responses to press queries – reflected rhetoric from the peak of the latest commercial tensions.

They criticised American limits on exports on chips and semi-conductors while supporting Beijing’s restrictions on exports on key elements as “normal actions” to ensure domestic safety and that of every country.

The spokesperson said that for “many years”, the United States had “broadened the definition” of state security, abused foreign shipment regulations and “enforced” discriminatory practices against the Chinese nation.

“Resorting to trade levy ultimatums is not the right way to engage with China,” their representative stated.

“The nation’s view” on a import duty dispute has always been consistent: we wish to avoid one, but we are fearless of one.”

Recently, China announced it was strengthening overseas sale regulations on key elements and other materials vital for advanced tech manufacturing.

This move was regarded as a key move, as the nation processes about 90% of the planet’s critical minerals, which are employed in items such as renewable energy components and handheld devices.

The recent comments from the US and China are being interpreted by observers as a method of strengthening positions prior to upcoming negotiations.

It is unclear whether a meeting between Donald Trump and President Xi, scheduled at a summit in South Korea before month’s end, will go ahead.