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Trump’s latest ultimatum to introduce an additional complete levy on products from China has been called a “classic case” of American hypocrisy, per the Chinese government.

A official from China’s Commerce Ministry also stated that Beijing could enact its own unrevealed “retaliatory steps” if the American leader carries out his pledge, adding that the country was “unafraid” of a potential trade conflict.

Last Friday, Trump responded at Beijing’s move to reinforce its rules for overseas sales of rare earths, charging China of “turning aggressive” and attempting to hold the global community “under its control”.

Additionally, he vowed to cancel a scheduled talks with Chinese leader Xi Jinping, which was arranged for a summit in South Korea in the coming weeks.

The former president’s remarks on Friday shook global markets, with the benchmark US stock index closing down 2.7%, marking its biggest drop since earlier this year.

The president’s words renewed concerns of a trade war between the two economic giants.

Earlier this year, the respective governments had consented to eliminate high import duties on each other’s products, which had raised the prospect of commerce ceasing between the economic powers.

This left, US tariffs on products from China subject to an additional 30% levy compared with the year’s onset, while US goods entering the Chinese market incur a 10% tariff.

China’s latest remarks – issued by the Ministry of Commerce in the format of official answers to media inquiries – echoed terminology from the zenith of the ongoing trade dispute.

The remarks condemned American limits on exports on semiconductors and chips while justifying Beijing’s restrictions on exports on key elements as “normal actions” to protect national security and that of all nations.

The official said that for “a long time”, the United States had “expanded the interpretation” of state security, abused foreign shipment regulations and “implemented” biased policies against Beijing.

“Resorting to tariff threats is not the right way to engage with the Chinese government,” their representative said.

“China’s position on a import duty dispute has remained consistent: we wish to avoid one, but we are fearless of one.”

Last week, the Chinese government revealed it was strengthening overseas sale regulations on rare earth minerals and other materials essential to cutting-edge industry.

The action was viewed as a significant step, as the country refines about ninety percent of the planet’s critical minerals, which are employed in goods such as renewable energy components and handheld devices.

Latest statements from the US and China are being seen by analysts as a means of enhancing bargaining power prior to forthcoming discussions.

Is not yet known whether a talks between Trump and China’s leader, scheduled at a high-level meeting in Seoul later this month, will go ahead.