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Donald Trump’s latest threat to impose an additional full import duty on products from China has been labeled a “typical example” of American hypocrisy, as stated by the Beijing administration.

A Commerce Ministry spokesperson also stated that China could implement its own unspecified “retaliatory steps” if the White House occupant carries out his warning, emphasizing that the country was “unafraid” of a possible trade conflict.

This past Friday, the former president retaliated at Beijing’s move to reinforce its rules for overseas sales of critical elements, alleging Beijing of “turning aggressive” and attempting to hold the global community “hostage”.

Furthermore, he vowed to cancel a arranged meeting with Beijing’s head of state Xi Jinping, which was set for a summit in Seoul later this month.

His statements on Friday unsettled financial markets, with the S&P 500 share index falling by 2.7%, marking its largest decline since April.

His comments reignited fears of a trade war between the US and China.

This past spring, the both nations had reached an agreement to eliminate significant levies on each other’s goods, which had raised the prospect of trade halting between the two countries.

Consequently, US tariffs on Chinese goods subject to an additional import tax compared with the year’s onset, while items from the United States entering the Chinese market face a 10% tariff.

The most recent comments from China – published by the Ministry of Commerce in the format of official answers to media inquiries – mirrored terminology from the peak of the recent trade conflict.

The remarks condemned American limits on exports on semiconductors and chips while justifying Beijing’s export controls on rare earths as “normal actions” to ensure domestic safety and that of all nations.

Their representative stated that for “an extended period”, the United States had “broadened the definition” of national security, exploited export control measures and “enforced” biased policies against Beijing.

“Resorting to tariff threats is not the proper method to interact with the Chinese government,” the official said.

“Beijing’s stance” on a import duty dispute has always been consistent: we are not seeking one, but we are unafraid of one.”

Recently, China revealed it was strengthening foreign shipment restrictions on rare earth minerals and additional substances critical for high-technology production.

This move was regarded as a key move, as the state refines about 90% of the global rare earth supply, which are used in items such as solar panels and handheld devices.

New remarks from the US and China are being seen by analysts as a method of bolstering negotiating stances prior to future trade talks.

It is unclear whether a meeting between the former president and Xi Jinping, scheduled at a high-level meeting in Seoul later this month, will go ahead.