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Trump’s newest threat to impose an additional full import duty on Chinese goods has been called a “typical example” of US double standards, per the Beijing administration.

A representative of the ministry further commented that China could implement its own unspecified “retaliatory steps” if the US President follows through on his warning, noting that the country was “not afraid” of a possible trade war.

On Friday, the former president retaliated at Beijing’s move to strengthen its policies for foreign shipments of rare earths, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “under its control”.

Furthermore, he warned to withdraw from a planned talks with Chinese leader Xi Jinping, which was set for a meeting in South Korea in the coming weeks.

The former president’s remarks on that day unsettled financial markets, with the S&P 500 closing down over two and a half percent, marking its biggest drop since last spring.

The president’s words renewed fears of a commercial dispute between the US and China.

This past spring, the respective governments had agreed to drop significant levies on each other’s products, which had raised the prospect of trade halting between the two nations.

This left, American import duties on Chinese imports subject to an additional import tax compared with the year’s onset, while US goods entering China incur a 10% tariff.

The most recent comments from China – published by the relevant government department in the manner of official answers to press queries – mirrored terminology from the height of the ongoing trade dispute.

The remarks condemned American limits on exports on semiconductors and chips while supporting China’s own export controls on rare earths as “standard procedures” to safeguard domestic safety and that of all nations.

Their representative stated that for “a long time”, the United States had “broadened the definition” of national security, exploited overseas sale restrictions and “implemented” unfair treatments against Beijing.

“Turning to” import duty warnings is not the correct approach to engage with China,” the official said.

“China’s position on a trade conflict has consistently been unchanging: we are not seeking one, but we are unafraid of one.”

Last week, Beijing declared it was reinforcing overseas sale regulations on key elements and further resources critical for cutting-edge industry.

The action was viewed as a important measure, as the country processes about 90% of the world’s rare earths, which are utilized in goods such as renewable energy components and handheld devices.

New remarks from both governments are being seen by analysts as a strategy of enhancing bargaining power in preparation for upcoming negotiations.

It is unclear whether a talks between Trump and President Xi, scheduled at a high-level meeting in Seoul later this month, will go ahead.