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Donald Trump’s newest ultimatum to introduce an extra full import duty on items imported from China has been called a “classic case” of US double standards, as stated by the China’s leadership.

A official from China’s Commerce Ministry additionally remarked that the nation could enact its own unspecified “retaliatory steps” if the American leader follows through on his threat, noting that the country was “unafraid” of a looming trade conflict.

On Friday, the former president responded at the Chinese government’s action to tighten its regulations for exports of rare earth minerals, alleging Beijing of “becoming very hostile” and attempting to hold the international market “under its control”.

Furthermore, he vowed to pull out of a arranged talks with Chinese leader Xi Jinping, which was expected to take place during a summit in Seoul in the coming weeks.

Trump’s comments on Friday shook global markets, with the benchmark US stock index dropping nearly three percent, marking its biggest drop since earlier this year.

The president’s words renewed apprehensions of a trade conflict between the US and China.

This past spring, the respective governments had agreed to remove high import duties on each other’s goods, which had led to concerns of commerce ceasing between the two nations.

Consequently, American import duties on Chinese goods facing an added thirty percent tariff compared with the start of the year, while items from the United States entering China incur a ten percent duty.

Beijing’s recent statements – issued by the relevant government department in the manner of formal replies to media inquiries – mirrored language from the height of the ongoing trade dispute.

Officials denounced United States controls on electronic components while justifying the country’s own export controls on rare earths as “normal actions” to protect state interests and that of all nations.

The official said that for “an extended period”, the United States had “overstretched the concept of national security, exploited foreign shipment regulations and “adopted biased policies against China.

“Turning to” tariff threats is not the proper method to engage with China,” the spokesperson said.

“China’s position on a tariff war has consistently been consistent: we wish to avoid one, but we are unafraid of one.”

The previous week, China declared it was reinforcing overseas sale regulations on rare earth minerals and further resources essential to high-technology production.

This was seen as a key move, as the state processes about 90% of the world’s rare earths, which are employed in items such as renewable energy components and smartphones.

Latest statements from Washington and Beijing are being seen by analysts as a means of enhancing bargaining power in preparation for upcoming negotiations.

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