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Donald Trump’s most recent warning to impose an further complete levy on Chinese goods has been described as a “prime illustration” of US double standards, according to the Chinese government.

A Commerce Ministry spokesperson additionally remarked that China could introduce its own undisclosed “retaliatory steps” if the American leader follows through on his pledge, adding that the country was “fearless” of a possible commercial battle.

On Friday, Trump responded at China’s decision to reinforce its policies for foreign shipments of rare earths, accusing the Chinese leadership of “turning aggressive” and attempting to hold the world “hostage”.

He also threatened to pull out of a arranged meeting with Beijing’s head of state Xi Jinping, which was expected to take place during a conference in the Republic of Korea in the coming weeks.

The former president’s remarks on Friday rattled stock exchanges, with the S&P 500 share index closing down 2.7%, marking its biggest drop since earlier this year.

His comments revived apprehensions of a commercial dispute between the two economic giants.

This past spring, the both nations had reached an agreement to eliminate high import duties on each other’s imports, which had created the possibility of bilateral trade stopping between the two countries.

As a result, American import duties on Chinese imports subject to an extra 30% levy compared with the start of the year, while US goods entering China incur a import levy.

Beijing’s recent statements – published by the Commerce Ministry in the form of official answers to press queries – reflected language from the height of the recent trade conflict.

Officials denounced United States controls on electronic components while justifying Beijing’s restrictions on exports on rare earths as “standard procedures” to protect state interests and that of all nations.

The spokesperson said that for “an extended period”, the US had “broadened the definition” of national security, misused export control measures and “implemented” biased policies against Beijing.

“Turning to” trade levy ultimatums is not the correct approach to deal with the Chinese government,” their representative stated.

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

Last week, China revealed it was reinforcing export controls on key elements and further resources vital for cutting-edge industry.

This move was regarded as a significant step, as the state refines about 90% of the planet’s critical minerals, which are utilized in products such as renewable energy components and smartphones.

Latest statements from both governments are being interpreted by observers as a strategy of strengthening positions ahead of future trade talks.

Is not yet known whether a talks between Donald Trump and China’s leader, scheduled at a summit in Seoul before month’s end, will take place as planned.