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Trump’s newest ultimatum to impose an extra full import duty on Chinese goods has been labeled a “typical example” of US double standards, per the Chinese government.

A representative of the ministry additionally remarked that China could enact its own unspecified “retaliatory steps” if the White House occupant executes his pledge, noting that the country was “not afraid” of a possible trade conflict.

This past Friday, Trump hit back at the Chinese government’s action to strengthen its rules for overseas sales of rare earths, charging Beijing of “adopting a confrontational stance” and attempting to hold the world “hostage”.

Additionally, he threatened to pull out of a planned meeting with Chinese leader President Xi, which was expected to take place during a meeting in the Republic of Korea later this month.

His statements on Friday shook global markets, with the S&P 500 share index closing down nearly three percent, marking its largest decline since last spring.

These statements revived fears of a commercial dispute between the two economic giants.

This past spring, the both nations had agreed to remove high import duties on each other’s products, which had created the possibility of commerce ceasing between the economic powers.

This left, United States levies on Chinese goods facing an added thirty percent tariff compared with the start of the year, while American products entering the country incur a 10% tariff.

The most recent comments from China – issued by the relevant government department in the manner of formal replies to journalist’s questions – echoed language from the peak of the latest commercial tensions.

The remarks condemned US export restrictions on semiconductors and chips while defending the country’s own restrictions on exports on key elements as “routine measures” to protect domestic safety and that of all nations.

Their representative stated that for “a long time”, the US had “overstretched the concept of domestic safety, exploited export control measures and “implemented” unfair treatments against Beijing.

“Using” trade levy ultimatums is not the correct approach to deal with the Chinese government,” the spokesperson said.

“China’s position on a import duty dispute has remained consistent: we wish to avoid one, but we are not afraid of one.”

Recently, Beijing revealed it was reinforcing foreign shipment restrictions on key elements and other materials critical for advanced tech manufacturing.

This move was regarded as a key move, as the state handles about the vast majority of the global rare earth supply, which are employed in goods such as renewable energy components and smartphones.

New remarks from the US and China are being seen by analysts as a strategy of strengthening positions ahead of upcoming negotiations.

Is not yet known whether a talks between Trump and President Xi, expected at a summit in Seoul later this month, will go ahead.