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Donald Trump’s newest ultimatum to enforce an additional complete levy on products from China has been called a “classic case” of US double standards, per the Chinese government.

A official from China’s Commerce Ministry also stated that China could enact its own undisclosed “countermeasures” if the White House occupant executes his pledge, adding that the country was “fearless” of a potential trade conflict.

On Friday, Trump hit back at Beijing’s move to strengthen its policies for overseas sales of rare earths, charging Beijing of “becoming very hostile” and attempting to hold the global community “hostage”.

Furthermore, he vowed to pull out of a planned summit with Beijing’s head of state Xi, which was expected to take place during a conference in the Republic of Korea later this month.

Trump’s comments on Friday rattled financial markets, with the S&P 500 share index closing down 2.7%, marking its largest decline since earlier this year.

These statements reignited concerns of a trade conflict between the US and China.

Earlier this year, the both nations had reached an agreement to drop significant levies on each other’s products, which had created the possibility of trade halting between the two nations.

As a result, US tariffs on products from China incurring an extra 30% levy compared with the start of the year, while items from the United States entering China incur a import levy.

China’s latest remarks – issued by the relevant government department in the manner of written responses to media inquiries – mirrored terminology from the zenith of the ongoing trade dispute.

They criticised US export restrictions on chips and semi-conductors while justifying Beijing’s restrictions on exports on key elements as “standard procedures” to protect state interests and that of the global community.

The spokesperson stated that for “many years”, the US had “expanded the interpretation” of state security, exploited overseas sale restrictions and “implemented” biased policies against Beijing.

“Resorting to tariff threats is not the correct approach to interact with Beijing,” the official stated.

“The nation’s view” on a import duty dispute has remained steady: we are not seeking one, but we are unafraid of one.”

Last week, the Chinese government announced it was strengthening overseas sale regulations on rare earths and other materials vital for cutting-edge industry.

This move was regarded as a important measure, as the state handles about the vast majority of the world’s rare earths, which are employed in products such as renewable energy components and handheld devices.

The recent comments from the US and China are being viewed by analysts as a strategy of enhancing bargaining power in preparation for future trade talks.

It is unclear whether a meeting between the former president and Xi Jinping, planned at a summit in the Republic of Korea later this month, will take place as planned.