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The former US president’s latest ultimatum to introduce an extra complete levy on Chinese goods has been described as a “typical example” of US double standards, as stated by the China’s leadership.

A representative of the ministry also stated that Beijing could implement its own unspecified “retaliatory steps” if the White House occupant carries out his threat, adding that the country was “not afraid” of a possible commercial battle.

This past Friday, Trump responded at Beijing’s move to tighten its policies for overseas sales of critical elements, alleging Beijing of “becoming very hostile” and attempting to hold the international market “under its control”.

Additionally, he threatened to cancel a planned summit with China’s President President Xi, which was arranged for a conference in South Korea before the month ends.

His statements on Friday rattled financial markets, with the S&P 500 share index dropping over two and a half percent, marking its biggest drop since April.

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

This past spring, the respective governments had reached an agreement to eliminate high import duties on each other’s products, which had led to concerns of bilateral trade stopping between the two countries.

This left, American import duties on Chinese goods facing an additional import tax compared with the start of the year, while US goods entering the country face a import levy.

Beijing’s recent statements – published by the relevant government department in the format of written responses to press queries – echoed language from the zenith of the ongoing trade dispute.

They criticised United States controls on electronic components while defending Beijing’s overseas sale regulations on key elements as “standard procedures” to protect state interests and that of all nations.

Their representative remarked that for “an extended period”, the US had “broadened the definition” of domestic safety, exploited foreign shipment regulations and “adopted biased policies against Beijing.

“Turning to” trade levy ultimatums is not the correct approach to interact with China,” the spokesperson stated.

“The nation’s view” on a tariff war has consistently been unchanging: we do not want one, but we are unafraid of one.”

Recently, the Chinese government revealed it was tightening export controls on key elements and additional substances essential to advanced tech manufacturing.

This move was regarded as a important measure, as the state processes about the vast majority of the world’s rare earths, which are used in products such as solar panels and smartphones.

The recent comments from the US and China are being viewed by analysts as a means of enhancing bargaining power prior to upcoming negotiations.

Remains uncertain whether a summit between Donald Trump and President Xi, planned at a high-level meeting in the Republic of Korea in the coming weeks, will still proceed.