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Trump’s most recent ultimatum to introduce an further full import duty on products from China has been described as a “classic case” of American hypocrisy, per the Beijing administration.

A official from China’s Commerce Ministry additionally remarked that Beijing could enact its own unrevealed “retaliatory steps” if the US President carries out his threat, noting that the country was “not afraid” of a looming commercial battle.

This past Friday, Donald Trump responded at China’s decision to tighten its policies for foreign shipments of critical elements, alleging China of “turning aggressive” and attempting to hold the world “hostage”.

Furthermore, he threatened to withdraw from a scheduled meeting with Beijing’s head of state Xi, which was arranged for a meeting in Seoul in the coming weeks.

Trump’s comments on last Friday shook stock exchanges, with the S&P 500 closing down nearly three percent, marking its steepest fall since April.

The president’s words reignited fears of a trade war between the US and China.

This past spring, the both nations had consented to remove high import duties on each other’s products, which had led to concerns of trade halting between the economic powers.

Consequently, United States levies on products from China subject to an added thirty percent tariff compared with the start of the year, while US goods entering the Chinese market incur a import levy.

The most recent comments from China – published by the Commerce Ministry in the form of official answers to journalist’s questions – mirrored rhetoric from the height of the recent trade conflict.

Officials denounced US export restrictions on chips and semi-conductors while justifying China’s own export controls on rare earth minerals as “routine measures” to protect domestic safety and that of every country.

Their representative remarked that for “many years”, the United States had “expanded the interpretation” of national security, misused export control measures and “enforced” biased policies against China.

“Using” import duty warnings is not the right way to deal with China,” their representative commented.

“China’s position on a trade conflict has always been steady: we do not want one, but we are unafraid of one.”

Last week, China announced it was reinforcing foreign shipment restrictions on rare earth minerals and additional substances vital for high-technology production.

This was seen as a significant step, as the state processes about 90% of the world’s rare earths, which are employed in products such as solar panels and handheld devices.

Latest statements from the US and China are being interpreted by analysts as a method of strengthening positions prior to upcoming negotiations.

Remains uncertain whether a summit between the former president and Xi Jinping, expected at a summit in Seoul later this month, will go ahead.