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Trump’s latest ultimatum to impose an extra complete levy on products from China has been called a “classic case” of US double standards, as stated by the Beijing administration.

A representative of the ministry additionally remarked that Beijing could introduce its own unspecified “retaliatory steps” if the US President executes his warning, emphasizing that the country was “not afraid” of a potential trade war.

This past Friday, Trump retaliated at the Chinese government’s action to tighten its regulations for foreign shipments of rare earths, alleging the Chinese leadership of “turning aggressive” and attempting to hold the world “hostage”.

Additionally, he warned to cancel a scheduled meeting with Chinese leader Xi Jinping, which was expected to take place during a meeting in Seoul in the coming weeks.

His statements on Friday shook financial markets, with the S&P 500 falling by nearly three percent, marking its largest decline since last spring.

These statements renewed fears of a commercial dispute between the United States and China.

This past spring, the two sides had consented to eliminate triple-digit tariffs on each other’s imports, which had led to concerns of trade halting between the two countries.

Consequently, US tariffs on products from China incurring an added import tax compared with the start of the year, while items from the United States entering China incur a 10% tariff.

The most recent comments from China – published by the relevant government department in the manner of written responses to media inquiries – echoed terminology from the height of the ongoing trade dispute.

They criticised US export restrictions on electronic components while justifying Beijing’s restrictions on exports on rare earth minerals as “normal actions” to ensure national security and that of every country.

The spokesperson stated that for “a long time”, the US had “broadened the definition” of state security, misused overseas sale restrictions and “adopted unfair treatments against the Chinese nation.

“Resorting to trade levy ultimatums is not the proper method to interact with Beijing,” their representative commented.

“The nation’s view” on a import duty dispute has consistently been unchanging: we are not seeking one, but we are fearless of one.”

Recently, Beijing revealed it was tightening foreign shipment restrictions on rare earths and additional substances essential to advanced tech manufacturing.

This move was regarded as a key move, as the state processes about the vast majority of the planet’s critical minerals, which are used in products such as solar panels and mobile phones.

Latest statements from Washington and Beijing are being interpreted by some as a method of strengthening positions in preparation for upcoming negotiations.

It is unclear whether a talks between Donald Trump and China’s leader, scheduled at a summit in South Korea later this month, will still proceed.