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Trump’s newest threat to introduce an further complete levy on items imported from China has been labeled a “classic case” of US double standards, per the Beijing administration.

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

Last Friday, Donald Trump responded at Beijing’s move to tighten its regulations 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 summit with Beijing’s head of state President Xi, which was arranged for a summit in South Korea in the coming weeks.

The former president’s remarks on Friday shook stock exchanges, with the S&P 500 share index closing down nearly three percent, marking its steepest fall since earlier this year.

These statements revived concerns of a commercial dispute between the United States and China.

In May, the respective governments had consented to eliminate significant levies on each other’s goods, which had raised the prospect of commerce ceasing between the economic powers.

As a result, United States levies on products from China facing an additional thirty percent tariff compared with the year’s onset, while items from the United States entering the country are subject to a 10% tariff.

The most recent comments from China – published by the relevant government department in the form of written responses to media inquiries – reflected rhetoric from the peak of the ongoing trade dispute.

Officials denounced United States controls on electronic components while justifying Beijing’s export controls on rare earth minerals as “standard procedures” to safeguard national security and that of every country.

The spokesperson said that for “many years”, the US had “overstretched the concept of domestic safety, exploited export control measures and “enforced” discriminatory practices against Beijing.

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

“China’s position on a import duty dispute has remained unchanging: we wish to avoid one, but we are fearless of one.”

The previous week, the Chinese government revealed it was reinforcing overseas sale regulations on rare earth minerals and other materials essential to high-technology production.

This was seen as a important measure, as the nation refines about ninety percent of the world’s rare earths, which are used in products such as solar panels and handheld devices.

Latest statements from the US and China are being interpreted by observers as a method of enhancing bargaining power ahead of future trade talks.

Is not yet known whether a talks between Trump and President Xi, planned at a high-level meeting in South Korea before month’s end, will take place as planned.