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Donald Trump’s newest threat to impose an further full import duty on items imported from China has been called a “classic case” of US double standards, according to the China’s leadership.

A representative of the ministry additionally remarked that Beijing could introduce its own unspecified “retaliatory steps” if the White House occupant carries out his threat, adding that the country was “not afraid” of a looming trade war.

Last Friday, Trump hit back at China’s decision to strengthen its policies for overseas sales of rare earth minerals, alleging Beijing of “turning aggressive” and attempting to hold the global community “captive”.

He also warned to cancel a scheduled meeting with China’s President Xi Jinping, which was expected to take place during a meeting in South Korea later this month.

His statements on last Friday rattled stock exchanges, with the S&P 500 closing down 2.7%, marking its biggest drop since last spring.

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

In May, the respective governments had reached an agreement to remove significant levies on each other’s goods, which had raised the prospect of bilateral trade stopping between the economic powers.

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

Beijing’s recent statements – released by the relevant government department in the format of formal replies to journalist’s questions – reflected language from the height of the ongoing trade dispute.

Officials denounced US export restrictions on chips and semi-conductors while defending the country’s own restrictions on exports on key elements as “routine measures” to protect national security and that of all nations.

The official said that for “many years”, the America had “broadened the definition” of national security, exploited overseas sale restrictions and “enforced” biased policies against China.

“Resorting to import duty warnings is not the correct approach to interact with China,” the official commented.

“Beijing’s stance” on a tariff war has always been consistent: we wish to avoid one, but we are not afraid of one.”

The previous week, the Chinese government announced it was reinforcing export controls on rare earth minerals and further resources vital for cutting-edge industry.

The action was viewed as a significant step, as the nation processes about 90% of the world’s rare earths, which are employed in goods such as photovoltaic modules and mobile phones.

The recent comments from Washington and Beijing are being interpreted by some as a method of bolstering negotiating stances in preparation for future trade talks.

Remains uncertain whether a summit between Donald Trump and China’s leader, expected at a conference in South Korea before month’s end, will take place as planned.