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Trump’s newest threat to introduce an additional full import duty on Chinese goods has been labeled a “prime illustration” of US double standards, according to the China’s leadership.

A official from China’s Commerce Ministry additionally remarked that China could implement its own unspecified “retaliatory steps” if the US President follows through on his threat, noting that the country was “not afraid” of a looming trade war.

This past Friday, Trump hit back at the Chinese government’s action to tighten its regulations for exports of rare earths, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the international market “captive”.

Furthermore, he vowed to cancel a scheduled summit with Beijing’s head of state Xi Jinping, which was arranged for a summit in the Republic of Korea before the month ends.

The former president’s remarks on that day unsettled financial markets, with the benchmark US stock index closing down 2.7%, marking its biggest drop since April.

The president’s words renewed fears of a commercial dispute between the two economic giants.

This past spring, the both nations had reached an agreement to eliminate triple-digit tariffs on each other’s goods, which had led to concerns of commerce ceasing between the economic powers.

This left, United States levies on products from China subject to an additional 30% levy compared with the year’s onset, while US goods entering China are subject to a 10% tariff.

China’s latest remarks – released by the Commerce Ministry in the format of formal replies to press queries – mirrored rhetoric from the height of the latest commercial tensions.

Officials denounced US export restrictions on electronic components while defending China’s own restrictions on exports on key elements as “routine measures” to ensure national security and that of all nations.

The spokesperson stated that for “many years”, the United States had “expanded the interpretation” of state security, abused export control measures and “implemented” biased policies against China.

“Turning to” trade levy ultimatums is not the proper method to deal with China,” the spokesperson said.

“Beijing’s stance” on a tariff war has remained consistent: we wish to avoid one, but we are fearless of one.”

Last week, Beijing declared it was tightening overseas sale regulations on key elements and further resources essential to high-technology production.

This was seen as a significant step, as the country processes about 90% of the world’s rare earths, which are used in goods such as solar panels and mobile phones.

New remarks from Washington and Beijing are being seen by analysts as a strategy of strengthening positions in preparation for upcoming negotiations.

Is not yet known whether a talks between Trump and President Xi, planned at a summit in Seoul in the coming weeks, will take place as planned.