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Donald Trump’s most recent threat to enforce an additional full import duty on items imported from China has been labeled a “typical example” of American hypocrisy, per the Chinese government.

A Commerce Ministry spokesperson further commented that the nation could implement its own unspecified “retaliatory steps” if the American leader executes his warning, adding that the country was “fearless” of a looming commercial battle.

On Friday, Donald Trump retaliated at the Chinese government’s action to tighten its policies for overseas sales of rare earth minerals, alleging China of “adopting a confrontational stance” and attempting to hold the international market “hostage”.

Furthermore, he threatened to withdraw from a scheduled summit with Beijing’s head of state Xi Jinping, which was expected to take place during a conference in the Republic of Korea before the month ends.

Trump’s comments on last Friday rattled financial markets, with the S&P 500 share index falling by 2.7%, marking its largest decline since April.

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

Earlier this year, the both nations had reached an agreement to drop triple-digit tariffs on each other’s goods, which had led to concerns of commerce ceasing between the two nations.

Consequently, US tariffs on products from China facing an additional 30% levy compared with the start of the year, while US goods entering the Chinese market are subject to a ten percent duty.

Beijing’s recent statements – published by the Commerce Ministry in the manner of written responses to press queries – mirrored terminology from the zenith of the recent trade conflict.

They criticised US export restrictions on electronic components while defending Beijing’s restrictions on exports on rare earths as “standard procedures” to safeguard national security and that of the global community.

Their representative remarked that for “many years”, the US had “broadened the definition” of state security, exploited export control measures and “adopted discriminatory practices against China.

“Turning to” import duty warnings is not the right way to deal with the Chinese government,” the spokesperson stated.

“Beijing’s stance” on a trade conflict has always been steady: we are not seeking one, but we are unafraid of one.”

Last week, China declared it was tightening export controls on rare earth minerals and other materials vital for high-technology production.

The action was viewed as a significant step, as the country handles about ninety percent of the world’s rare earths, which are utilized in products such as renewable energy components and mobile phones.

New remarks from the US and China are being viewed by observers as a means of strengthening positions ahead of future trade talks.

Is not yet known whether a talks between Trump and Xi Jinping, expected at a summit in South Korea before month’s end, will still proceed.