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Donald Trump’s newest warning to impose an further full import duty on items imported from China has been described as a “typical example” of US double standards, as stated by the Beijing administration.

A Commerce Ministry spokesperson further commented that Beijing could enact its own unrevealed “countermeasures” if the White House occupant follows through on his threat, noting that the country was “unafraid” of a potential trade conflict.

On Friday, Trump retaliated at the Chinese government’s action to tighten its rules for exports of rare earths, accusing Beijing of “becoming very hostile” and attempting to hold the world “captive”.

He also threatened to withdraw from a scheduled summit with Beijing’s head of state President Xi, which was arranged for a conference in the Republic of Korea before the month ends.

His statements on that day rattled financial markets, with the S&P 500 closing down 2.7%, marking its largest decline since earlier this year.

His comments revived fears of a trade conflict between the US and China.

In May, the two sides had reached an agreement to remove significant levies on each other’s goods, which had raised the prospect of trade halting between the two nations.

As a result, American import duties on products from China subject to an additional 30% levy compared with the year’s onset, while US goods entering the Chinese market are subject to a import levy.

China’s latest remarks – published by the Commerce Ministry in the manner of official answers to press queries – reflected rhetoric from the height of the recent trade conflict.

Officials denounced US export restrictions on semiconductors and chips while defending China’s own export controls on rare earth minerals as “standard procedures” to protect domestic safety and that of the global community.

Their representative stated that for “many years”, the America had “overstretched the concept of domestic safety, misused export control measures and “implemented” biased policies against Beijing.

“Resorting to trade levy ultimatums is not the right way to deal with the Chinese government,” their representative commented.

“China’s position on a import duty dispute has consistently been steady: we do not want one, but we are fearless of one.”

The previous week, the Chinese government declared it was strengthening foreign shipment restrictions on rare earths and other materials essential to high-technology production.

The action was viewed as a key move, as the country refines about the vast majority of the world’s rare earths, which are employed in goods such as photovoltaic modules and smartphones.

New remarks from the US and China are being interpreted by some as a method of strengthening positions ahead of future trade talks.

Remains uncertain whether a summit between Donald Trump and Xi Jinping, scheduled at a summit in Seoul in the coming weeks, will go ahead.