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Donald Trump’s latest ultimatum to introduce an extra 100% tariff on Chinese goods has been called a “classic case” of US double standards, according to the China’s leadership.

A representative of the ministry also stated that the nation could implement its own unspecified “retaliatory steps” if the US President carries out his threat, emphasizing that the country was “fearless” of a possible trade war.

On Friday, Trump retaliated at Beijing’s move to reinforce its regulations for foreign shipments of critical elements, accusing Beijing of “adopting a confrontational stance” and attempting to hold the international market “captive”.

He also warned to withdraw from a scheduled talks with China’s President President Xi, which was expected to take place during a conference in South Korea before the month ends.

Trump’s comments on last Friday unsettled global markets, with the benchmark US stock index dropping nearly three percent, marking its largest decline since last spring.

These statements reignited fears of a trade conflict between the United States and China.

This past spring, the respective governments had reached an agreement to eliminate high import duties on each other’s goods, which had raised the prospect of commerce ceasing between the two countries.

As a result, US tariffs on Chinese imports incurring an added import tax compared with the start of the year, while American products entering the Chinese market are subject to a import levy.

The most recent comments from China – released by the Commerce Ministry in the manner of formal replies to press queries – mirrored rhetoric from the zenith of the latest commercial tensions.

They criticised American limits on exports on electronic components while defending Beijing’s export controls on rare earths as “standard procedures” to safeguard domestic safety and that of every country.

The spokesperson said that for “an extended period”, the US had “broadened the definition” of national security, abused overseas sale restrictions and “adopted biased policies against China.

“Using” trade levy ultimatums is not the proper method to deal with China,” the official commented.

“Beijing’s stance” on a import duty dispute has remained consistent: we wish to avoid one, but we are not afraid of one.”

Last week, the Chinese government revealed it was tightening overseas sale regulations on rare earths and further resources critical for high-technology production.

This was seen as a key move, as the state processes about ninety percent of the global rare earth supply, which are employed in goods such as photovoltaic modules and smartphones.

Latest statements from both governments are being interpreted by observers as a strategy of strengthening positions ahead of future trade talks.

It is unclear whether a meeting between Trump and China’s leader, scheduled at a conference in South Korea later this month, will take place as planned.