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Donald Trump’s latest threat to enforce an additional complete levy on products from China has been labeled a “typical example” of US double standards, as stated by the Chinese government.

A official from China’s Commerce Ministry further commented that the nation could enact its own unspecified “retaliatory steps” if the White House occupant executes his warning, emphasizing that the country was “not afraid” of a looming trade war.

On Friday, Trump retaliated at China’s decision to strengthen its rules for exports of critical elements, charging China of “becoming very hostile” and attempting to hold the global community “hostage”.

Additionally, he threatened to cancel a arranged summit with Beijing’s head of state Xi Jinping, which was expected to take place during a meeting in Seoul later this month.

Trump’s comments on last Friday rattled stock exchanges, with the benchmark US stock index closing down over two and a half percent, marking its largest decline since last spring.

These statements revived concerns of a commercial dispute between the United States and China.

This past spring, the respective governments had reached an agreement to eliminate triple-digit tariffs on each other’s products, which had created the possibility of commerce ceasing between the two countries.

This left, United States levies on Chinese goods facing an extra 30% levy compared with the start of the year, while US goods entering the Chinese market are subject to a 10% tariff.

Beijing’s recent statements – issued by the Commerce Ministry in the form of formal replies to press queries – reflected language from the zenith of the ongoing trade dispute.

Officials denounced US export restrictions on chips and semi-conductors while justifying the country’s own export controls on rare earth minerals as “routine measures” to safeguard domestic safety and that of every country.

The official said that for “a long time”, the America had “overstretched the concept of national security, misused foreign shipment regulations and “adopted discriminatory practices against Beijing.

“Using” import duty warnings is not the right way to interact with China,” their representative commented.

“Beijing’s stance” on a trade conflict has consistently been unchanging: we wish to avoid one, but we are fearless of one.”

Recently, Beijing revealed it was reinforcing overseas sale regulations on rare earth minerals and additional substances essential to high-technology production.

The action was viewed as a important measure, as the nation handles about ninety percent of the global rare earth supply, which are employed in goods such as renewable energy components and smartphones.

New remarks from Washington and Beijing are being viewed by observers as a method of enhancing bargaining power in preparation for forthcoming discussions.

Is not yet known whether a meeting between Donald Trump and Xi Jinping, planned at a conference in South Korea in the coming weeks, will go ahead.