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Trump’s latest ultimatum to enforce an additional complete levy on products from China has been called a “classic case” of US double standards, according to the Beijing administration.

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

This past Friday, the former president responded at the Chinese government’s action to tighten its regulations for overseas sales of rare earth minerals, alleging Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.

Furthermore, he threatened to pull out of a planned talks with Chinese leader Xi Jinping, which was expected to take place during a meeting in Seoul in the coming weeks.

His statements on last Friday rattled global markets, with the S&P 500 share index dropping nearly three percent, marking its biggest drop since earlier this year.

The president’s words reignited fears of a commercial dispute between the US and China.

Earlier this year, the two sides had agreed to eliminate significant levies on each other’s imports, which had led to concerns of trade halting between the economic powers.

Consequently, United States levies on Chinese goods facing an extra 30% levy compared with the year’s onset, while American products entering China face a import levy.

Beijing’s recent statements – published by the relevant government department in the format of written responses to press queries – mirrored language from the peak of the recent trade conflict.

They criticised United States controls on semiconductors and chips while defending Beijing’s overseas sale regulations on key elements as “standard procedures” to safeguard national security and that of the global community.

Their representative stated that for “many years”, the United States had “expanded the interpretation” of domestic safety, exploited overseas sale restrictions and “adopted discriminatory practices against China.

“Resorting to trade levy ultimatums is not the proper method to deal with China,” their representative stated.

“Beijing’s stance” on a tariff war has remained consistent: we do not want one, but we are not afraid of one.”

Last week, Beijing declared it was tightening export controls on rare earth minerals and additional substances essential to advanced tech manufacturing.

This move was regarded as a important measure, as the state refines about the vast majority of the world’s rare earths, which are used in items such as renewable energy components and mobile phones.

Latest statements from both governments are being viewed by some as a method of enhancing bargaining power ahead of forthcoming discussions.

It is unclear whether a summit between the former president and President Xi, expected at a conference in the Republic of Korea before month’s end, will take place as planned.