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Donald Trump’s newest ultimatum to impose an additional complete levy on Chinese goods has been described as a “typical example” of US double standards, as stated by the Beijing administration.

A official from China’s Commerce Ministry further commented that the nation could introduce its own unspecified “retaliatory steps” if the American leader executes his warning, adding that the country was “not afraid” of a looming trade conflict.

On Friday, Donald Trump retaliated at Beijing’s move to tighten its rules for foreign shipments of rare earths, accusing the Chinese leadership of “turning aggressive” and attempting to hold the world “hostage”.

He also threatened to pull out of a scheduled meeting with Beijing’s head of state President Xi, which was set for a conference in South Korea in the coming weeks.

The former president’s remarks on Friday unsettled stock exchanges, with the S&P 500 share index closing down over two and a half percent, marking its largest decline since earlier this year.

His comments revived apprehensions of a commercial dispute between the two economic giants.

In May, the two sides had reached an agreement to eliminate high import duties on each other’s goods, which had created the possibility of trade halting between the two nations.

As a result, American import duties on Chinese imports incurring an extra 30% levy compared with the start of the year, while items from the United States entering the Chinese market incur a ten percent duty.

China’s latest remarks – released by the relevant government department in the manner of formal replies to journalist’s questions – reflected terminology from the zenith of the ongoing trade dispute.

Officials denounced United States controls on semiconductors and chips while defending Beijing’s export controls on rare earths as “routine measures” to ensure state interests and that of the global community.

Their representative said that for “an extended period”, the US had “overstretched the concept of national security, abused overseas sale restrictions and “implemented” unfair treatments against the Chinese nation.

“Resorting to trade levy ultimatums is not the proper method to engage with Beijing,” the spokesperson stated.

“Beijing’s stance” on a import duty dispute has remained steady: we do not want one, but we are fearless of one.”

Last week, China revealed it was reinforcing foreign shipment restrictions on key elements and other materials essential to advanced tech manufacturing.

The action was viewed as a important measure, as the country refines about the vast majority of the world’s rare earths, which are utilized in items such as photovoltaic modules and mobile phones.

New remarks from both governments are being viewed by analysts as a means of bolstering negotiating stances in preparation for upcoming negotiations.

Remains uncertain whether a talks between Donald Trump and Xi Jinping, planned at a summit in South Korea before month’s end, will go ahead.