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The former US president’s latest warning to impose an further full import duty on products from China has been called a “prime illustration” of US double standards, according to the Chinese government.

A representative of the ministry also stated that the nation could implement its own unrevealed “retaliatory steps” if the US President executes his warning, emphasizing that the country was “not afraid” of a looming trade conflict.

On Friday, Trump retaliated at China’s decision to strengthen its rules for foreign shipments of rare earth minerals, accusing the Chinese leadership of “becoming very hostile” and attempting to hold the global community “hostage”.

He also warned to withdraw from a scheduled meeting with Chinese leader Xi, which was expected to take place during a summit in the Republic of Korea later this month.

The former president’s remarks on Friday shook financial markets, with the benchmark US stock index closing down 2.7%, marking its largest decline since last spring.

His comments renewed fears of a trade war between the United States and China.

In May, the two sides had agreed to eliminate high import duties on each other’s imports, which had raised the prospect of trade halting between the two countries.

As a result, American import duties on products from China incurring an added thirty percent tariff compared with the year’s onset, while US goods entering China incur a 10% tariff.

China’s latest remarks – released by the Ministry of Commerce in the form of official answers to press queries – mirrored rhetoric from the peak of the ongoing trade dispute.

They criticised American limits on exports on chips and semi-conductors while justifying China’s own restrictions on exports on rare earths as “routine measures” to safeguard state interests and that of every country.

Their representative said that for “many years”, the US had “expanded the interpretation” of domestic safety, abused overseas sale restrictions and “implemented” discriminatory practices against China.

“Turning to” import duty warnings is not the right way to engage with Beijing,” the official stated.

“Beijing’s stance” on a import duty dispute has consistently been consistent: we are not seeking one, but we are unafraid of one.”

Recently, Beijing revealed it was strengthening foreign shipment restrictions on key elements and other materials vital for advanced tech manufacturing.

The action was viewed as a key move, as the state handles about ninety percent of the planet’s critical minerals, which are utilized in goods such as solar panels and smartphones.

Latest statements from both governments are being viewed by some as a means of bolstering negotiating stances prior to forthcoming discussions.

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