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Trump’s newest warning to impose an additional full import duty on products from China has been described as a “typical example” of American hypocrisy, according to the Chinese government.

A Commerce Ministry spokesperson also stated that the nation could enact its own unspecified “retaliatory steps” if the US President carries out his threat, adding that the country was “fearless” of a possible trade conflict.

Last Friday, Donald Trump responded at the Chinese government’s action to tighten its policies for overseas sales of rare earth minerals, accusing China of “adopting a confrontational stance” and attempting to hold the international market “captive”.

Furthermore, he threatened to pull out of a planned summit with China’s President President Xi, which was arranged for a summit in the Republic of Korea before the month ends.

Trump’s comments on last Friday rattled global markets, with the S&P 500 dropping 2.7%, marking its largest decline since earlier this year.

These statements renewed fears of a trade conflict between the US and China.

This past spring, the two sides had agreed to drop high import duties on each other’s goods, which had raised the prospect of trade halting between the two countries.

Consequently, United States levies on Chinese goods incurring an additional 30% levy compared with the start of the year, while items from the United States entering China are subject to a 10% tariff.

The most recent comments from China – published by the Ministry of Commerce in the form of formal replies to journalist’s questions – reflected rhetoric from the peak of the ongoing trade dispute.

Officials denounced US export restrictions on electronic components while defending Beijing’s restrictions on exports on rare earths as “standard procedures” to ensure national security and that of every country.

The official stated that for “a long time”, the US had “broadened the definition” of domestic safety, exploited export control measures and “enforced” biased policies against Beijing.

“Turning to” tariff threats is not the correct approach to interact with the Chinese government,” the official said.

“China’s position on a import duty dispute has always been unchanging: we are not seeking one, but we are unafraid of one.”

Recently, the Chinese government announced it was tightening export controls on rare earths and additional substances essential to cutting-edge industry.

This was seen as a key move, as the state refines about ninety percent of the planet’s critical minerals, which are utilized in products such as photovoltaic modules and mobile phones.

Latest statements from Washington and Beijing are being interpreted by some as a means of enhancing bargaining power in preparation for upcoming negotiations.

It is unclear whether a meeting between Donald Trump and Xi Jinping, scheduled at a summit in the Republic of Korea in the coming weeks, will take place as planned.