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Donald Trump’s latest warning to enforce an extra complete levy on Chinese goods has been called a “classic case” of US double standards, according to the China’s leadership.

A representative of the ministry additionally remarked that Beijing could enact its own unspecified “retaliatory steps” if the American leader follows through on his threat, noting that the country was “fearless” of a potential commercial battle.

Last Friday, Donald Trump retaliated at Beijing’s move to reinforce its rules for overseas sales of rare earths, accusing the Chinese leadership of “becoming very hostile” and attempting to hold the world “under its control”.

He also vowed to cancel a arranged summit with Chinese leader President Xi, which was expected to take place during a conference in South Korea later this month.

Trump’s comments on Friday unsettled stock exchanges, with the S&P 500 dropping 2.7%, marking its largest decline since earlier this year.

These statements revived concerns of a trade conflict between the United States and China.

Earlier this year, the respective governments had agreed to remove significant levies on each other’s imports, which had led to concerns of commerce ceasing between the two countries.

As a result, American import duties on products from China incurring an extra thirty percent tariff compared with the year’s onset, while American products entering the country are subject to a 10% tariff.

China’s latest remarks – issued by the Ministry of Commerce in the form of formal replies to press queries – echoed terminology from the height of the latest commercial tensions.

They criticised United States controls on semiconductors and chips while justifying the country’s own restrictions on exports on rare earth minerals as “standard procedures” to safeguard state interests and that of the global community.

Their representative remarked that for “an extended period”, the United States had “broadened the definition” of state security, exploited foreign shipment regulations and “adopted discriminatory practices against the Chinese nation.

“Resorting to tariff threats is not the right way to engage with the Chinese government,” their representative said.

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

The previous week, the Chinese government declared it was strengthening overseas sale regulations on key elements and further resources critical for cutting-edge industry.

This was seen as a important measure, as the nation refines about ninety percent of the global rare earth supply, which are used in items such as photovoltaic modules and smartphones.

Latest statements from the US and China are being viewed by analysts as a strategy of bolstering negotiating stances prior to future trade talks.

It is unclear whether a meeting between Trump and Xi Jinping, expected at a summit in South Korea before month’s end, will take place as planned.