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Trump’s newest ultimatum to introduce an additional complete levy on items imported from China has been labeled a “prime illustration” of US double standards, as stated by the Beijing administration.

A official from China’s Commerce Ministry also stated that China could enact its own unspecified “retaliatory steps” if the American leader executes his warning, adding that the country was “fearless” of a looming trade conflict.

Last Friday, Trump retaliated at China’s decision to tighten its regulations for foreign shipments of rare earth minerals, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “hostage”.

He also threatened to pull out of a scheduled meeting with Chinese leader President Xi, which was arranged for a meeting in the Republic of Korea later this month.

Trump’s comments on Friday rattled global markets, with the S&P 500 closing down 2.7%, marking its steepest fall since last spring.

These statements reignited apprehensions of a trade conflict between the two economic giants.

Earlier this year, the respective governments had reached an agreement to remove significant levies on each other’s products, which had raised the prospect of commerce ceasing between the economic powers.

Consequently, American import duties on Chinese goods subject to an additional import tax compared with the year’s onset, while items from the United States entering China are subject to a 10% tariff.

China’s latest remarks – released by the Ministry of Commerce in the form of formal replies to press queries – echoed rhetoric from the zenith of the recent trade conflict.

The remarks condemned US export restrictions on chips and semi-conductors while supporting China’s own overseas sale regulations on rare earth minerals as “normal actions” to protect domestic safety and that of all nations.

The spokesperson remarked that for “a long time”, the America had “overstretched the concept of domestic safety, abused overseas sale restrictions and “adopted biased policies against Beijing.

“Resorting to import duty warnings is not the right way to interact with Beijing,” the official commented.

“The nation’s view” on a trade conflict has always been unchanging: we are not seeking one, but we are unafraid of one.”

Recently, China announced it was reinforcing overseas sale regulations on key elements and additional substances vital for cutting-edge industry.

This was seen as a important measure, as the nation refines about the vast majority of the world’s rare earths, which are employed in goods such as photovoltaic modules and handheld devices.

Latest statements from both governments are being interpreted by analysts as a method of enhancing bargaining power in preparation for future trade talks.

It is unclear whether a meeting between Trump and President Xi, planned at a conference in the Republic of Korea in the coming weeks, will go ahead.