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Donald Trump’s newest warning to introduce an extra 100% tariff on products from China has been described as a “prime illustration” of US double standards, as stated by the Chinese government.

A official from China’s Commerce Ministry also stated that Beijing could implement its own unspecified “countermeasures” if the American leader executes his warning, noting that the country was “unafraid” of a possible trade conflict.

This past Friday, Trump retaliated at Beijing’s move to tighten its regulations for exports of critical elements, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the global community “captive”.

He also threatened to withdraw from a planned summit with Beijing’s head of state President Xi, which was arranged for a conference in South Korea later this month.

The former president’s remarks on last Friday unsettled financial markets, with the S&P 500 falling by 2.7%, marking its steepest fall since last spring.

The president’s words reignited fears of a trade war between the US and China.

This past spring, the both nations had consented to remove significant levies on each other’s products, which had created the possibility of commerce ceasing between the economic powers.

As a result, American import duties on Chinese goods facing an additional 30% levy compared with the start of the year, while American products entering the Chinese market face a import levy.

The most recent comments from China – published by the Ministry of Commerce in the manner of official answers to press queries – mirrored language from the zenith of the recent trade conflict.

They criticised US export restrictions on electronic components while defending Beijing’s overseas sale regulations on key elements as “standard procedures” to safeguard domestic safety and that of all nations.

The spokesperson said that for “a long time”, the United States had “broadened the definition” of national security, exploited export control measures and “adopted discriminatory practices against China.

“Resorting to import duty warnings is not the right way to engage with the Chinese government,” the spokesperson said.

“China’s position on a import duty dispute has consistently been steady: we are not seeking one, but we are fearless of one.”

The previous week, the Chinese government declared it was tightening foreign shipment restrictions on rare earth minerals and other materials critical for cutting-edge industry.

This move was regarded as a key move, as the country processes about ninety percent of the world’s rare earths, which are used in goods such as photovoltaic modules and mobile phones.

Latest statements from Washington and Beijing are being interpreted by observers as a means of strengthening positions in preparation for upcoming negotiations.

Remains uncertain whether a summit between Trump and China’s leader, expected at a summit in Seoul later this month, will take place as planned.