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Donald Trump’s newest ultimatum to impose an further complete levy on products from China has been described as a “typical example” of US double standards, according to the China’s leadership.

A Commerce Ministry spokesperson additionally remarked that China could enact its own unspecified “countermeasures” if the US President follows through on his threat, adding that the country was “not afraid” of a potential trade war.

This past Friday, the former president hit back at Beijing’s move to strengthen its rules for exports of rare earth minerals, charging Beijing of “becoming very hostile” and attempting to hold the world “under its control”.

Furthermore, he threatened to withdraw from a arranged summit with China’s President Xi Jinping, which was expected to take place during a meeting in Seoul before the month ends.

Trump’s comments on Friday unsettled financial markets, with the benchmark US stock index falling by nearly three percent, marking its steepest fall since last spring.

His comments revived fears of a trade conflict between the US and China.

In May, the both nations had reached an agreement to drop high import duties on each other’s imports, which had created the possibility of trade halting between the two countries.

Consequently, United States levies on Chinese goods facing an additional import tax compared with the start of the year, while US goods entering China incur a 10% tariff.

China’s latest remarks – issued by the relevant government department in the manner of formal replies to media inquiries – echoed rhetoric from the height of the latest commercial tensions.

Officials denounced American limits on exports on chips and semi-conductors while justifying Beijing’s restrictions on exports on rare earth minerals as “standard procedures” to ensure domestic safety and that of the global community.

The spokesperson said that for “an extended period”, the US had “broadened the definition” of national security, misused export control measures and “enforced” discriminatory practices against China.

“Using” import duty warnings is not the correct approach to interact with the Chinese government,” the spokesperson stated.

“China’s position on a import duty dispute has remained unchanging: we wish to avoid one, but we are unafraid of one.”

The previous week, Beijing revealed it was strengthening overseas sale regulations on key elements and further resources critical for high-technology production.

This was seen as a key move, as the state refines about the vast majority of the world’s rare earths, which are used in items such as renewable energy components and smartphones.

The recent comments from Washington and Beijing are being viewed by some as a means of strengthening positions ahead of future trade talks.

It is unclear whether a summit between Donald Trump and Xi Jinping, scheduled at a conference in the Republic of Korea before month’s end, will still proceed.