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The former US president’s latest ultimatum to introduce an further complete levy on products from China has been called a “typical example” of American hypocrisy, according to the Beijing administration.

A representative of the ministry further commented that Beijing could implement its own unrevealed “countermeasures” if the White House occupant executes his pledge, emphasizing that the country was “fearless” of a potential trade war.

On Friday, Donald Trump retaliated at China’s decision to strengthen its policies for overseas sales of rare earths, charging Beijing of “turning aggressive” and attempting to hold the global community “captive”.

Furthermore, he vowed to pull out of a planned meeting with China’s President President Xi, which was expected to take place during a meeting in Seoul later this month.

Trump’s comments on Friday unsettled financial markets, with the S&P 500 dropping over two and a half percent, marking its biggest drop since earlier this year.

The president’s words revived concerns of a commercial dispute between the two economic giants.

In May, the two sides had reached an agreement to remove significant levies on each other’s goods, which had led to concerns of commerce ceasing between the two countries.

As a result, United States levies on Chinese goods subject to an additional thirty percent tariff compared with the start of the year, while US goods entering the country face a 10% tariff.

China’s latest remarks – issued by the Ministry of Commerce in the manner of written responses to press queries – mirrored rhetoric from the height of the recent trade conflict.

They criticised US export restrictions on chips and semi-conductors while supporting China’s own export controls on rare earth minerals as “normal actions” to ensure national security and that of the global community.

The spokesperson remarked that for “many years”, the United States had “expanded the interpretation” of domestic safety, abused overseas sale restrictions and “implemented” discriminatory practices against China.

“Resorting to trade levy ultimatums is not the proper method to interact with the Chinese government,” the spokesperson commented.

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

Recently, the Chinese government declared it was reinforcing export controls on rare earth minerals and further resources vital for cutting-edge industry.

This move was regarded as a significant step, as the country handles about ninety percent of the planet’s critical minerals, which are used in goods such as renewable energy components and mobile phones.

The recent comments from both governments are being interpreted by some as a strategy of bolstering negotiating stances in preparation for upcoming negotiations.

It is unclear whether a talks between Trump and Xi Jinping, expected at a high-level meeting in Seoul later this month, will go ahead.