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Trump’s newest warning to enforce an further full import duty on items imported from China has been called a “typical example” of US double standards, according to the China’s leadership.

A representative of the ministry also stated that Beijing could introduce its own unspecified “retaliatory steps” if the American leader carries out his pledge, noting that the country was “not afraid” of a possible trade war.

On Friday, Donald Trump hit back at China’s decision to strengthen its policies for overseas sales of rare earth minerals, alleging Beijing of “becoming very hostile” and attempting to hold the world “under its control”.

Additionally, he vowed to withdraw from a planned summit with China’s President Xi Jinping, which was expected to take place during a summit in Seoul later this month.

The former president’s remarks on Friday rattled global markets, with the benchmark US stock index falling by nearly three percent, marking its steepest fall since earlier this year.

His comments renewed apprehensions of a commercial dispute between the United States and China.

In May, the two sides had consented to eliminate triple-digit tariffs on each other’s products, which had led to concerns of trade halting between the two countries.

This left, American import duties on Chinese imports subject to an extra import tax compared with the start of the year, while American products entering China face a import levy.

China’s latest remarks – issued by the Commerce Ministry in the form of official answers to media inquiries – reflected terminology from the height of the ongoing trade dispute.

They criticised American limits on exports on chips and semi-conductors while justifying the country’s own overseas sale regulations on rare earth minerals as “routine measures” to safeguard state interests and that of every country.

The spokesperson stated that for “many years”, the US had “broadened the definition” of domestic safety, exploited export control measures and “implemented” unfair treatments against Beijing.

“Turning to” tariff threats is not the proper method to engage with Beijing,” their representative stated.

“China’s position on a trade conflict has consistently been consistent: we wish to avoid one, but we are unafraid of one.”

Last week, Beijing revealed it was reinforcing overseas sale regulations on key elements and further resources vital for cutting-edge industry.

The action was viewed as a key move, as the nation handles about the vast majority of the world’s rare earths, which are employed in goods such as renewable energy components and smartphones.

Latest statements from both governments are being seen by analysts as a method of strengthening positions in preparation for future trade talks.

It is unclear whether a meeting between Trump and President Xi, scheduled at a high-level meeting in the Republic of Korea before month’s end, will go ahead.