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Trump’s latest threat to introduce an additional 100% tariff on Chinese goods has been labeled a “classic case” of US double standards, as stated by the Beijing administration.

A official from China’s Commerce Ministry additionally remarked that the nation could introduce its own unspecified “countermeasures” if the US President follows through on his pledge, adding that the country was “unafraid” of a possible trade war.

On Friday, Trump retaliated at the Chinese government’s action to tighten its regulations for overseas sales of rare earths, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “captive”.

Furthermore, he warned to pull out of a planned summit with China’s President Xi, which was arranged for a meeting in the Republic of Korea later this month.

Trump’s comments on last Friday rattled financial markets, with the S&P 500 closing down nearly three percent, marking its biggest drop since April.

These statements revived fears of a commercial dispute between the two economic giants.

This past spring, the two sides had agreed to eliminate high import duties on each other’s goods, which had created the possibility of bilateral trade stopping between the two countries.

As a result, United States levies on Chinese imports incurring an added import tax compared with the start of the year, while US goods entering the Chinese market incur a ten percent duty.

Beijing’s recent statements – released by the relevant government department in the manner of written responses to press queries – reflected rhetoric from the zenith of the ongoing trade dispute.

They criticised United States controls on electronic components while justifying the country’s own export controls on rare earths as “routine measures” to protect domestic safety and that of all nations.

The spokesperson stated that for “a long time”, the United States had “broadened the definition” of domestic safety, exploited export control measures and “enforced” biased policies against China.

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

“Beijing’s stance” on a import duty dispute has remained unchanging: we do not want one, but we are fearless of one.”

Recently, Beijing declared it was strengthening foreign shipment restrictions on rare earths and further resources vital for high-technology production.

This move was regarded as a key move, as the state processes about ninety percent of the global rare earth supply, which are utilized in goods such as renewable energy components and smartphones.

New remarks from the US and China are being viewed by observers as a means of enhancing bargaining power prior to forthcoming discussions.

Is not yet known whether a talks between Trump and President Xi, scheduled at a high-level meeting in South Korea before month’s end, will go ahead.