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Trump’s latest threat to enforce an extra 100% tariff on products from China has been described as a “typical example” of US double standards, as stated by the Chinese government.

A representative of the ministry further commented that Beijing could introduce its own unspecified “countermeasures” if the US President executes his pledge, noting that the country was “fearless” of a looming commercial battle.

On Friday, Donald Trump responded at China’s decision to strengthen its regulations for foreign shipments of rare earth minerals, accusing China of “adopting a confrontational stance” and attempting to hold the international market “captive”.

Furthermore, he vowed to withdraw from a scheduled summit with China’s President Xi Jinping, which was expected to take place during a meeting in the Republic of Korea in the coming weeks.

His statements on Friday rattled financial markets, with the S&P 500 falling by 2.7%, marking its biggest drop since last spring.

His comments reignited concerns of a trade war between the two economic giants.

This past spring, the respective governments had consented to remove triple-digit tariffs on each other’s products, which had created the possibility of trade halting between the economic powers.

Consequently, United States levies on Chinese imports subject to an extra thirty percent tariff compared with the year’s onset, while US goods entering China face a import levy.

Beijing’s recent statements – issued by the relevant government department in the format of official answers to journalist’s questions – mirrored language from the zenith of the latest commercial tensions.

Officials denounced US export restrictions on electronic components while supporting Beijing’s restrictions on exports on rare earths as “normal actions” to safeguard domestic safety and that of all nations.

The spokesperson remarked that for “many years”, the United States had “broadened the definition” of national security, exploited export control measures and “adopted biased policies against China.

“Turning to” import duty warnings is not the correct approach to deal with the Chinese government,” the spokesperson commented.

“Beijing’s stance” on a tariff war has consistently been steady: we are not seeking one, but we are fearless of one.”

Recently, Beijing announced 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 country refines about ninety percent of the world’s rare earths, which are utilized in goods such as solar panels and smartphones.

The recent comments from the US and China are being viewed by analysts as a means of enhancing bargaining power in preparation for upcoming negotiations.

It is unclear whether a meeting between the former president and President Xi, scheduled at a conference in South Korea later this month, will take place as planned.