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Donald Trump’s latest threat to enforce an further complete levy on Chinese goods has been described as a “classic case” of US double standards, according to the China’s leadership.

A representative of the ministry also stated that China could implement its own unrevealed “retaliatory steps” if the American leader executes his warning, noting that the country was “not afraid” of a looming trade war.

Last Friday, Trump hit back at China’s decision to tighten its rules for overseas sales of critical elements, charging Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.

He also warned to withdraw from a planned talks with China’s President Xi, which was arranged for a conference in South Korea later this month.

Trump’s comments on Friday rattled financial markets, with the S&P 500 share index dropping nearly three percent, marking its steepest fall since last spring.

These statements revived fears of a trade war between the US and China.

This past spring, the both nations had reached an agreement to drop high import duties on each other’s goods, which had raised the prospect of commerce ceasing between the two nations.

This left, American import duties on Chinese goods incurring an added thirty percent tariff compared with the start of the year, while US goods entering the country incur a import levy.

Beijing’s recent statements – issued by the relevant government department in the form of official answers to press queries – mirrored terminology from the zenith of the ongoing trade dispute.

They criticised US export restrictions on semiconductors and chips while supporting China’s own restrictions on exports on rare earths as “standard procedures” to protect national security and that of every country.

Their representative remarked that for “many years”, the US had “expanded the interpretation” of state security, abused export control measures and “implemented” unfair treatments against Beijing.

“Resorting to trade levy ultimatums is not the proper method to interact with Beijing,” their representative said.

“China’s position on a tariff war has consistently been steady: we wish to avoid one, but we are fearless of one.”

Recently, the Chinese government announced it was tightening overseas sale regulations on rare earth minerals and further resources critical for cutting-edge industry.

This was seen as a significant step, as the nation refines about ninety percent of the planet’s critical minerals, which are utilized in products such as renewable energy components and handheld devices.

Latest statements from Washington and Beijing are being viewed by observers as a means of enhancing bargaining power in preparation for forthcoming discussions.

Remains uncertain whether a meeting between the former president and Xi Jinping, planned at a high-level meeting in Seoul later this month, will still proceed.