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The former US president’s newest threat to introduce an additional full import duty on items imported from China has been described as a “classic case” of US double standards, according to the Chinese government.

A official from China’s Commerce Ministry also stated that Beijing could enact its own undisclosed “countermeasures” if the White House occupant executes his pledge, adding that the country was “not afraid” of a looming commercial battle.

On Friday, the former president retaliated at the Chinese government’s action to strengthen its regulations for exports of rare earths, charging Beijing of “adopting a confrontational stance” and attempting to hold the international market “captive”.

He also threatened to cancel a arranged talks with Beijing’s head of state Xi, which was arranged for a conference in South Korea before the month ends.

His statements on Friday shook financial markets, with the S&P 500 closing down nearly three percent, marking its largest decline since earlier this year.

His comments revived fears of a trade conflict between the United States and China.

In May, the both nations had consented to remove high import duties on each other’s imports, which had raised the prospect of trade halting between the two nations.

Consequently, US tariffs on Chinese goods subject to an added thirty percent tariff compared with the start of the year, while US goods entering China are subject to a import levy.

Beijing’s recent statements – published by the relevant government department in the form of official answers to press queries – reflected terminology from the height of the recent trade conflict.

They criticised United States controls on semiconductors and chips while defending Beijing’s export controls on rare earths as “standard procedures” to protect domestic safety and that of all nations.

The official stated that for “an extended period”, the US had “expanded the interpretation” of state security, abused overseas sale restrictions and “implemented” biased policies against Beijing.

“Resorting to import duty warnings is not the correct approach to deal with China,” their representative commented.

“The nation’s view” on a trade conflict has remained steady: we do not want one, but we are unafraid of one.”

The previous week, China declared it was strengthening overseas sale regulations on key elements and further resources critical for cutting-edge industry.

This was seen as a important measure, as the country refines about the vast majority of the global rare earth supply, which are employed in products such as photovoltaic modules and handheld devices.

The recent comments from Washington and Beijing are being interpreted by observers as a strategy of strengthening positions ahead of forthcoming discussions.

Remains uncertain whether a talks between Donald Trump and President Xi, expected at a high-level meeting in Seoul in the coming weeks, will take place as planned.