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The former US president’s newest warning to impose an further full import duty on products from China has been labeled a “classic case” of American hypocrisy, as stated by the Beijing administration.

A official from China’s Commerce Ministry further commented that China could introduce its own unspecified “responsive actions” if the US President carries out his warning, adding that the country was “fearless” of a possible trade war.

On Friday, Trump retaliated at China’s decision to reinforce its regulations for foreign shipments of critical elements, alleging China of “adopting a confrontational stance” and attempting to hold the global community “hostage”.

Additionally, he threatened to withdraw from a planned talks with Beijing’s head of state Xi, which was expected to take place during a meeting in Seoul later this month.

His statements on Friday rattled global markets, with the S&P 500 share index closing down 2.7%, marking its largest decline since earlier this year.

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

Earlier this year, the respective governments had agreed to drop significant levies on each other’s products, which had led to concerns of bilateral trade stopping between the two nations.

Consequently, American import duties on Chinese imports incurring an added thirty percent tariff compared with the year’s onset, while US goods entering China incur a import levy.

China’s latest remarks – released by the relevant government department in the form of written responses to media inquiries – echoed rhetoric from the height of the latest commercial tensions.

Officials denounced American limits on exports on chips and semi-conductors while justifying the country’s own export controls on rare earth minerals as “standard procedures” to ensure national security and that of every country.

Their representative said that for “a long time”, the United States had “overstretched the concept of national security, exploited overseas sale restrictions and “enforced” unfair treatments against the Chinese nation.

“Resorting to import duty warnings is not the right way to deal with China,” their representative said.

“The nation’s view” on a trade conflict has consistently been steady: we are not seeking one, but we are unafraid of one.”

Last week, Beijing announced it was tightening export controls on rare earth minerals and further resources vital for high-technology production.

This move was regarded as a important measure, as the country refines about ninety percent of the world’s rare earths, which are used in goods such as solar panels and mobile phones.

New remarks from both governments are being interpreted by analysts as a method of bolstering negotiating stances prior to future trade talks.

Is not yet known whether a summit between Trump and China’s leader, expected at a summit in the Republic of Korea before month’s end, will take place as planned.