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Donald Trump’s newest ultimatum to impose an further full import duty on Chinese goods has been described as a “classic case” of US double standards, per the Chinese government.

A representative of the ministry additionally remarked that China could implement its own unspecified “countermeasures” if the White House occupant follows through on his threat, adding that the country was “fearless” of a possible trade war.

Last Friday, Trump retaliated at Beijing’s move to tighten its regulations for overseas sales of rare earth minerals, charging Beijing of “becoming very hostile” and attempting to hold the international market “captive”.

Furthermore, he threatened to pull out of a arranged summit with China’s President Xi, which was arranged for a summit in Seoul later this month.

His statements on last Friday rattled financial markets, with the S&P 500 falling by over two and a half percent, marking its steepest fall since last spring.

His comments revived apprehensions of a commercial dispute between the United States and China.

In May, the both nations had reached an agreement to remove triple-digit tariffs on each other’s products, which had created the possibility of bilateral trade stopping between the two nations.

This left, American import duties on products from China facing an extra import tax compared with the start of the year, while US goods entering the country incur a 10% tariff.

Beijing’s recent statements – released by the Ministry of Commerce in the form of written responses to journalist’s questions – echoed language from the zenith of the recent trade conflict.

Officials denounced United States controls on chips and semi-conductors while defending the country’s own export controls on key elements as “normal actions” to ensure state interests and that of all nations.

Their representative remarked that for “many years”, the America had “expanded the interpretation” of national security, exploited foreign shipment regulations and “implemented” biased policies against China.

“Resorting to trade levy ultimatums is not the correct approach to engage with China,” the official said.

“Beijing’s stance” on a trade conflict has always been steady: we do not want one, but we are fearless of one.”

Recently, Beijing announced it was tightening foreign shipment restrictions on key elements and further resources critical for high-technology production.

This move was regarded as a important measure, as the country handles about the vast majority of the global rare earth supply, which are used in items such as solar panels and smartphones.

Latest statements from both governments are being seen by observers as a strategy of enhancing bargaining power prior to forthcoming discussions.

Remains uncertain whether a summit between Donald Trump and President Xi, planned at a high-level meeting in the Republic of Korea later this month, will go ahead.