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Donald Trump’s most recent threat to introduce an additional complete levy on Chinese goods has been described as a “typical example” of American hypocrisy, as stated by the Chinese government.

A Commerce Ministry spokesperson further commented that Beijing could introduce its own unspecified “retaliatory steps” if the White House occupant carries out his pledge, adding that the country was “fearless” of a potential trade conflict.

Last Friday, Donald Trump hit back at Beijing’s move to strengthen its regulations for foreign shipments of rare earths, charging Beijing of “turning aggressive” and attempting to hold the world “captive”.

Additionally, he warned to withdraw from a planned summit with Chinese leader Xi Jinping, which was set for a conference in South Korea before the month ends.

The former president’s remarks on Friday rattled financial markets, with the S&P 500 share index falling by 2.7%, marking its biggest drop since last spring.

The president’s words revived fears of a trade war between the US 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 commerce ceasing between the two nations.

This left, US tariffs on Chinese goods incurring an extra import tax compared with the year’s onset, while US goods entering the Chinese market are subject to a 10% tariff.

The most recent comments from China – published by the Ministry of Commerce in the manner of formal replies to press queries – echoed rhetoric from the peak of the recent trade conflict.

The remarks condemned United States controls on semiconductors and chips while supporting the country’s own restrictions on exports on rare earths as “normal actions” to safeguard state interests and that of the global community.

The official stated that for “many years”, the America had “overstretched the concept of state security, abused export control measures and “implemented” unfair treatments against China.

“Turning to” import duty warnings is not the proper method to interact with the Chinese government,” the official said.

“The nation’s view” on a tariff war has always been consistent: we are not seeking one, but we are fearless of one.”

Recently, China declared it was strengthening foreign shipment restrictions on rare earth minerals and other materials essential to cutting-edge industry.

This move was regarded as a key move, as the country handles about 90% of the global rare earth supply, which are utilized in goods such as solar panels and smartphones.

New remarks from both governments are being seen by observers as a means of strengthening positions in preparation for upcoming negotiations.

Is not yet known whether a meeting between Donald Trump and China’s leader, scheduled at a conference in South Korea in the coming weeks, will go ahead.