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

A representative of the ministry also stated that the nation could enact its own unrevealed “responsive actions” if the American leader carries out his pledge, noting that the country was “unafraid” of a potential trade conflict.

This past Friday, Trump retaliated at China’s decision to reinforce its regulations for overseas sales of rare earth minerals, alleging the Chinese leadership of “turning aggressive” and attempting to hold the international market “hostage”.

He also warned to cancel a planned summit with Beijing’s head of state Xi Jinping, which was arranged for a summit in the Republic of Korea later this month.

The former president’s remarks on Friday unsettled stock exchanges, with the S&P 500 closing down 2.7%, marking its largest decline since last spring.

The president’s words revived fears of a trade war between the US and China.

This past spring, the respective governments had reached an agreement to eliminate significant levies on each other’s products, which had raised the prospect of commerce ceasing between the economic powers.

As a result, United States levies on Chinese goods subject to an extra import tax compared with the start of the year, while US goods entering the Chinese market face a 10% tariff.

China’s latest remarks – published by the Commerce Ministry in the format of official answers to press queries – mirrored terminology from the height of the recent trade conflict.

Officials denounced US export restrictions on chips and semi-conductors while supporting China’s own overseas sale regulations on rare earth minerals as “standard procedures” to ensure domestic safety and that of the global community.

The spokesperson remarked that for “many years”, the America had “overstretched the concept of state security, abused foreign shipment regulations and “enforced” unfair treatments against Beijing.

“Resorting to tariff threats is not the proper method to deal with Beijing,” their representative commented.

“China’s position on a trade conflict has remained steady: we do not want one, but we are not afraid of one.”

Last week, China revealed it was tightening foreign shipment restrictions on rare earth minerals and further resources vital for cutting-edge industry.

This move was regarded as a significant step, as the state processes about 90% of the world’s rare earths, which are utilized in products such as solar panels and smartphones.

Latest statements from the US and China are being seen by analysts as a means of bolstering negotiating stances in preparation for upcoming negotiations.

Is not yet known whether a talks between Donald Trump and President Xi, scheduled at a conference in South Korea in the coming weeks, will take place as planned.