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Donald Trump’s most recent ultimatum to introduce an extra complete levy on Chinese goods has been called a “prime illustration” of American hypocrisy, as stated by the Beijing administration.

A official from China’s Commerce Ministry also stated that China could implement its own unspecified “retaliatory steps” if the White House occupant follows through on his threat, adding that the country was “not afraid” of a looming trade war.

This past Friday, the former president hit back at China’s decision to reinforce its rules for exports of rare earths, accusing Beijing of “turning aggressive” and attempting to hold the world “hostage”.

He also vowed to withdraw from a arranged talks with China’s President President Xi, which was expected to take place during a meeting in the Republic of Korea in the coming weeks.

Trump’s comments on Friday rattled financial markets, with the S&P 500 closing down nearly three percent, marking its steepest fall since last spring.

His comments renewed concerns of a commercial dispute between the US and China.

In May, the respective governments had reached an agreement to remove high import duties on each other’s imports, which had led to concerns of bilateral trade stopping between the economic powers.

Consequently, US tariffs on Chinese goods subject to an extra 30% levy compared with the year’s onset, while items from the United States entering the Chinese market are subject to a ten percent duty.

China’s latest remarks – published by the Ministry of Commerce in the format of formal replies to journalist’s questions – reflected rhetoric from the peak of the recent trade conflict.

The remarks condemned US export restrictions on chips and semi-conductors while justifying the country’s own overseas sale regulations on key elements as “routine measures” to protect national security and that of the global community.

Their representative said that for “a long time”, the US had “expanded the interpretation” of state security, exploited overseas sale restrictions and “adopted biased policies against Beijing.

“Resorting to tariff threats is not the proper method to interact with China,” the spokesperson stated.

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

Recently, the Chinese government declared it was reinforcing overseas sale regulations on rare earth minerals and other materials vital for high-technology production.

The action was viewed as a key move, as the state processes about ninety percent of the world’s rare earths, which are utilized in products such as solar panels and mobile phones.

The recent comments from both governments are being viewed by some as a method of bolstering negotiating stances prior to forthcoming discussions.

Is not yet known whether a meeting between Donald Trump and President Xi, expected at a conference in the Republic of Korea before month’s end, will still proceed.