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The former US president’s latest ultimatum to enforce an further 100% tariff on items imported from China has been labeled a “classic case” of US double standards, according to the China’s leadership.

A official from China’s Commerce Ministry also stated that the nation could enact its own unspecified “responsive actions” if the American leader follows through on his threat, adding that the country was “unafraid” of a looming trade war.

On Friday, Trump responded at China’s decision to strengthen its policies for exports of rare earths, accusing Beijing of “adopting a confrontational stance” and attempting to hold the world “hostage”.

Furthermore, he vowed to pull out of a scheduled summit with Chinese leader Xi Jinping, which was set for a meeting in South Korea before the month ends.

His statements on last Friday shook stock exchanges, with the S&P 500 share index falling by over two and a half percent, marking its largest decline since April.

These statements renewed fears of a commercial dispute between the US and China.

This past spring, the respective governments had consented to drop triple-digit tariffs on each other’s goods, which had created the possibility of commerce ceasing between the two nations.

As a result, American import duties on products from China facing an additional 30% levy compared with the start of the year, while items from the United States entering the Chinese market are subject to a import levy.

The most recent comments from China – released by the relevant government department in the manner of written responses to journalist’s questions – echoed language from the height of the latest commercial tensions.

They criticised United States controls on semiconductors and chips while supporting Beijing’s overseas sale regulations on key elements as “normal actions” to ensure state interests and that of every country.

The official stated that for “a long time”, the US had “overstretched the concept of domestic safety, abused export control measures and “implemented” unfair treatments against the Chinese nation.

“Resorting to import duty warnings is not the right way to deal with the Chinese government,” the spokesperson said.

“The nation’s view” on a tariff war has consistently been steady: we wish to avoid one, but we are fearless of one.”

Last week, China revealed it was reinforcing foreign shipment restrictions on rare earth minerals and other materials essential to cutting-edge industry.

The action was viewed as a important measure, as the state processes about the vast majority of the planet’s critical minerals, which are used in goods such as photovoltaic modules and smartphones.

Latest statements from the US and China are being interpreted by observers as a method of bolstering negotiating stances prior to future trade talks.

Is not yet known whether a meeting between Trump and Xi Jinping, expected at a high-level meeting in South Korea later this month, will go ahead.