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Trump’s newest threat to impose an further complete levy on Chinese goods has been labeled a “classic case” of American hypocrisy, according to the Beijing administration.

A official from China’s Commerce Ministry further commented that China could enact its own unrevealed “retaliatory steps” if the US President executes his threat, emphasizing that the country was “unafraid” of a looming trade war.

This past Friday, Trump hit back at China’s decision to tighten its regulations for overseas sales of rare earth minerals, accusing China of “becoming very hostile” and attempting to hold the world “under its control”.

Furthermore, he threatened to cancel a planned talks with Beijing’s head of state President Xi, which was arranged for a meeting in South Korea in the coming weeks.

His statements on Friday unsettled global markets, with the S&P 500 share index falling by over two and a half percent, marking its largest decline since earlier this year.

His comments renewed apprehensions of a trade war between the United States and China.

In May, the both nations had consented to remove significant levies on each other’s imports, which had created the possibility of trade halting between the two countries.

This left, United States levies on Chinese goods incurring an added import tax compared with the start of the year, while American products entering the country are subject to a ten percent duty.

Beijing’s recent statements – published by the Commerce Ministry in the format of written responses to media inquiries – mirrored terminology from the height of the latest commercial tensions.

The remarks condemned American limits on exports on semiconductors and chips while supporting Beijing’s overseas sale regulations on key elements as “standard procedures” to protect national security and that of the global community.

Their representative said that for “many years”, the America had “overstretched the concept of national security, exploited foreign shipment regulations and “adopted discriminatory practices against Beijing.

“Using” import duty warnings is not the proper method to engage with Beijing,” the spokesperson stated.

“Beijing’s stance” on a tariff war has remained steady: we are not seeking one, but we are not afraid of one.”

Last week, the Chinese government announced it was tightening foreign shipment restrictions on rare earths and additional substances vital for cutting-edge industry.

The action was viewed as a key move, as the state refines about the vast majority of the planet’s critical minerals, which are employed in products such as solar panels and smartphones.

New remarks from both governments are being viewed by analysts as a strategy of bolstering negotiating stances prior to future trade talks.

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