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Trump’s most recent ultimatum to introduce an further 100% tariff on products from China has been described as a “classic case” of US double standards, per the Chinese government.

A official from China’s Commerce Ministry also stated that China could implement its own unrevealed “retaliatory steps” if the US President carries out his pledge, adding that the country was “fearless” of a potential commercial battle.

On Friday, Donald Trump retaliated at the Chinese government’s action to reinforce its regulations for foreign shipments of rare earths, charging Beijing of “adopting a confrontational stance” and attempting to hold the international market “under its control”.

Additionally, he warned to withdraw from a arranged summit with Chinese leader Xi Jinping, which was set for a meeting in Seoul before the month ends.

The former president’s remarks on that day shook financial markets, with the S&P 500 dropping over two and a half percent, marking its largest decline since earlier this year.

These statements reignited fears of a commercial dispute between the United States and China.

This past spring, the two sides had consented to drop significant levies on each other’s products, which had raised the prospect of trade halting between the economic powers.

This left, US tariffs on Chinese imports subject to an additional import tax compared with the year’s onset, while American products entering China face a import levy.

The most recent comments from China – issued by the Ministry of Commerce in the form of written responses to journalist’s questions – reflected rhetoric from the zenith of the recent trade conflict.

Officials denounced United States controls on semiconductors and chips while defending Beijing’s restrictions on exports on rare earth minerals as “routine measures” to protect domestic safety and that of the global community.

Their representative said that for “a long time”, the America had “broadened the definition” of national security, exploited foreign shipment regulations and “implemented” biased policies against Beijing.

“Resorting to tariff threats is not the right way to interact with the Chinese government,” the official commented.

“Beijing’s stance” on a trade conflict has always been unchanging: we are not seeking one, but we are unafraid of one.”

The previous week, the Chinese government announced it was reinforcing foreign shipment restrictions on rare earth minerals and additional substances critical for advanced tech manufacturing.

This was seen as a significant step, as the nation processes about 90% of the planet’s critical minerals, which are utilized in goods such as solar panels and smartphones.

The recent comments from Washington and Beijing are being seen by some as a means of strengthening positions in preparation for future trade talks.

It is unclear whether a meeting between Donald Trump and China’s leader, scheduled at a high-level meeting in the Republic of Korea in the coming weeks, will still proceed.