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Donald Trump’s newest warning to impose an further complete levy on Chinese goods has been called a “classic case” of US double standards, per the Chinese government.

A official from China’s Commerce Ministry additionally remarked that the nation could introduce its own unrevealed “retaliatory steps” if the US President follows through on his warning, adding that the country was “fearless” of a looming commercial battle.

On Friday, the former president retaliated at the Chinese government’s action to tighten its regulations for exports of rare earths, accusing China of “turning aggressive” and attempting to hold the world “captive”.

Furthermore, he warned to cancel a arranged meeting with Chinese leader Xi, which was expected to take place during a summit in the Republic of Korea before the month ends.

His statements on Friday rattled stock exchanges, with the S&P 500 share index dropping 2.7%, marking its biggest drop since earlier this year.

The president’s words reignited fears of a trade war between the two economic giants.

This past spring, the two sides had reached an agreement to eliminate significant levies on each other’s products, which had led to concerns of commerce ceasing between the two countries.

As a result, US tariffs on Chinese goods subject to an added import tax compared with the start of the year, while items from the United States entering the Chinese market are subject to a ten percent duty.

China’s latest remarks – issued by the relevant government department in the form of formal replies to media inquiries – reflected language from the peak of the recent trade conflict.

Officials denounced US export restrictions on electronic components while defending Beijing’s export controls on rare earths as “normal actions” to ensure national security and that of the global community.

The spokesperson remarked that for “many years”, the US had “overstretched the concept of domestic safety, misused overseas sale restrictions and “implemented” unfair treatments against Beijing.

“Using” trade levy ultimatums is not the proper method to engage with China,” the official said.

“The nation’s view” on a trade conflict has remained unchanging: we do not want one, but we are not afraid of one.”

The previous week, Beijing announced it was reinforcing export controls on key elements and additional substances essential to cutting-edge industry.

The action was viewed as a significant step, as the state handles about 90% of the planet’s critical minerals, which are utilized in products such as solar panels and handheld devices.

New remarks from the US and China are being interpreted by observers as a means of bolstering negotiating stances prior to future trade talks.

Is not yet known whether a meeting between Trump and China’s leader, expected at a summit in South Korea before month’s end, will still proceed.