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The former US president’s latest threat to introduce an further full import duty on items imported from China has been called a “classic case” of US double standards, per the China’s leadership.

A official from China’s Commerce Ministry also stated that China could enact its own unspecified “countermeasures” if the American leader executes his warning, noting that the country was “fearless” of a looming trade conflict.

On Friday, Donald Trump retaliated at Beijing’s move to tighten its regulations for exports of rare earths, accusing China of “turning aggressive” and attempting to hold the world “captive”.

He also threatened to withdraw from a planned talks with China’s President Xi, which was expected to take place during a meeting in the Republic of Korea before the month ends.

Trump’s comments on last Friday unsettled financial markets, with the benchmark US stock index falling by nearly three percent, marking its steepest fall since April.

His comments revived fears of a commercial dispute between the two economic giants.

Earlier this year, the both nations had consented to eliminate high import duties on each other’s products, which had led to concerns of bilateral trade stopping between the two countries.

This left, American import duties on Chinese imports incurring an extra 30% levy compared with the year’s onset, while US goods entering the country are subject to a import levy.

The most recent comments from China – released by the relevant government department in the format of official answers to press queries – mirrored terminology from the zenith of the recent trade conflict.

They criticised American limits on exports on chips and semi-conductors while justifying China’s own overseas sale regulations on rare earth minerals as “normal actions” to safeguard domestic safety and that of the global community.

The spokesperson said that for “a long time”, the America had “expanded the interpretation” of state security, exploited export control measures and “implemented” biased policies against the Chinese nation.

“Turning to” import duty warnings is not the correct approach to engage with China,” their representative stated.

“Beijing’s stance” on a trade conflict has always been unchanging: we wish to avoid one, but we are unafraid of one.”

Recently, China declared it was strengthening foreign shipment restrictions on key elements and other materials critical for cutting-edge industry.

This was seen as a important measure, as the state processes about the vast majority of the world’s rare earths, which are used in goods such as solar panels and smartphones.

The recent comments from both governments are being viewed by some as a method of strengthening positions in preparation for future trade talks.

Is not yet known whether a meeting between Donald Trump and President Xi, expected at a high-level meeting in South Korea in the coming weeks, will still proceed.