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The former US president’s newest warning to introduce an further full import duty on Chinese goods has been labeled a “classic case” of American hypocrisy, according to the Chinese government.

A Commerce Ministry spokesperson also stated that China could introduce its own unspecified “countermeasures” if the American leader executes his pledge, adding that the country was “fearless” of a possible trade war.

On Friday, Donald Trump hit back at Beijing’s move to strengthen its regulations for exports of rare earth minerals, charging China of “becoming very hostile” and attempting to hold the international market “under its control”.

He also warned to pull out of a arranged meeting with Chinese leader Xi, which was arranged for a summit in South Korea later this month.

His statements on Friday unsettled stock exchanges, with the benchmark US stock index closing down 2.7%, marking its largest decline since April.

The president’s words revived fears of a trade conflict between the two economic giants.

This past spring, the both nations had reached an agreement to eliminate triple-digit tariffs on each other’s imports, which had created the possibility of commerce ceasing between the two countries.

As a result, American import duties on Chinese goods facing an extra 30% levy compared with the start of the year, while American products entering the country are subject to a 10% tariff.

Beijing’s recent statements – issued by the Ministry of Commerce in the format of formal replies to media inquiries – reflected language from the height of the recent trade conflict.

Officials denounced American limits on exports on electronic components while defending Beijing’s export controls on key elements as “routine measures” to ensure state interests and that of the global community.

The official said that for “a long time”, the US had “expanded the interpretation” of national security, exploited foreign shipment regulations and “enforced” unfair treatments against China.

“Turning to” trade levy ultimatums is not the proper method to engage with Beijing,” their representative said.

“China’s position on a tariff war has remained consistent: we do not want one, but we are unafraid of one.”

Last week, China declared it was strengthening overseas sale regulations on rare earths and other materials vital for high-technology production.

This move was regarded as a key move, as the nation handles about ninety percent of the planet’s critical minerals, which are utilized in goods such as renewable energy components and smartphones.

The recent comments from both governments are being viewed by analysts as a means of bolstering negotiating stances prior to forthcoming discussions.

Remains uncertain whether a talks between Trump and China’s leader, expected at a summit in South Korea later this month, will still proceed.