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Donald Trump’s newest ultimatum to enforce an extra full import duty on Chinese goods has been called a “classic case” of US double standards, according to the Beijing administration.

A representative of the ministry further commented that Beijing could enact its own unrevealed “countermeasures” if the White House occupant follows through on his pledge, noting that the country was “not afraid” of a potential trade conflict.

On Friday, Trump hit back at the Chinese government’s action to reinforce its rules for overseas sales of rare earths, alleging Beijing of “becoming very hostile” and attempting to hold the international market “under its control”.

Additionally, he warned to cancel a planned meeting with China’s President Xi, which was set for a conference in Seoul before the month ends.

His statements on Friday shook stock exchanges, with the S&P 500 share index falling by nearly three percent, marking its biggest drop since April.

The president’s words renewed concerns of a trade war between the United States and China.

Earlier this year, the both nations had reached an agreement to drop significant levies on each other’s products, which had led to concerns of bilateral trade stopping between the two countries.

This left, US tariffs on Chinese goods subject to an added 30% levy compared with the year’s onset, while US goods entering the country face a import levy.

China’s latest remarks – issued by the relevant government department in the manner of official answers to press queries – mirrored terminology from the peak of the latest commercial tensions.

They criticised United States controls on electronic components while justifying the country’s own restrictions on exports on key elements as “standard procedures” to protect domestic safety and that of the global community.

The official said that for “a long time”, the US had “overstretched the concept of domestic safety, exploited overseas sale restrictions and “adopted biased policies against the Chinese nation.

“Turning to” trade levy ultimatums is not the correct approach to engage with the Chinese government,” the spokesperson said.

“Beijing’s stance” on a trade conflict has consistently been steady: we do not want one, but we are not afraid of one.”

Last week, China revealed it was strengthening export controls on rare earths and other materials critical for advanced tech manufacturing.

This was seen as a key move, as the country handles about the vast majority of the world’s rare earths, which are utilized in products such as photovoltaic modules and smartphones.

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

It is unclear whether a summit between Trump and President Xi, scheduled at a summit in South Korea later this month, will still proceed.