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Donald Trump’s newest ultimatum to introduce an further complete levy on products from China has been described as a “classic case” of American hypocrisy, as stated by the China’s leadership.

A official from China’s Commerce Ministry further commented that China could enact its own unspecified “retaliatory steps” if the US President carries out his warning, emphasizing that the country was “not afraid” of a looming trade war.

On Friday, the former president retaliated at Beijing’s move to tighten its rules for exports of rare earths, alleging the Chinese leadership of “turning aggressive” and attempting to hold the world “hostage”.

Furthermore, he vowed to cancel a scheduled talks with Beijing’s head of state President Xi, which was arranged for a conference in the Republic of Korea in the coming weeks.

The former president’s remarks on Friday shook financial markets, with the benchmark US stock index closing down nearly three percent, marking its steepest fall since April.

His comments reignited concerns of a commercial dispute between the US and China.

In May, the both nations had agreed to drop triple-digit tariffs on each other’s imports, which had created the possibility of commerce ceasing between the two countries.

This left, United States levies on products from China incurring an additional import tax compared with the start of the year, while items from the United States entering China face a import levy.

China’s latest remarks – released by the Commerce Ministry in the manner of official answers to journalist’s questions – mirrored language from the zenith of the ongoing trade dispute.

Officials denounced United States controls on semiconductors and chips while justifying China’s own export controls on key elements as “standard procedures” to safeguard state interests and that of all nations.

Their representative remarked that for “an extended period”, the US had “expanded the interpretation” of national security, misused export control measures and “adopted biased policies against Beijing.

“Resorting to import duty warnings is not the right way to engage with Beijing,” the spokesperson said.

“China’s position on a import duty dispute has consistently been consistent: we wish to avoid one, but we are not afraid of one.”

Recently, China revealed it was strengthening export controls on rare earth minerals and additional substances essential to high-technology production.

The action was viewed as a key move, as the state handles about ninety percent of the planet’s critical minerals, which are utilized in items such as renewable energy components and smartphones.

Latest statements from the US and China are being interpreted by observers as a strategy of strengthening positions ahead of forthcoming discussions.

Is not yet known whether a meeting between the former president and Xi Jinping, planned at a conference in the Republic of Korea in the coming weeks, will still proceed.