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The former US president’s most recent threat to enforce an further complete levy on products from China has been called a “classic case” of US double standards, per the Beijing administration.

A official from China’s Commerce Ministry additionally remarked that China could enact its own unspecified “countermeasures” if the American leader follows through on his warning, emphasizing that the country was “fearless” of a potential trade war.

This past Friday, the former president retaliated at China’s decision to tighten its regulations for overseas sales of critical elements, accusing China of “adopting a confrontational stance” and attempting to hold the global community “hostage”.

Furthermore, he threatened to cancel a scheduled summit with China’s President Xi, which was arranged for a meeting in South Korea in the coming weeks.

The former president’s remarks on Friday shook financial markets, with the S&P 500 share index falling by 2.7%, marking its steepest fall since April.

These statements renewed fears of a trade conflict between the US and China.

This past spring, the respective governments had agreed to remove high import duties on each other’s goods, which had created the possibility of bilateral trade stopping between the economic powers.

Consequently, American import duties on products from China facing an extra 30% levy compared with the start of the year, while American products entering China incur a ten percent duty.

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

Officials denounced United States controls on chips and semi-conductors while justifying China’s own overseas sale regulations on key elements as “routine measures” to ensure state interests and that of the global community.

Their representative said that for “many years”, the US had “broadened the definition” of state security, abused overseas sale restrictions and “adopted unfair treatments against China.

“Turning to” trade levy ultimatums is not the proper method to deal with Beijing,” the official commented.

“Beijing’s stance” on a trade conflict has consistently been unchanging: we wish to avoid one, but we are not afraid of one.”

The previous week, Beijing declared it was reinforcing export controls on rare earths and other materials vital for high-technology production.

This was seen as a important measure, as the nation refines about the vast majority of the world’s rare earths, which are utilized in products such as photovoltaic modules and mobile phones.

The recent comments from both governments are being viewed by observers as a method of bolstering negotiating stances in preparation for upcoming negotiations.

Is not yet known whether a summit between Donald Trump and President Xi, scheduled at a high-level meeting in Seoul in the coming weeks, will go ahead.