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Trump’s most recent threat to impose an extra full import duty on Chinese goods has been labeled a “typical example” of US double standards, per the Beijing administration.

A Commerce Ministry spokesperson also stated that Beijing could implement its own undisclosed “countermeasures” if the US President executes his threat, noting that the country was “fearless” of a looming trade conflict.

On Friday, Trump hit back at the Chinese government’s action to reinforce its regulations for exports of rare earth minerals, accusing Beijing of “adopting a confrontational stance” and attempting to hold the world “hostage”.

He also warned to cancel a planned summit with China’s President Xi, which was expected to take place during a conference in Seoul before the month ends.

His statements on Friday shook global markets, with the benchmark US stock index closing down 2.7%, marking its largest decline since earlier this year.

These statements renewed fears of a commercial dispute between the two economic giants.

Earlier this year, the respective governments had consented to drop triple-digit tariffs on each other’s imports, which had led to concerns of trade halting between the economic powers.

This left, United States levies on Chinese imports facing an extra import tax compared with the start of the year, while items from the United States entering China face a ten percent duty.

The most recent comments from China – published by the Commerce Ministry in the manner of formal replies to journalist’s questions – reflected rhetoric from the zenith of the recent trade conflict.

Officials denounced American limits on exports on semiconductors and chips while defending China’s own overseas sale regulations on key elements as “routine measures” to protect domestic safety and that of every country.

The official stated that for “an extended period”, the United States had “broadened the definition” of domestic safety, abused foreign shipment regulations and “implemented” discriminatory practices against China.

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

“China’s position on a import duty dispute has consistently been steady: we are not seeking one, but we are unafraid of one.”

Last week, Beijing announced it was strengthening foreign shipment restrictions on rare earth minerals and other materials critical for advanced tech manufacturing.

The action was viewed as a key move, as the state refines about the vast majority of the world’s rare earths, which are used in items such as solar panels and smartphones.

Latest statements from the US and China are being viewed by some as a means of enhancing bargaining power ahead of future trade talks.

It is unclear whether a talks between Trump and President Xi, planned at a conference in Seoul before month’s end, will still proceed.