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Trump’s most recent ultimatum to enforce an extra full import duty on products from China has been described as a “typical example” of American hypocrisy, per the Chinese government.

A Commerce Ministry spokesperson additionally remarked that China could implement its own undisclosed “retaliatory steps” if the US President executes his pledge, adding that the country was “not afraid” of a possible commercial battle.

On Friday, the former president responded at the Chinese government’s action to reinforce its policies for overseas sales of rare earths, alleging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the international market “under its control”.

Furthermore, he warned to cancel a scheduled summit with Chinese leader President Xi, which was arranged for a meeting in the Republic of Korea later this month.

The former president’s remarks on last Friday rattled financial markets, with the benchmark US stock index falling by nearly three percent, marking its largest decline since April.

His comments renewed concerns of a commercial dispute between the two economic giants.

Earlier this year, the two sides had reached an agreement to drop significant levies on each other’s products, which had created the possibility of commerce ceasing between the two nations.

This left, American import duties on Chinese goods facing an added import tax compared with the year’s onset, while US goods entering China face a ten percent duty.

China’s latest remarks – released by the relevant government department in the form of official answers to journalist’s questions – mirrored language from the peak of the ongoing trade dispute.

They criticised US export restrictions on chips and semi-conductors while supporting China’s own overseas sale regulations on rare earths as “standard procedures” to safeguard domestic safety and that of the global community.

Their representative said that for “an extended period”, the America had “expanded the interpretation” of state security, misused export control measures and “adopted unfair treatments against China.

“Resorting to import duty warnings is not the correct approach to deal with the Chinese government,” the official commented.

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

Recently, China declared it was tightening export controls on rare earths and further resources critical for high-technology production.

The action was viewed as a key move, as the country processes about the vast majority of the world’s rare earths, which are employed in items such as solar panels and handheld devices.

Latest statements from Washington and Beijing are being viewed by some as a means of bolstering negotiating stances ahead of upcoming negotiations.

Is not yet known whether a meeting between the former president and President Xi, planned at a conference in Seoul in the coming weeks, will go ahead.