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Donald Trump’s latest warning to impose an further full import duty on products from China has been called a “prime illustration” of US double standards, per the China’s leadership.

A official from China’s Commerce Ministry also stated that the nation could implement its own unspecified “countermeasures” if the US President follows through on his pledge, noting that the country was “not afraid” of a potential trade conflict.

Last Friday, Trump hit back at Beijing’s move to tighten its regulations for foreign shipments of critical elements, charging Beijing of “becoming very hostile” and attempting to hold the international market “hostage”.

Furthermore, he threatened to cancel a planned talks with Chinese leader President Xi, which was set for a conference in South Korea later this month.

Trump’s comments on Friday rattled financial markets, with the S&P 500 dropping nearly three percent, marking its biggest drop since earlier this year.

The president’s words revived fears of a commercial dispute between the US and China.

In May, the both nations had reached an agreement to eliminate significant levies on each other’s products, which had created the possibility of bilateral trade stopping between the economic powers.

This left, United States levies on products from China subject to an added import tax compared with the year’s onset, while American products entering China face a 10% tariff.

China’s latest remarks – published by the Commerce Ministry in the form of written responses to press queries – reflected language from the height of the ongoing trade dispute.

Officials denounced US export restrictions on chips and semi-conductors while supporting China’s own overseas sale regulations on rare earths as “routine measures” to ensure state interests and that of every country.

The official stated that for “many years”, the United States had “expanded the interpretation” of state security, exploited export control measures and “enforced” biased policies against China.

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

“Beijing’s stance” on a tariff war has remained unchanging: we wish to avoid one, but we are not afraid of one.”

Recently, China revealed it was tightening overseas sale regulations on rare earths and additional substances essential to advanced tech manufacturing.

This was seen as a key move, as the country processes about 90% of the planet’s critical minerals, which are used in items such as solar panels and mobile phones.

New remarks from the US and China are being seen by observers as a method of enhancing bargaining power ahead of forthcoming discussions.

Is not yet known whether a summit between Donald Trump and President Xi, planned at a conference in the Republic of Korea in the coming weeks, will still proceed.