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Donald Trump’s most recent ultimatum to introduce an further complete levy on items imported from China has been labeled a “typical example” of American hypocrisy, as stated by the China’s leadership.

A Commerce Ministry spokesperson also stated that Beijing could enact its own undisclosed “retaliatory steps” if the White House occupant executes his threat, emphasizing that the country was “not afraid” of a looming trade conflict.

On Friday, Trump responded at the Chinese government’s action to tighten its regulations for foreign shipments of rare earths, accusing the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “captive”.

He also threatened to pull out of a planned talks with China’s President Xi Jinping, which was arranged for a summit in South Korea before the month ends.

Trump’s comments on last Friday rattled financial markets, with the benchmark US stock index closing down over two and a half percent, marking its steepest fall since last spring.

The president’s words renewed concerns of a trade war between the US and China.

This past spring, the both nations had reached an agreement to drop high import duties on each other’s goods, which had created the possibility of bilateral trade stopping between the two nations.

Consequently, US tariffs on Chinese imports incurring an extra thirty percent tariff compared with the year’s onset, while US goods entering the country incur a ten percent duty.

China’s latest remarks – released by the relevant government department in the format of written responses to press queries – reflected terminology from the height of the latest commercial tensions.

The remarks condemned US export restrictions on semiconductors and chips while justifying China’s own restrictions on exports on key elements as “standard procedures” to ensure state interests and that of the global community.

The spokesperson remarked that for “a long time”, the United States had “overstretched the concept of state security, exploited overseas sale restrictions and “implemented” discriminatory practices against the Chinese nation.

“Using” import duty warnings is not the correct approach to deal with China,” the official said.

“The nation’s view” on a trade conflict has always been unchanging: we are not seeking one, but we are fearless of one.”

Recently, Beijing declared it was strengthening foreign shipment restrictions on key elements and other materials essential to high-technology production.

This was seen as a significant step, as the state refines about the vast majority of the planet’s critical minerals, which are used in goods such as renewable energy components and mobile phones.

Latest statements from both governments are being viewed by observers as a method of enhancing bargaining power ahead of forthcoming discussions.

Remains uncertain whether a meeting between Donald Trump and President Xi, planned at a conference in Seoul later this month, will take place as planned.