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The former US president’s latest warning to enforce an additional full import duty on products from China has been labeled a “classic case” of American hypocrisy, according to the Beijing administration.

A representative of the ministry also stated that Beijing could implement its own undisclosed “countermeasures” if the White House occupant follows through on his warning, noting that the country was “unafraid” of a looming trade war.

On Friday, the former president retaliated at the Chinese government’s action to reinforce its policies for exports of rare earth minerals, accusing the Chinese leadership of “turning aggressive” and attempting to hold the world “under its control”.

He also warned to pull out of a planned summit with Chinese leader Xi, which was arranged for a summit in the Republic of Korea later this month.

Trump’s comments on last Friday unsettled financial markets, with the S&P 500 closing down 2.7%, marking its largest decline since last spring.

These statements revived fears of a trade conflict between the two economic giants.

This past spring, the two sides had consented to eliminate triple-digit tariffs on each other’s imports, which had led to concerns of commerce ceasing between the two countries.

As a result, American import duties on Chinese goods facing an extra 30% levy compared with the year’s onset, while US goods entering China are subject to a ten percent duty.

Beijing’s recent statements – issued by the Ministry of Commerce in the manner of official answers to press queries – echoed language from the peak of the recent trade conflict.

Officials denounced American limits on exports on chips and semi-conductors while justifying Beijing’s export controls on rare earth minerals as “normal actions” to protect national security and that of all nations.

Their representative remarked that for “an extended period”, the United States had “overstretched the concept of domestic safety, misused export control measures and “enforced” unfair treatments against China.

“Resorting to tariff threats is not the correct approach to interact with Beijing,” their representative commented.

“Beijing’s stance” on a import duty dispute has remained consistent: we do not want one, but we are fearless of one.”

Last week, Beijing announced it was tightening foreign shipment restrictions on rare earths and additional substances essential to cutting-edge industry.

The action was viewed as a significant step, as the state processes about ninety percent of the global rare earth supply, which are employed in items such as solar panels and handheld devices.

New remarks from Washington and Beijing are being viewed by observers as a strategy of enhancing bargaining power prior to upcoming negotiations.

Is not yet known whether a summit between Trump and President Xi, planned at a summit in the Republic of Korea later this month, will take place as planned.