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Donald Trump’s newest warning to impose an further 100% tariff on Chinese goods has been called a “typical example” of US double standards, according to the Beijing administration.

A official from China’s Commerce Ministry additionally remarked that the nation could implement its own unrevealed “countermeasures” if the American leader carries out his warning, adding that the country was “unafraid” of a possible trade conflict.

On Friday, Trump responded at China’s decision to reinforce its rules for overseas sales of rare earth minerals, alleging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “captive”.

Additionally, he vowed to pull out of a arranged meeting with Beijing’s head of state Xi Jinping, which was arranged for a meeting in the Republic of Korea later this month.

His statements on Friday shook financial markets, with the benchmark US stock index dropping 2.7%, marking its steepest fall since April.

These statements revived apprehensions of a commercial dispute between the United States and China.

In May, the both nations had consented to eliminate significant levies on each other’s goods, which had led to concerns of trade halting between the economic powers.

Consequently, American import duties on Chinese goods incurring an added 30% levy compared with the start of the year, while items from the United States entering the country are subject to a import levy.

The most recent comments from China – released by the Ministry of Commerce in the format of official answers to media inquiries – echoed language from the peak of the recent trade conflict.

Officials denounced US export restrictions on electronic components while supporting the country’s own export controls on rare earths as “normal actions” to ensure state interests and that of the global community.

Their representative said that for “an extended period”, the America had “broadened the definition” of domestic safety, exploited foreign shipment regulations and “implemented” biased policies against China.

“Resorting to trade levy ultimatums is not the right way to engage with Beijing,” the official commented.

“Beijing’s stance” on a tariff war has always been unchanging: we do not want one, but we are unafraid of one.”

Last week, China announced it was strengthening foreign shipment restrictions on rare earths and other materials vital for high-technology production.

The action was viewed as a significant step, as the nation processes about 90% of the planet’s critical minerals, which are employed in items such as renewable energy components and mobile phones.

Latest statements from the US and China are being interpreted by observers as a means of strengthening positions ahead of upcoming negotiations.

Is not yet known whether a meeting between Donald Trump and China’s leader, scheduled at a conference in Seoul later this month, will still proceed.