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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 “prime illustration” of US double standards, as stated by the China’s leadership.

A official from China’s Commerce Ministry also stated that China could implement its own unspecified “retaliatory steps” if the White House occupant carries out his threat, adding that the country was “fearless” of a looming commercial battle.

Last Friday, the former president hit back at China’s decision to strengthen its policies for overseas sales of critical elements, accusing China of “turning aggressive” and attempting to hold the international market “hostage”.

Furthermore, he warned to cancel a arranged summit with China’s President President Xi, which was expected to take place during a conference in Seoul before the month ends.

The former president’s remarks on last Friday shook stock exchanges, with the benchmark US stock index closing down 2.7%, marking its steepest fall since April.

These statements reignited concerns of a commercial dispute between the two economic giants.

This past spring, the two sides had reached an agreement to eliminate significant levies on each other’s imports, which had created the possibility of trade halting between the two countries.

Consequently, United States levies on products from China subject to an additional import tax compared with the year’s onset, while US goods entering the country incur a ten percent duty.

Beijing’s recent statements – published by the relevant government department in the format of written responses to media inquiries – mirrored rhetoric from the height of the ongoing trade dispute.

They criticised US export restrictions on semiconductors and chips while justifying China’s own export controls on rare earth minerals as “standard procedures” to safeguard state interests and that of all nations.

Their representative stated that for “an extended period”, the United States had “expanded the interpretation” of domestic safety, abused overseas sale restrictions and “adopted biased policies against Beijing.

“Using” trade levy ultimatums is not the correct approach to engage with China,” the official stated.

“Beijing’s stance” on a import duty dispute has remained unchanging: we are not seeking one, but we are not afraid of one.”

Last week, the Chinese government announced it was reinforcing export controls on rare earths and other materials essential to cutting-edge industry.

The action was viewed as a significant step, as the nation processes about ninety percent of the world’s rare earths, which are used in items such as renewable energy components and smartphones.

Latest statements from Washington and Beijing are being seen by analysts as a method of strengthening positions ahead of future trade talks.

Is not yet known whether a summit between Donald Trump and President Xi, planned at a summit in South Korea later this month, will still proceed.