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Donald Trump’s newest threat to introduce an further 100% tariff on items imported 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 Beijing could implement its own undisclosed “retaliatory steps” if the US President follows through on his threat, emphasizing that the country was “fearless” of a potential trade conflict.

Last Friday, the former president retaliated at China’s decision to tighten its regulations for exports of rare earth minerals, accusing China of “turning aggressive” and attempting to hold the world “captive”.

He also warned to cancel a scheduled meeting with Chinese leader Xi, which was expected to take place during a conference in Seoul before the month ends.

The former president’s remarks on Friday shook financial markets, with the benchmark US stock index dropping nearly three percent, marking its largest decline since April.

These statements renewed fears of a commercial dispute between the US and China.

In May, the respective governments had agreed to eliminate triple-digit tariffs on each other’s imports, which had led to concerns of commerce ceasing between the economic powers.

This left, US tariffs on products from China facing an added import tax compared with the start of the year, while US goods entering China are subject to a 10% tariff.

China’s latest remarks – released by the Commerce Ministry in the format of formal replies to press queries – echoed language from the peak of the ongoing trade dispute.

They criticised US export restrictions on electronic components while justifying the country’s own overseas sale regulations on key elements as “routine measures” to protect state interests and that of the global community.

Their representative remarked that for “many years”, the US had “overstretched the concept of national security, abused foreign shipment regulations and “adopted biased policies against China.

“Using” trade levy ultimatums is not the proper method to interact with China,” the spokesperson stated.

“China’s position on a trade conflict has consistently been consistent: we are not seeking one, but we are fearless of one.”

Last week, the Chinese government announced it was reinforcing foreign shipment restrictions on key elements and other materials critical for high-technology production.

This move was regarded as a significant step, as the country handles about 90% of the global rare earth supply, which are employed in goods such as renewable energy components and smartphones.

The recent comments from Washington and Beijing are being seen by observers as a method of enhancing bargaining power in preparation for upcoming negotiations.

Is not yet known whether a meeting between Donald Trump and Xi Jinping, expected at a high-level meeting in the Republic of Korea before month’s end, will take place as planned.