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Donald Trump’s newest ultimatum to introduce an additional complete levy on products from China has been labeled a “typical example” of American hypocrisy, according to the Chinese government.

A official from China’s Commerce Ministry additionally remarked that China could introduce its own unspecified “retaliatory steps” if the US President executes his pledge, adding that the country was “unafraid” of a possible trade conflict.

On Friday, the former president responded at Beijing’s move to tighten its regulations for foreign shipments of rare earths, charging China of “becoming very hostile” and attempting to hold the international market “captive”.

He also vowed to withdraw from a planned summit with China’s President Xi Jinping, which was arranged for a conference in South Korea before the month ends.

His statements on Friday unsettled stock exchanges, with the benchmark US stock index falling by nearly three percent, marking its steepest fall since last spring.

His comments renewed concerns of a trade war between the US and China.

This past spring, the respective governments had reached an agreement to drop triple-digit tariffs on each other’s products, which had led to concerns of bilateral trade stopping between the economic powers.

This left, United States levies on Chinese goods incurring an extra import tax compared with the year’s onset, while US goods entering the country are subject to a import levy.

Beijing’s recent statements – published by the Commerce Ministry in the manner of official answers to journalist’s questions – mirrored rhetoric from the zenith of the ongoing trade dispute.

The remarks condemned United States controls on semiconductors and chips while justifying the country’s own export controls on rare earth minerals as “standard procedures” to protect national security and that of every country.

The spokesperson remarked that for “an extended period”, the America had “broadened the definition” of domestic safety, abused overseas sale restrictions and “enforced” discriminatory practices against Beijing.

“Using” trade levy ultimatums is not the correct approach to interact with Beijing,” the spokesperson commented.

“China’s position on a trade conflict has always been consistent: we do not want one, but we are unafraid of one.”

Recently, the Chinese government revealed it was tightening export controls on rare earths and additional substances essential to cutting-edge industry.

This move was regarded as a significant step, as the nation processes about ninety percent of the global rare earth supply, which are utilized in goods such as renewable energy components and handheld devices.

The recent comments from the US and China are being viewed by observers as a strategy of bolstering negotiating stances prior to forthcoming discussions.

It is unclear whether a talks between the former president and China’s leader, planned at a conference in the Republic of Korea later this month, will take place as planned.