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The former US president’s newest threat to enforce an further complete levy on products from China has been labeled a “classic case” of American hypocrisy, according to the Beijing administration.

A official from China’s Commerce Ministry also stated that Beijing could introduce its own undisclosed “retaliatory steps” if the White House occupant executes his threat, emphasizing that the country was “fearless” of a looming commercial battle.

On Friday, Trump hit back at China’s decision to reinforce its rules for exports of rare earths, accusing Beijing of “turning aggressive” and attempting to hold the world “hostage”.

He also warned to cancel a arranged summit with Chinese leader Xi, which was expected to take place during a summit in South Korea later this month.

Trump’s comments on that day unsettled stock exchanges, with the S&P 500 dropping 2.7%, marking its biggest drop since earlier this year.

These statements revived apprehensions of a trade conflict between the United States and China.

Earlier this year, the both nations had consented to remove significant levies on each other’s goods, which had led to concerns of commerce ceasing between the economic powers.

This left, US tariffs on Chinese imports subject to an extra thirty percent tariff compared with the year’s onset, while American products entering China face a ten percent duty.

The most recent comments from China – published by the Ministry of Commerce in the form of written responses to journalist’s questions – reflected language from the height of the latest commercial tensions.

The remarks condemned United States controls on electronic components while defending China’s own export controls on key elements as “normal actions” to safeguard domestic safety and that of the global community.

Their representative remarked that for “a long time”, the US had “expanded the interpretation” of state security, abused overseas sale restrictions and “enforced” discriminatory practices against Beijing.

“Resorting to trade levy ultimatums is not the correct approach to interact with Beijing,” the official said.

“China’s position on a tariff war has always been unchanging: we do not want one, but we are fearless of one.”

Last week, the Chinese government declared it was strengthening export controls on rare earths and further resources vital for cutting-edge industry.

The action was viewed as a key move, as the country handles about ninety percent of the global rare earth supply, which are used in products such as solar panels and handheld devices.

Latest statements from the US and China are being seen by analysts as a means of enhancing bargaining power in preparation for future trade talks.

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