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Donald Trump’s newest threat to enforce an extra complete levy on Chinese goods has been labeled a “typical example” of US double standards, as stated by the China’s leadership.

A representative of the ministry further commented that Beijing could enact its own undisclosed “countermeasures” if the White House occupant follows through on his warning, noting that the country was “not afraid” of a possible trade war.

On Friday, Trump hit back at the Chinese government’s action to tighten its regulations for exports of rare earths, alleging Beijing of “turning aggressive” and attempting to hold the international market “captive”.

Furthermore, he vowed to pull out of a scheduled summit with China’s President President Xi, which was set for a summit in Seoul later this month.

His statements on Friday unsettled stock exchanges, with the S&P 500 dropping nearly three percent, marking its steepest fall since last spring.

His comments revived apprehensions of a trade conflict between the two economic giants.

Earlier this year, the two sides had reached an agreement to drop triple-digit tariffs on each other’s imports, which had led to concerns of bilateral trade stopping between the economic powers.

Consequently, United States levies on products from China facing an added import tax compared with the year’s onset, while American products entering the country are subject to a import levy.

The most recent comments from China – released by the relevant government department in the form of written responses to press queries – echoed language from the height of the latest commercial tensions.

They criticised American limits on exports on chips and semi-conductors while defending the country’s own overseas sale regulations on key elements as “routine measures” to safeguard domestic safety and that of the global community.

The official remarked that for “a long time”, the America had “expanded the interpretation” of national security, exploited overseas sale restrictions and “enforced” biased policies against China.

“Resorting to tariff threats is not the right way to interact with China,” their representative said.

“China’s position on a trade conflict has remained consistent: we wish to avoid one, but we are not afraid of one.”

Last week, China revealed it was tightening export controls on rare earths and other materials vital for advanced tech manufacturing.

The action was viewed as a important measure, as the country handles about ninety percent of the global rare earth supply, which are used in items such as renewable energy components and smartphones.

New remarks from both governments are being interpreted by some as a method of enhancing bargaining power ahead of upcoming negotiations.

Is not yet known whether a summit between the former president and China’s leader, expected at a high-level meeting in South Korea later this month, will still proceed.