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

A official from China’s Commerce Ministry further commented that the nation could introduce its own unspecified “retaliatory steps” if the American leader executes his warning, noting that the country was “not afraid” of a potential commercial battle.

On Friday, Trump hit back at China’s decision to strengthen its rules for exports of rare earth minerals, charging China of “turning aggressive” and attempting to hold the international market “hostage”.

He also warned to withdraw from a arranged talks with Beijing’s head of state Xi, which was expected to take place during a summit in Seoul before the month ends.

Trump’s comments on last Friday rattled financial markets, with the benchmark US stock index falling by over two and a half percent, marking its steepest fall since April.

His comments renewed concerns of a trade conflict between the United States and China.

Earlier this year, the both nations had reached an agreement to eliminate high import duties on each other’s products, which had led to concerns of commerce ceasing between the two nations.

Consequently, American import duties on Chinese goods subject to an added import tax compared with the year’s onset, while US goods entering the Chinese market face a import levy.

Beijing’s recent statements – released by the Commerce Ministry in the form of official answers to journalist’s questions – reflected terminology from the height of the latest commercial tensions.

They criticised US export restrictions on chips and semi-conductors while supporting Beijing’s export controls on rare earths as “routine measures” to protect state interests and that of the global community.

The spokesperson stated that for “an extended period”, the America had “expanded the interpretation” of domestic safety, abused foreign shipment regulations and “enforced” biased policies against the Chinese nation.

“Resorting to import duty warnings is not the correct approach to engage with Beijing,” the spokesperson stated.

“Beijing’s stance” on a tariff war has consistently been steady: we are not seeking one, but we are fearless of one.”

Last week, the Chinese government revealed it was strengthening overseas sale regulations on rare earths and additional substances critical for high-technology production.

The action was viewed as a important measure, as the state handles about 90% of the world’s rare earths, which are used in goods such as photovoltaic modules and smartphones.

The recent comments from Washington and Beijing are being interpreted by analysts as a strategy of strengthening positions ahead of future trade talks.

It is unclear whether a talks between Donald Trump and President Xi, scheduled at a conference in the Republic of Korea before month’s end, will go ahead.