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The former US president’s newest warning to introduce an extra complete levy on products from China has been called a “typical example” of American hypocrisy, according to the China’s leadership.

A official from China’s Commerce Ministry further commented that China could enact its own unrevealed “retaliatory steps” if the US President follows through on his threat, noting that the country was “not afraid” of a looming trade conflict.

Last Friday, the former president retaliated at Beijing’s move to strengthen its regulations for exports of rare earth minerals, charging China of “adopting a confrontational stance” and attempting to hold the global community “under its control”.

Furthermore, he warned to cancel a scheduled meeting with Beijing’s head of state President Xi, which was arranged for a meeting in the Republic of Korea later this month.

Trump’s comments on last Friday shook global markets, with the S&P 500 closing down over two and a half percent, marking its biggest drop since earlier this year.

The president’s words reignited fears of a trade conflict between the United States and China.

Earlier this year, the two sides had agreed to drop significant levies on each other’s goods, which had raised the prospect of commerce ceasing between the economic powers.

This left, United States levies on Chinese imports facing an additional import tax compared with the year’s onset, while items from the United States entering the Chinese market incur a ten percent duty.

China’s latest remarks – released by the relevant government department in the format of official answers to press queries – echoed rhetoric from the peak of the recent trade conflict.

The remarks condemned American limits on exports on chips and semi-conductors while supporting China’s own overseas sale regulations on key elements as “standard procedures” to protect state interests and that of all nations.

The official stated that for “a long time”, the United States had “overstretched the concept of national security, misused foreign shipment regulations and “enforced” discriminatory practices against the Chinese nation.

“Turning to” import duty warnings is not the right way to engage with China,” their representative said.

“Beijing’s stance” on a import duty dispute has always been consistent: we wish to avoid one, but we are fearless of one.”

Last week, China declared it was reinforcing export controls on rare earths and other materials critical for high-technology production.

This was seen as a key move, as the nation refines about 90% of the global rare earth supply, which are employed in products such as renewable energy components and smartphones.

Latest statements from both governments are being interpreted by analysts as a strategy of enhancing bargaining power ahead of future trade talks.

Remains uncertain whether a meeting between Donald Trump and Xi Jinping, scheduled at a high-level meeting in the Republic of Korea in the coming weeks, will go ahead.