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Trump’s most recent warning to impose an further full import duty on items imported from China has been called a “prime illustration” of American hypocrisy, according to the China’s leadership.

A official from China’s Commerce Ministry also stated that Beijing could enact its own unrevealed “retaliatory steps” if the White House occupant follows through on his pledge, emphasizing that the country was “unafraid” of a looming commercial battle.

On Friday, Trump hit back at the Chinese government’s action to tighten its policies for exports of rare earths, alleging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the global community “under its control”.

Additionally, he vowed to cancel a arranged talks with China’s President President Xi, which was set for a summit in Seoul in the coming weeks.

His statements on last Friday rattled financial markets, with the S&P 500 closing down over two and a half percent, marking its largest decline since earlier this year.

The president’s words reignited apprehensions of a commercial dispute between the United States and China.

In May, the respective governments had agreed to drop triple-digit tariffs on each other’s imports, which had raised the prospect of commerce ceasing between the two nations.

This left, US tariffs on Chinese imports incurring an added 30% levy compared with the year’s onset, while US goods entering China face a import levy.

Beijing’s recent statements – published by the relevant government department in the manner of written responses to press queries – mirrored language from the height of the ongoing trade dispute.

Officials denounced American limits on exports on semiconductors and chips while supporting Beijing’s restrictions on exports on key elements as “normal actions” to safeguard national security and that of the global community.

The spokesperson stated that for “an extended period”, the America had “expanded the interpretation” of national security, abused overseas sale restrictions and “implemented” unfair treatments against China.

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

“The nation’s view” on a trade conflict has consistently been consistent: we wish to avoid one, but we are fearless of one.”

Recently, Beijing revealed it was strengthening overseas sale regulations on rare earths and further resources vital for advanced tech manufacturing.

The action was viewed as a significant step, as the country processes about the vast majority of the global rare earth supply, which are employed in items such as photovoltaic modules and mobile phones.

Latest statements from both governments are being interpreted by analysts as a method of strengthening positions in preparation for upcoming negotiations.

It is unclear whether a meeting between Trump and Xi Jinping, planned at a high-level meeting in South Korea in the coming weeks, will still proceed.