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The former US president’s latest threat to impose an further full import duty on Chinese goods has been labeled a “prime illustration” of American hypocrisy, as stated by the China’s leadership.

A Commerce Ministry spokesperson further commented that the nation could introduce its own unspecified “responsive actions” if the US President follows through on his pledge, adding that the country was “not afraid” of a potential trade war.

On Friday, the former president hit back at the Chinese government’s action to reinforce its rules for foreign shipments of critical elements, alleging China of “turning aggressive” and attempting to hold the world “under its control”.

Furthermore, he warned to pull out of a arranged summit with China’s President Xi, which was expected to take place during a summit in South Korea before the month ends.

Trump’s comments on last Friday shook financial markets, with the benchmark US stock index closing down nearly three percent, marking its biggest drop since April.

These statements renewed fears of a commercial dispute between the United States and China.

Earlier this year, the two sides had agreed to drop high import duties on each other’s products, which had led to concerns of bilateral trade stopping between the two countries.

Consequently, American import duties on products from China subject to an additional 30% levy compared with the start of the year, while US goods entering the Chinese market face a import levy.

Beijing’s recent statements – published by the Ministry of Commerce in the manner of official answers to journalist’s questions – reflected terminology from the zenith of the ongoing trade dispute.

The remarks condemned United States controls on chips and semi-conductors while defending Beijing’s restrictions on exports on rare earths as “standard procedures” to safeguard state interests and that of all nations.

Their representative stated that for “a long time”, the United States had “broadened the definition” of state security, exploited export control measures and “enforced” biased policies against China.

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

“Beijing’s stance” on a import duty dispute has consistently been consistent: we do not want one, but we are fearless of one.”

The previous week, the Chinese government revealed it was strengthening export controls on rare earth minerals and other materials vital for cutting-edge industry.

This was seen as a important measure, as the country refines about 90% of the global rare earth supply, which are used in items such as photovoltaic modules and mobile phones.

Latest statements from Washington and Beijing are being interpreted by some as a method of bolstering negotiating stances in preparation for upcoming negotiations.

It is unclear whether a talks between Trump and China’s leader, planned at a high-level meeting in the Republic of Korea later this month, will still proceed.