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The former US president’s latest warning to introduce an additional complete levy on products from China has been labeled a “typical example” of American hypocrisy, according to the Beijing administration.

A Commerce Ministry spokesperson also stated that Beijing could enact its own undisclosed “countermeasures” if the US President carries out his pledge, noting that the country was “fearless” of a potential trade war.

On Friday, Trump hit back at Beijing’s move to strengthen its rules for foreign shipments of rare earth minerals, charging China of “adopting a confrontational stance” and attempting to hold the world “under its control”.

Furthermore, he warned to pull out of a scheduled talks with China’s President Xi Jinping, which was set for a meeting in South Korea in the coming weeks.

The former president’s remarks on Friday shook global markets, with the S&P 500 dropping 2.7%, marking its steepest fall since last spring.

His comments revived apprehensions of a trade conflict between the United States and China.

In May, the both nations had agreed to eliminate triple-digit tariffs on each other’s imports, which had created the possibility of commerce ceasing between the two nations.

Consequently, United States levies on products from China facing an additional import tax compared with the year’s onset, while US goods entering the Chinese market face a 10% tariff.

Beijing’s recent statements – issued by the relevant government department in the form of written responses to press queries – echoed rhetoric from the zenith of the latest commercial tensions.

Officials denounced American limits on exports on electronic components while defending Beijing’s restrictions on exports on key elements as “standard procedures” to ensure domestic safety and that of the global community.

The official remarked that for “a long time”, the US had “broadened the definition” of state security, misused foreign shipment regulations and “adopted unfair treatments against China.

“Using” trade levy ultimatums is not the proper method to interact with Beijing,” the official stated.

“The nation’s view” on a trade conflict has remained consistent: we are not seeking one, but we are fearless of one.”

The previous week, China announced it was tightening export controls on rare earths and other materials vital for cutting-edge industry.

This was seen as a key move, as the nation handles about the vast majority of the world’s rare earths, which are used in goods such as renewable energy components and smartphones.

The recent comments from Washington and Beijing are being seen by some as a method of enhancing bargaining power prior to forthcoming discussions.

Is not yet known whether a talks between Donald Trump and President Xi, planned at a conference in Seoul before month’s end, will go ahead.