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Donald Trump’s latest threat to enforce an extra complete levy on Chinese goods has been labeled a “classic case” of American hypocrisy, as stated by the Chinese government.

A Commerce Ministry spokesperson additionally remarked that the nation could implement its own unrevealed “retaliatory steps” if the US President carries out his pledge, emphasizing that the country was “not afraid” of a potential trade conflict.

This past Friday, Trump retaliated at the Chinese government’s action to tighten its policies for overseas sales of rare earths, charging the Chinese leadership of “turning aggressive” and attempting to hold the global community “captive”.

Furthermore, he vowed to pull out of a scheduled summit with China’s President President Xi, which was expected to take place during a summit in South Korea later this month.

His statements on Friday unsettled financial markets, with the S&P 500 share index dropping nearly three percent, marking its largest decline since April.

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

This past spring, the respective governments had consented to eliminate triple-digit tariffs on each other’s imports, which had raised the prospect of bilateral trade stopping between the economic powers.

This left, United States levies on Chinese goods facing an extra thirty percent tariff compared with the year’s onset, while items from the United States entering China face a 10% tariff.

Beijing’s recent statements – issued by the Ministry of Commerce in the format of formal replies to journalist’s questions – reflected terminology from the zenith of the ongoing trade dispute.

The remarks condemned United States controls on electronic components while supporting Beijing’s restrictions on exports on key elements as “normal actions” to safeguard state interests and that of every country.

The official remarked that for “an extended period”, the US had “broadened the definition” of domestic safety, exploited export control measures and “enforced” discriminatory practices against Beijing.

“Turning to” import duty warnings is not the correct approach to interact with China,” their representative stated.

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

Last week, the Chinese government revealed it was tightening foreign shipment restrictions on rare earths and further resources essential to 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 utilized in items such as renewable energy components and mobile phones.

Latest statements from Washington and Beijing are being seen by observers as a method of bolstering negotiating stances prior to future trade talks.

It is unclear whether a summit between Trump and President Xi, expected at a conference in South Korea in the coming weeks, will go ahead.