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The former US president’s newest threat to introduce an extra 100% tariff on Chinese goods has been described as a “classic case” of American hypocrisy, per the Beijing administration.

A official from China’s Commerce Ministry further commented that the nation could enact its own unspecified “retaliatory steps” if the White House occupant follows through on his threat, adding that the country was “not afraid” of a potential trade conflict.

On Friday, Trump retaliated at China’s decision to reinforce its policies for overseas sales of critical elements, charging Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.

Additionally, he vowed to withdraw from a arranged talks with Beijing’s head of state President Xi, which was expected to take place during a meeting in Seoul in the coming weeks.

The former president’s remarks on last Friday shook financial markets, with the S&P 500 share index closing down over two and a half percent, marking its largest decline since April.

His comments renewed concerns of a commercial dispute between the US and China.

In May, the respective governments had reached an agreement to eliminate high import duties on each other’s imports, which had created the possibility of commerce ceasing between the economic powers.

This left, US tariffs on Chinese imports subject to an additional import tax compared with the year’s onset, while American products entering the country face a import levy.

The most recent comments from China – issued by the relevant government department in the format of official answers to media inquiries – echoed terminology from the height of the ongoing trade dispute.

Officials denounced US export restrictions on semiconductors and chips while defending the country’s own overseas sale regulations on key elements as “routine measures” to ensure national security and that of the global community.

The spokesperson said that for “many years”, the US had “overstretched the concept of state security, abused foreign shipment regulations and “enforced” discriminatory practices against the Chinese nation.

“Resorting to import duty warnings is not the proper method to deal with China,” the spokesperson said.

“The nation’s view” on a tariff war has consistently been unchanging: we do not want one, but we are fearless of one.”

The previous week, China declared it was strengthening overseas sale regulations on rare earth minerals and additional substances vital for cutting-edge industry.

This move was regarded as a important measure, as the state refines about the vast majority of the world’s rare earths, which are used in products such as solar panels and mobile phones.

The recent comments from both governments are being viewed by analysts as a method of enhancing bargaining power ahead of future trade talks.

Is not yet known whether a summit between Donald Trump and President Xi, expected at a summit in South Korea before month’s end, will take place as planned.