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Trump’s latest ultimatum to enforce an extra 100% tariff on products from China has been described as a “typical example” of US double standards, according to the China’s leadership.

A official from China’s Commerce Ministry further commented that the nation could introduce its own undisclosed “countermeasures” if the White House occupant carries out his warning, adding that the country was “unafraid” of a looming trade conflict.

On Friday, Trump hit back at the Chinese government’s action to reinforce its policies for overseas sales of rare earth minerals, alleging Beijing of “becoming very hostile” and attempting to hold the world “under its control”.

He also vowed to withdraw from a scheduled talks with Chinese leader Xi, which was set for a conference in South Korea before the month ends.

Trump’s comments on last Friday shook financial markets, with the S&P 500 share index falling by 2.7%, marking its steepest fall since earlier this year.

His comments renewed apprehensions of a trade war between the two economic giants.

In May, the respective governments had agreed to drop triple-digit tariffs on each other’s products, which had created the possibility of trade halting between the economic powers.

This left, US tariffs on Chinese goods incurring an added thirty percent tariff compared with the start of the year, while US goods entering the country are subject to a 10% tariff.

China’s latest remarks – issued by the Ministry of Commerce in the manner of official answers to journalist’s questions – reflected terminology from the peak of the latest commercial tensions.

The remarks condemned US export restrictions on chips and semi-conductors while defending China’s own export controls on rare earth minerals as “standard procedures” to ensure state interests and that of every country.

The official stated that for “many years”, the US had “overstretched the concept of domestic safety, abused foreign shipment regulations and “adopted unfair treatments against China.

“Turning to” import duty warnings is not the proper method to interact with Beijing,” the spokesperson said.

“China’s position on a trade conflict has always been consistent: we wish to avoid one, but we are fearless of one.”

Recently, Beijing announced it was strengthening export controls on rare earths and additional substances essential to high-technology production.

This was seen as a significant step, as the state refines about ninety percent of the global rare earth supply, which are employed in products such as solar panels and handheld devices.

Latest statements from Washington and Beijing are being seen by some as a means of bolstering negotiating stances in preparation for future trade talks.

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