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The former US president’s newest threat to impose an extra 100% tariff on products from China has been described as a “prime illustration” of American hypocrisy, according to the Beijing administration.

A Commerce Ministry spokesperson further commented that China could introduce its own undisclosed “retaliatory steps” if the White House occupant carries out his pledge, adding that the country was “unafraid” of a looming trade conflict.

On Friday, Donald Trump retaliated at Beijing’s move to strengthen its regulations for overseas sales of rare earth minerals, accusing Beijing of “becoming very hostile” and attempting to hold the international market “captive”.

Additionally, he vowed to cancel a scheduled summit with Chinese leader Xi Jinping, which was set for a meeting in Seoul before the month ends.

His statements on last Friday rattled global markets, with the S&P 500 share index dropping over two and a half percent, marking its largest decline since last spring.

The president’s words renewed fears of a commercial dispute between the United States and China.

This past spring, the two sides had agreed to remove high import duties on each other’s imports, which had raised the prospect of bilateral trade stopping between the economic powers.

This left, American import duties on Chinese imports incurring an additional import tax compared with the start of the year, while US goods entering the country incur a import levy.

Beijing’s recent statements – issued by the relevant government department in the format of official answers to media inquiries – mirrored rhetoric from the peak of the latest commercial tensions.

The remarks condemned United States controls on chips and semi-conductors while justifying China’s own restrictions on exports on rare earths as “standard procedures” to safeguard national security and that of the global community.

Their representative remarked that for “an extended period”, the US had “broadened the definition” of domestic safety, misused export control measures and “adopted unfair treatments against the Chinese nation.

“Resorting to trade levy ultimatums is not the proper method to engage with China,” their representative said.

“The nation’s view” on a import duty dispute has remained steady: we do not want one, but we are not afraid of one.”

Last week, China announced it was reinforcing foreign shipment restrictions on rare earths and further resources essential to high-technology production.

This was seen as a significant step, as the nation refines about 90% of the world’s rare earths, which are employed in goods such as solar panels and handheld devices.

Latest statements from Washington and Beijing are being viewed by some as a method of enhancing bargaining power prior to forthcoming discussions.

It is unclear whether a meeting between the former president and China’s leader, expected at a high-level meeting in the Republic of Korea before month’s end, will still proceed.