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The former US president’s newest ultimatum to impose an further complete levy on products from China has been labeled a “classic case” of American hypocrisy, per the Beijing administration.

A official from China’s Commerce Ministry also stated that the nation could enact its own unspecified “retaliatory steps” if the White House occupant carries out his warning, emphasizing that the country was “not afraid” of a looming trade war.

This past Friday, the former president retaliated at the Chinese government’s action to strengthen its policies for exports of rare earth minerals, charging the Chinese leadership of “turning aggressive” and attempting to hold the international market “under its control”.

Additionally, he warned to withdraw from a arranged meeting with China’s President Xi Jinping, which was set for a meeting in Seoul before the month ends.

His statements on last Friday shook financial markets, with the S&P 500 dropping 2.7%, marking its largest decline since last spring.

These statements renewed concerns of a trade war between the US and China.

This past spring, the respective governments had agreed to eliminate significant levies on each other’s goods, which had led to concerns of commerce ceasing between the two countries.

Consequently, American import duties on Chinese goods facing an extra import tax compared with the year’s onset, while items from the United States entering the country are subject to a 10% tariff.

The most recent comments from China – released by the relevant government department in the format of formal replies to media inquiries – echoed rhetoric from the zenith of the latest commercial tensions.

Officials denounced US export restrictions on chips and semi-conductors while justifying Beijing’s restrictions on exports on rare earth minerals as “routine measures” to ensure national security and that of all nations.

Their representative stated that for “a long time”, the US had “overstretched the concept of state security, misused export control measures and “adopted discriminatory practices against China.

“Resorting to tariff threats is not the correct approach to interact with China,” the spokesperson commented.

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

Last week, Beijing declared it was strengthening foreign shipment restrictions on rare earth minerals and further resources critical for cutting-edge industry.

This was seen as a key move, as the state refines about the vast majority of the planet’s critical minerals, which are used in items such as renewable energy components and mobile phones.

Latest statements from the US and China are being viewed by observers as a method of strengthening positions ahead of upcoming negotiations.

Remains uncertain whether a meeting between the former president and China’s leader, planned at a high-level meeting in the Republic of Korea in the coming weeks, will still proceed.