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The former US president’s newest threat to enforce an extra 100% tariff on Chinese goods has been called a “typical example” of American hypocrisy, according to the Chinese government.

A official from China’s Commerce Ministry also stated that Beijing could implement its own unrevealed “retaliatory steps” if the US President executes 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 reinforce its policies for overseas sales of rare earths, alleging China of “adopting a confrontational stance” and attempting to hold the international market “hostage”.

Furthermore, he threatened to withdraw from a arranged talks with Beijing’s head of state Xi Jinping, which was expected to take place during a meeting in Seoul before the month ends.

Trump’s comments on Friday rattled global markets, with the S&P 500 falling by nearly three percent, marking its largest decline since earlier this year.

His comments revived concerns of a commercial dispute between the two economic giants.

This past spring, the respective governments had consented to drop significant levies on each other’s imports, which had raised the prospect of trade halting between the two countries.

As a result, US tariffs on Chinese goods facing an extra import tax compared with the year’s onset, while items from the United States entering China are subject to a import levy.

Beijing’s recent statements – published by the Ministry of Commerce in the manner of official answers to media inquiries – echoed terminology from the peak of the recent trade conflict.

The remarks condemned US export restrictions on electronic components while supporting the country’s own restrictions on exports on rare earths as “routine measures” to ensure domestic safety and that of the global community.

The official said that for “an extended period”, the America had “overstretched the concept of state security, abused foreign shipment regulations and “adopted unfair treatments against the Chinese nation.

“Resorting to tariff threats is not the right way to engage with China,” their representative commented.

“The nation’s view” on a tariff war has consistently been consistent: we are not seeking one, but we are not afraid of one.”

Last week, China revealed it was reinforcing overseas sale regulations on rare earth minerals and other materials critical for advanced tech manufacturing.

This was seen as a key move, as the state refines about ninety percent of the world’s rare earths, which are utilized in items such as photovoltaic modules and smartphones.

The recent comments from both governments are being seen by some as a strategy of strengthening positions ahead of forthcoming discussions.

Is not yet known whether a summit between the former president and Xi Jinping, planned at a high-level meeting in the Republic of Korea in the coming weeks, will take place as planned.