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The former US president’s most recent ultimatum to introduce an further full import duty on Chinese goods has been described as a “typical example” of American hypocrisy, per the China’s leadership.

A representative of the ministry also stated that Beijing could introduce its own undisclosed “retaliatory steps” if the White House occupant follows through on his threat, adding that the country was “fearless” of a possible commercial battle.

On Friday, Trump hit back at China’s decision to tighten its policies for exports of critical elements, alleging China of “becoming very hostile” and attempting to hold the world “captive”.

He also vowed to withdraw from a arranged summit with Chinese leader Xi Jinping, which was expected to take place during a summit in Seoul in the coming weeks.

His statements on that day shook financial markets, with the S&P 500 share index dropping nearly three percent, marking its largest decline since earlier this year.

The president’s words renewed concerns of a trade conflict between the two economic giants.

Earlier this year, the respective governments had reached an agreement to remove high import duties on each other’s products, which had created the possibility of bilateral trade stopping between the two countries.

As a result, American import duties on Chinese imports incurring an extra 30% levy compared with the start of the year, while American products entering China are subject to a ten percent duty.

China’s latest remarks – released by the Commerce Ministry in the form of official answers to journalist’s questions – mirrored rhetoric from the height of the ongoing trade dispute.

Officials denounced United States controls on electronic components while defending China’s own overseas sale regulations on key elements as “standard procedures” to ensure national security and that of every country.

Their representative stated that for “an extended period”, the United States had “overstretched the concept of state security, abused foreign shipment regulations and “enforced” biased policies against the Chinese nation.

“Resorting to import duty warnings is not the correct approach to engage with China,” the official said.

“Beijing’s stance” on a trade conflict has always been steady: we do not want one, but we are fearless of one.”

Last week, China announced it was reinforcing export controls on key elements and additional substances critical for cutting-edge industry.

This move was regarded as a important measure, as the state processes about the vast majority of the global rare earth supply, which are used in goods such as photovoltaic modules and mobile phones.

Latest statements from the US and China are being seen by observers as a method of enhancing bargaining power prior to forthcoming discussions.

It is unclear whether a meeting between Donald Trump and President Xi, planned at a conference in Seoul later this month, will still proceed.