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Donald Trump’s latest threat to impose an extra 100% tariff on Chinese goods has been described as a “prime illustration” of US double standards, as stated by the China’s leadership.

A Commerce Ministry spokesperson also stated that China could introduce its own unspecified “countermeasures” if the White House occupant follows through on his warning, noting that the country was “not afraid” of a potential trade conflict.

On Friday, Trump retaliated at China’s decision to tighten its rules for foreign shipments of critical elements, charging Beijing of “adopting a confrontational stance” and attempting to hold the global community “captive”.

He also vowed to withdraw from a arranged meeting with Beijing’s head of state President Xi, which was expected to take place during a conference in South Korea before the month ends.

His statements on Friday shook financial markets, with the benchmark US stock index falling by 2.7%, marking its largest decline since earlier this year.

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

Earlier this year, the two sides had consented to eliminate high import duties on each other’s goods, which had created the possibility of trade halting between the economic powers.

This left, United States levies on Chinese imports incurring an additional 30% levy compared with the year’s onset, while American products entering the Chinese market incur a 10% tariff.

China’s latest remarks – released by the relevant government department in the form of written responses to journalist’s questions – mirrored terminology from the zenith of the recent trade conflict.

They criticised American limits on exports on chips and semi-conductors while supporting China’s own overseas sale regulations on key elements as “standard procedures” to protect national security and that of every country.

Their representative said that for “many years”, the US had “broadened the definition” of state security, abused overseas sale restrictions and “implemented” discriminatory practices against China.

“Resorting to trade levy ultimatums is not the right way to deal with the Chinese government,” the official stated.

“The nation’s view” on a import duty dispute has always been unchanging: we do not want one, but we are unafraid of one.”

The previous week, the Chinese government declared it was strengthening overseas sale regulations on key elements and further resources critical for high-technology production.

This move was regarded as a significant step, as the country handles about the vast majority of the world’s rare earths, which are employed in goods such as photovoltaic modules and smartphones.

The recent comments from both governments are being interpreted by analysts as a strategy of enhancing bargaining power in preparation for future trade talks.

It is unclear whether a talks between Trump and China’s leader, scheduled at a conference in South Korea later this month, will go ahead.