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The former US president’s newest ultimatum to impose an further full import duty on Chinese goods has been labeled a “typical example” of US double standards, per the China’s leadership.

A Commerce Ministry spokesperson further commented that Beijing could implement its own undisclosed “retaliatory steps” if the American leader executes his warning, adding that the country was “unafraid” of a possible commercial battle.

On Friday, the former president retaliated at the Chinese government’s action to tighten its policies for exports of critical elements, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the world “captive”.

Furthermore, he warned to cancel a scheduled talks with Beijing’s head of state President Xi, which was arranged for a meeting in South Korea before the month ends.

His statements on Friday shook financial markets, with the S&P 500 share index closing down over two and a half percent, marking its steepest fall since earlier this year.

These statements renewed fears of a trade conflict between the United States and China.

In May, the two sides had consented to eliminate high import duties on each other’s goods, which had led to concerns of bilateral trade stopping between the economic powers.

This left, US tariffs on Chinese imports facing an added thirty percent tariff compared with the start of the year, while US goods entering the Chinese market are subject to a import levy.

The most recent comments from China – issued by the Ministry of Commerce in the form of written responses to press queries – reflected language from the height of the latest commercial tensions.

Officials denounced United States controls on chips and semi-conductors while supporting Beijing’s export controls on key elements as “routine measures” to safeguard domestic safety and that of the global community.

Their representative stated that for “many years”, the United States had “broadened the definition” of national security, misused export control measures and “adopted unfair treatments against Beijing.

“Resorting to trade levy ultimatums is not the proper method to interact with Beijing,” the official said.

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

Last week, Beijing announced it was strengthening export controls on key elements and further resources essential to high-technology production.

This was seen as a significant step, as the country processes about 90% of the global rare earth supply, which are utilized in items such as renewable energy components and mobile phones.

New remarks from Washington and Beijing are being seen by observers as a strategy of strengthening positions ahead of upcoming negotiations.

Is not yet known whether a summit between the former president and Xi Jinping, planned at a conference in Seoul before month’s end, will take place as planned.