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Donald Trump’s newest threat to enforce an extra 100% tariff on products from China has been described as a “classic case” of American hypocrisy, per the Beijing administration.

A official from China’s Commerce Ministry also stated that Beijing could implement its own unspecified “responsive actions” if the White House occupant follows through on his threat, emphasizing that the country was “not afraid” of a potential trade war.

On Friday, Donald Trump responded at Beijing’s move to tighten its regulations for exports of rare earths, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the international market “under its control”.

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

Trump’s comments on Friday rattled financial markets, with the S&P 500 falling by nearly three percent, marking its biggest drop since last spring.

The president’s words renewed apprehensions of a commercial dispute between the two economic giants.

In May, the respective governments had consented to drop significant levies on each other’s imports, which had led to concerns of bilateral trade stopping between the economic powers.

Consequently, United States levies on products from China incurring an extra thirty percent tariff compared with the year’s onset, while American products entering China are subject to a ten percent duty.

Beijing’s recent statements – released by the relevant government department in the format of official answers to journalist’s questions – echoed language from the zenith of the recent trade conflict.

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

The official stated that for “an extended period”, the America had “expanded the interpretation” of domestic safety, misused export control measures and “enforced” discriminatory practices against Beijing.

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

“China’s position on a trade conflict has remained consistent: we do not want one, but we are fearless of one.”

Recently, Beijing revealed it was strengthening overseas sale regulations on rare earth minerals and other materials critical for high-technology production.

This was seen as a key move, as the nation handles about ninety percent of the planet’s critical minerals, which are employed in goods such as renewable energy components and smartphones.

The recent comments from the US and China are being seen by observers as a strategy of bolstering negotiating stances ahead of forthcoming discussions.

It is unclear whether a summit between Donald Trump and China’s leader, planned at a summit in Seoul before month’s end, will take place as planned.