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The former US president’s newest threat to impose an additional 100% tariff on items imported from China has been called a “classic case” of US double standards, according to the Beijing administration.

A official from China’s Commerce Ministry further commented that Beijing could introduce its own unspecified “countermeasures” if the American leader executes his warning, noting that the country was “fearless” of a possible trade war.

This past Friday, the former president hit back at the Chinese government’s action to reinforce its policies for exports of critical elements, charging Beijing of “adopting a confrontational stance” and attempting to hold the world “captive”.

Additionally, he vowed to pull out of a planned summit with Beijing’s head of state Xi, which was arranged for a summit in the Republic of Korea before the month ends.

His statements on last Friday rattled financial markets, with the benchmark US stock index closing down over two and a half percent, marking its largest decline since April.

The president’s words revived concerns of a commercial dispute between the United States and China.

This past spring, the respective governments had consented to remove significant levies on each other’s goods, which had led to concerns of bilateral trade stopping between the two countries.

This left, American import duties on Chinese goods incurring an added import tax compared with the year’s onset, while items from the United States entering China incur a import levy.

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

The remarks condemned United States controls on chips and semi-conductors while defending Beijing’s overseas sale regulations on rare earths as “normal actions” to safeguard state interests and that of the global community.

The official said that for “a long time”, the United States had “expanded the interpretation” of state security, misused export control measures and “implemented” unfair treatments against China.

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

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

The previous week, China declared it was tightening overseas sale regulations on key elements and additional substances essential to cutting-edge industry.

This was seen as a significant step, as the state processes about the vast majority of the world’s rare earths, which are employed in goods such as renewable energy components and mobile phones.

The recent comments from both governments are being viewed by some as a means of enhancing bargaining power ahead of forthcoming discussions.

It is unclear whether a summit between the former president and China’s leader, expected at a high-level meeting in the Republic of Korea before month’s end, will take place as planned.