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Trump’s latest ultimatum to introduce an further 100% tariff on products from China has been labeled a “classic case” of American hypocrisy, according to the Chinese government.

A representative of the ministry also stated that Beijing could introduce its own unrevealed “retaliatory steps” if the American leader carries out his threat, emphasizing that the country was “not afraid” of a potential commercial battle.

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

Additionally, he warned to withdraw from a scheduled meeting with Beijing’s head of state President Xi, which was expected to take place during a meeting in the Republic of Korea in the coming weeks.

His statements on Friday shook global markets, with the benchmark US stock index closing down nearly three percent, marking its largest decline since earlier this year.

His comments renewed fears of a trade conflict between the United States and China.

This past spring, the two sides had consented to remove high import duties on each other’s products, which had raised the prospect of bilateral trade stopping between the economic powers.

This left, American import duties on products from China subject to an additional import tax compared with the year’s onset, while US goods entering the country incur a ten percent duty.

China’s latest remarks – issued by the relevant government department in the format of written responses to journalist’s questions – reflected rhetoric from the zenith of the ongoing trade dispute.

Officials denounced American limits on exports on semiconductors and chips while defending Beijing’s export controls on rare earth minerals as “routine measures” to safeguard national security and that of the global community.

Their representative stated that for “a long time”, the US had “overstretched the concept of national security, misused overseas sale restrictions and “implemented” biased policies against the Chinese nation.

“Resorting to tariff threats is not the correct approach to engage with China,” their representative stated.

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

Last week, China declared it was strengthening export controls on key elements and other materials critical for high-technology production.

This move was regarded as a significant step, as the nation refines about the vast majority of the planet’s critical minerals, which are utilized in goods such as solar panels and smartphones.

New remarks from both governments are being seen by analysts as a method of bolstering negotiating stances prior to forthcoming discussions.

It is unclear whether a summit between Donald Trump and China’s leader, planned at a high-level meeting in Seoul in the coming weeks, will go ahead.