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The former US president’s latest threat to impose an extra 100% tariff on Chinese goods has been labeled a “classic case” of American hypocrisy, per the China’s leadership.

A Commerce Ministry spokesperson also stated that China could implement its own unrevealed “responsive actions” if the US President follows through on his threat, adding that the country was “fearless” of a looming trade war.

Last Friday, the former president retaliated at Beijing’s move to strengthen its regulations for overseas sales of rare earths, alleging the Chinese leadership of “adopting a confrontational stance” and attempting to hold the world “captive”.

He also vowed to pull out of a scheduled talks with China’s President President Xi, which was set for a conference in the Republic of Korea later this month.

The former president’s remarks on Friday unsettled financial markets, with the S&P 500 share index closing down over two and a half percent, marking its largest decline since April.

These statements renewed concerns of a commercial dispute between the US and China.

This past spring, the respective governments had consented to remove significant levies on each other’s imports, which had created the possibility of bilateral trade stopping between the two nations.

As a result, US tariffs on Chinese imports incurring an additional 30% levy compared with the start of the year, while items from the United States entering China face a import levy.

Beijing’s recent statements – released by the relevant government department in the format of formal replies to media inquiries – reflected rhetoric from the zenith of the ongoing trade dispute.

Officials denounced US export restrictions on semiconductors and chips while defending the country’s own export controls on rare earth minerals as “routine measures” to safeguard national security and that of all nations.

Their representative said that for “many years”, the United States had “broadened the definition” of state security, misused export control measures and “enforced” discriminatory practices against the Chinese nation.

“Turning to” import duty warnings is not the correct approach to deal with China,” the spokesperson commented.

“Beijing’s stance” on a tariff war has always been consistent: we do not want one, but we are not afraid of one.”

Recently, Beijing declared it was reinforcing export controls on key elements and additional substances essential to cutting-edge industry.

This was seen as a important measure, as the country processes about 90% of the world’s rare earths, which are utilized in goods such as renewable energy components and handheld devices.

Latest statements from the US and China are being seen by some as a strategy of bolstering negotiating stances ahead of future trade talks.

Remains uncertain whether a meeting between the former president and China’s leader, expected at a high-level meeting in Seoul in the coming weeks, will take place as planned.