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Donald Trump’s latest ultimatum to enforce an further complete levy on items imported from China has been called a “typical example” of American hypocrisy, according to the China’s leadership.

A Commerce Ministry spokesperson also stated that the nation could introduce its own unspecified “countermeasures” if the White House occupant follows through on his warning, adding that the country was “fearless” of a potential trade war.

On Friday, Trump hit back at China’s decision to reinforce its rules for exports of rare earth minerals, alleging the Chinese leadership of “becoming very hostile” and attempting to hold the world “under its control”.

He also warned to pull out of a arranged meeting with Chinese leader Xi Jinping, which was expected to take place during a summit in Seoul later this month.

His statements on Friday rattled financial markets, with the S&P 500 share index falling by 2.7%, marking its largest decline since April.

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

Earlier this year, the two sides had consented to drop high import duties on each other’s goods, which had created the possibility of commerce ceasing between the two countries.

This left, United States levies on products from China subject to an added thirty percent tariff compared with the year’s onset, while items from the United States entering China face a ten percent duty.

Beijing’s recent statements – issued by the Commerce Ministry in the form of written responses to journalist’s questions – reflected terminology from the height of the latest commercial tensions.

Officials denounced US export restrictions on chips and semi-conductors while defending Beijing’s restrictions on exports on key elements as “routine measures” to ensure national security and that of every country.

The spokesperson stated that for “a long time”, the US had “overstretched the concept of national security, exploited foreign shipment regulations and “enforced” discriminatory practices against Beijing.

“Using” import duty warnings is not the correct approach to engage with Beijing,” the spokesperson commented.

“Beijing’s stance” on a import duty dispute has remained unchanging: we are not seeking one, but we are fearless of one.”

Last week, China declared it was reinforcing overseas sale regulations on rare earths and other materials vital for cutting-edge industry.

This move was regarded as a significant step, as the country refines about 90% of the global rare earth supply, which are used in items such as photovoltaic modules and smartphones.

New remarks from Washington and Beijing are being interpreted by some as a method of bolstering negotiating stances prior to future trade talks.

Is not yet known whether a summit between the former president and President Xi, expected at a summit in Seoul in the coming weeks, will go ahead.