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The former US president’s latest ultimatum to enforce an further full import duty on products from China has been called a “prime illustration” of US double standards, according to the Chinese government.

A representative of the ministry additionally remarked that the nation could enact its own unspecified “responsive actions” if the American leader carries out his pledge, adding that the country was “not afraid” of a looming commercial battle.

On Friday, the former president retaliated at the Chinese government’s action to strengthen its rules for overseas sales of critical elements, charging the Chinese leadership of “turning aggressive” and attempting to hold the world “under its control”.

He also vowed to pull out of a planned talks with China’s President President Xi, which was arranged for a conference in Seoul later this month.

The former president’s remarks on Friday unsettled financial markets, with the benchmark US stock index falling by over two and a half percent, marking its steepest fall since earlier this year.

His comments renewed apprehensions of a trade conflict between the two economic giants.

In May, the respective governments had reached an agreement to remove triple-digit tariffs on each other’s products, which had led to concerns of trade halting between the economic powers.

As a result, American import duties on Chinese goods incurring an extra 30% levy compared with the start of the year, while US goods entering the country face a import levy.

Beijing’s recent statements – issued by the Commerce Ministry in the format of official answers to media inquiries – mirrored language from the height of the latest commercial tensions.

They criticised US export restrictions on electronic components while supporting China’s own restrictions on exports on key elements as “normal actions” to safeguard domestic safety and that of the global community.

The spokesperson said that for “many years”, the America had “expanded the interpretation” of national security, exploited overseas sale restrictions and “enforced” unfair treatments against China.

“Using” trade levy ultimatums is not the correct approach to engage with the Chinese government,” the official commented.

“China’s position on a trade conflict has consistently been unchanging: we are not seeking one, but we are fearless of one.”

Recently, Beijing revealed it was reinforcing export controls on key elements and additional substances vital for high-technology production.

This move was regarded as a significant step, as the country refines about ninety percent of the planet’s critical minerals, which are used in items such as renewable energy components and mobile phones.

Latest statements from Washington and Beijing are being interpreted by observers as a means of strengthening positions in preparation for upcoming negotiations.

Remains uncertain whether a talks between Donald Trump and China’s leader, expected at a summit in the Republic of Korea in the coming weeks, will go ahead.