China Accuses US Of 'Double Standards' Over Tariff Threat. China has accused the US of “double standards” after President Donald Trump threatened to impose an additional 100% tariff on Chinese goods. A spokesperson for China’s commerce ministry said the country could introduce unspecified countermeasures if the US follows through and insisted Beijing is “not afraid” of a potential trade war. Trump’s threat comes after China tightened rules on rare earths exports, which he criticised as hostile and an attempt to hold the world “captive.” He also threatened to cancel a planned meeting with Chinese President Xi Jinping though on Sunday he sought to downplay tensions, saying on social media that the US “wants to help China, not hurt it.” Financial markets reacted sharply. The S&P 500 fell 2.7% on Friday, its steepest decline since April while China’s Shenzhen Component Index dropped over 2.5% and Hong Kong’s Hang Seng fell around 3.5% on Monday. Analysts warn the threat has renewed fears of a US-China trade war, even though both sides agreed in May to reduce triple-digit tariffs on each other’s goods. [Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT]