Trump has just said: Don’t worry about China

China’s government condemned Donald Trump’s latest vow to impose an additional 100% tariff on Chinese imports, calling it “a typical example of U.S. double standards.”

A spokesperson for the Ministry of Commerce said that Beijing could take its own “countermeasures” if the U.S. president follows through on the threat, adding that China is “not afraid” of a potential trade war.

On Friday, Trump lashed out after Beijing announced tighter controls on rare-earth exports, accusing China of “becoming very hostile” and seeking to hold the world “captive.” He also warned that he might withdraw from an upcoming meeting with Chinese President Xi Jinping.

However, by Sunday Trump struck a more conciliatory tone, writing, “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”

Trump’s remarks on Friday unsettled markets — the S&P 500 fell 2.7%, its sharpest decline since April. On Monday, the Shenzhen Composite Index closed down 0.74%, while Hong Kong’s Hang Seng Index dropped 1.5%.

The president’s statements reignited concerns of a renewed U.S.-China trade war. In May, both sides had agreed to withdraw triple-digit tariffs on each other’s goods, which had threatened to bring trade to a standstill. Still, U.S. tariffs on Chinese goods remain roughly 30% higher than at the start of the year, while Chinese tariffs on American imports are around 10%.