Trade wars with U.S. will produce no winner: China

China has said that trade wars or confrontation with the United States will produce no winner, but only harm the interests of both and all parties.

Responding to a question about a possible trade war with China as the new U.S. President Donald Trump office with his "America first" agenda, Foreign Ministry spokesperson Hua Chunying said Monday, " On the issue of China-U.S. business ties, it is mutually beneficial in nature. The two-way trade between China and the US started from scratch over 40 years ago and has grown from strength to strength, bonding the two sides with increasing interconnected interests."

She pointed that the U.S.-China Business Council released a report, saying that the two-way trade and investment in 2015 created 2.6 million jobs for the US and contributed USD 216 billion to U.S. economic growth, about 1.2 percent of US GDP.

"The Council also believes that apart from job opportunities, the two-way trade has also raised American people's living standard and secured the advantage of the US in the global industrial chain, calling on the new US administration to strengthen business ties with China," she said.

Chunying added that Beijing and Washington should work together to expand cooperation in trade and maintain sustained, healthy and stable growth of China-U.S. business ties.

The spokesperson said that despite some disagreements, China and the U.S. share important interests in a wide range of areas and they manage the disagreements in a constructive way so that they will not affect the overall relations between the two countries.

Meanwhile, Trump in the first day of his office signed as executive action to withdraw from the negotiating process of the Trans-Pacific Partnership (TTP) which he argued was harmful to American workers and manufacturing.

Earlier, Trump had also threatened to impose trade tariffs as a way to revive American manufacturing and compel US companies not to take their manufacturing operations abroad.

The new U.S. administration has also entertained renegotiating the North American Free Trade Agreement (NAFTA), a free trade deal joining the US, Mexico and Canada.