"A trade war, instead of leading to any solution, will only end up hurting both sides and the global economy," Yang told reporters. Yang pointed out that bilateral commercial relations have been mutually beneficial and have produced gains for both China and the United States.
China has been open to talks and continues to be in favor of finding solutions through diplomatic engagements, Yang noted.
Moreover, Yang expressed hope that US President Donald Trump and Chinese President Xi Jinping will continue their productive relationship and follow through on mutual commitments.
READ MORE: China Slashes Tariffs on Imported Goods as US Ramps Up Trade War — Scholars
Trump is expected to meet Xi during the G-20 summit in Argentina at the end of November.
China and the United States are currently engaged in a trade war triggered by Trump's announcement in June that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, in a bid to fix the US-Chinese trade deficit. Since then, the two countries have imposed several rounds of tit-for-tat tariffs, levying duties on billions of dollars of each other's goods.