Earlier this week, Washington and Beijing agreed on the terms of a “phase one” trade deal that reduces some U.S. tariffs on Chinese goods while boosting Chinese purchases of American farm, energy and other goods.

According to Wang, who spoke in Chinese, the agreement “will help to shore up confidence in (the) world economy”.

“China never believed that resorting to tariff hikes is the right way ... because there is no winner in a trade war,” he said, adding his country was opposed to protectionism.

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