A top Chinese official said on Sunday that a trade war would not benefit anyone and warned of its consequences following President Trump Donald John TrumpBubba Wallace to be driver of Michael Jordan, Denny Hamlin NASCAR team Graham: GOP will confirm Trump's Supreme Court nominee before the election Southwest Airlines, unions call for six-month extension of government aid MORE’s announcement of $60 billion in tariffs on Chinese goods.

“A trade war serves the interests of none,” Vice Premier Han Zheng told a group of global business leaders at the China Development Forum, The Associated Press reported.

“It will only lead to serious consequences and negative impact,” he added, according to the news service.

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While he did not mention Trump’s new tariffs or the levies on steel and aluminum imports announced by the president last month, Han noted that China will defend its interests.

Although Han appealed to foreign nations to cooperate in global trade, he reportedly signaled that China would be unwilling to make significant concessions to the U.S.

China recently said it would impose $3 billion worth of tariffs on more than 100 U.S. goods in retaliation for Trump’s tariffs.

Beijing also said it would challenge the tariffs at the World Trade Organization and would follow the organization's rules when it imposes its own trade restrictions.

Global markets have fallen on fears that trade restrictions between the two nations could lead to a trade war.