Germany hopes that the US and China will avoid an escalation of the trade dispute, said Peter Altmaier, German Economy Minister adding that all parties should be careful when making unilateral decisions, Reuters reported. 

“We all hope that the trade conflict between the U.S. and China can be resolved because it doesn’t have any positive consequences for anyone. We need a rules-based trade order, we need open markets, we need fairness and a level playing field i.e. equal rights for companies from all countries involved,” Altmaier noted.

Earlier this week, Trump said he would increase tariffs on Chinese goods worth $ 200 billion and will introduce new tariffs in the near future, increasing pressure on China in an attempt to conclude a trade agreement.

According to the US leader, tariffs for Chinese goods worth $ 200 billion on Friday will be raised from 10% to 25%, although in February the American leader decided to keep them at a 10% level against the background of progress in trade talks.

Trump also has announced his plans to introduce 25% duty on Chinese goods worth $ 325 billion in the near future. As a result, tariffs can spread to virtually all products imported into the US from China.

After his statements, stock markets fell, and oil prices declined.

Earlier, the Wall Street Journal reported that China is considering canceling meetings this week in Washington in light of Trump's comments, which caught Chinese officials off guard.