Chinese President Xi Jinping said on Wednesday that tariff and trade wars undermine the legitimate rights and interests of all countries, hurt the multilateral trading system and impact the world economic order,

The backdrop to Xi’s statement is the ongoing trade standoff with the United States, which escalated earlier this month when U.S. President Donald Trump announced a fresh round of tariffs on Chinese imports. Though Trump recently said those tariffs “won’t be anywhere near 145%, ” tensions remain high.

Amid intensifying trade hostilities between China and the United States, Chinese President Xi Jinping has condemned the imposition of tariffs, warning they threaten global economic stability and undermine the multilateral trading framework.