Beijing [China], May 16 (ANI): China on Wednesday called on the United States to "carefully weigh its gains and losses, grasp the situation and get back on the right track as soon as possible," in the wake of escalating trade tensions between the two nations, according to the Foreign Ministry spokesperson Geng Shuang.

He added that China has the "confidence and capacity to fend off any external risks and shocks," as the US increased tariffs on Chinese imports amounting roughly to USD 200 million.

Efforts were on between the US and China to put an end to the trade dispute which is ongoing since last year. The two sides had held more than 10 rounds of negotiations towards this before US President Donald Trump accused China of backing out of the deal.

Following this, the United States hiked tariffs on 200 billion dollars worth of Chinese goods, inviting retaliatory measures by China. Beijing, in return, announced its intent to raise tariffs on USD 60 billion worth of US goods from June 1. The tariffs would range from 5 percent to 25 percent.

Speaking at a presser, the Chinese spokesman added that while the latest tariffs by the US may affect the Chinese economy "to a certain extent," China can overcome it, according to Xinhua.

Geng also dismissed Washington's statements regarding the Chinese economy, labeling them as "groundless." US President Donald Trump has previously alleged that the latest tariff increase by the US is "not good" for China.

"It is worth mentioning that domestic demand has become the major engine driving China's growth, with consumption accounting for 76.2 percent of the economic growth last year," he said. Geng also stated that China's economy maintained steady growth this year with a 6.4 percent economic growth in 2019's first quarter.

Speaking on the widespread worries regarding the repercussions of the trade spat, the Chinese official outlined that escalating trade tensions "serve no one's interests," warning that it will "tie down the world economy as well." (ANI)