BEIJING (Reuters) -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.

The U.S. and China held talks on Thursday morning to help resolve an ongoing trade war, President Donald Trump said. "We may reveal it later, but they had meetings this morning, and we've been meeting with China,