U.S. President Donald Trump's 25 percent tariffs on steel and aluminum imports take effect today, with no countries granted an exemption. The leaders of many major economies have criticized the tariffs, with some indicating that they will respond in kind.

"China has always believed that protectionism offers no way out and that there are no winners in trade wars and tariff wars," Chinese Foreign Ministry spokesperson Mao Ning said when asked about the tariffs at a press conference on Wednesday.