German finmin: U.S.-China trade conflict escalation would hurt economy more

An escalation in a trade conflict between the United States and China will further damage the global economy, German Finance Minister Olaf Scholz warned on Tuesday, urging all sides to negotiate.

"A further escalation will only do damage, trade conflicts are already hurting the global economy," Scholz said in a statement, adding everyone should keep a level head, tone down the rhetoric and return to the negotiating table.

"If that succeeds, we will get back to more growth," he said.