China’s top trade negotiator said his nation “firmly opposes” the U.S.’s escalation of the trade war between the two nations, after President Donald Trump raised tariffs on Chinese goods and told American companies to move out of China.

“We are willing to solve the problem through consultation and cooperation with a calm attitude,” Vice Premier Liu He said in Chongqing, Caixin reported on Monday. “We believe the escalation of the trade war is not conducive to China, the U.S. and the interests of people all over the world.”

China welcomes all foreign investors, including those from the U.S., Liu said.

In Trump’s announcement Friday of another wave of higher tariffs, he said existing 25% tariffs on some $250 billion in imports from China would rise to 30% come Oct. 1, the 70th anniversary of the founding of the People’s Republic of China. Planned 10% tariffs on a further $300 billion in Chinese goods will be taxed at 15% instead of 10% starting with the first tranche on Sept. 1.

China earlier on Friday threatened to impose additional tariffs on $75 billion of American goods including soybeans, automobiles and oil.