Chinese President Xi Jinping has said his nation is “not afraid”, in his first public comment on the escalating trade war with the United States that has tanked international markets and fueled fears of a global recession.

“There are no winners in a trade war, and going against the world will only lead to self-isolation,” Xi told Spanish Prime Minister Pedro Sanchez in Beijing on Friday, according to state broadcaster CCTV.

“For over 70 years, China’s development has relied on self-reliance and hard work — never on handouts from others, and it is not afraid of any unjust suppression,” Xi added.

“Regardless of how the external environment changes, China will remain confident, stay focused, and concentrate on managing its own affairs well.”