WASHINGTON (Reuters) - Neither the United States nor China would win a trade war, the Chinese Embassy in Washington said on Monday, after U.S. President-elect Donald Trump threatened to slap an additional 10% tariff on all Chinese imports when he takes office on Jan. 20.

As President-elect Donald Trump vows larger tariffs on imported Chinese goods, how did his trade war with China play out the first time?

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.