Tianjin, Aug. 31 -- Prime Minister Narendra Modi and Chinese President Xi Jinping, during the bilateral meeting in Tianjin, recognised the role of India and China's economies in stabilising the world trade, the Ministry of External Affairs said in a statement on Sunday.

The statement comes as the world is grappling with US President Donald Trump's tariffs, which the US Appeals Court has itself ruled as "illegal."

On April 2, President Donald Trump announced tariffs targeting around 60 countries or trade blocs with significant trade deficits with the United States, marking the largest US tariff hike in almost 100 years. He called the occasion "Liberation Day".

The US imposed a 50 per cent tariff on New Delhi, including the additional 25...