New York, Apr 19 (IANS): The US and China, the most important trade partners to each other, need cooperation instead of trade wars, said Michael Bloomberg, founder of Bloomberg L.P.

Bloomberg made the remarks at the 2018 International Finance and Infrastructure Cooperation Forum held jointly by Bloomberg L.P. and China General Chamber of Commerce-USA (CGCC) in New York on Wednesday, Xinhua news agency reported.

"This forum comes at a critical juncture in the US as leaders in Washington are considering new trade policies that would hamper economic growth and strain ties with nations around the world, including China," said Bloomberg.

"The US and China are closely interconnected and each country has a strong stake in the economic prosperity of the other. Cooperation between the US and China is critical to meeting all of the challenges facing our world, from economic growth and trade to security and climate change," he said.

Bloomberg said that China and the US are top trading partners to each other, each benefiting from the other's success. No country in history has undergone such extensive economic reforms and with as much success as China, he added.

In its second year, the forum provides a high-level platform for companies in the US and China to exchange perspectives, against the backdrop of an escalating trade spat between the two countries.