Apple CEO Tim Cook, speaking at an economic summit panel Saturday in Beijing, called for "calm heads to prevail" as trade tensions intensify between the U.S. and China.

The Economic Summit of the annual China Development Forum convened at the Diaoyutai State Guesthouse on Mar. 24, hosting a delegation of global business leaders headed by Cook as well as Chinese government officials and company chiefs.

The potential for a trade war between the U.S. and China was a focus of discussion among panelists and attendees. On Thursday, U.S. President Donald Trump signed a memorandum to impose tariffs on as much as US$60 billion of imports from China.

Answering a question on what advice he would give to Trump on trade relations with China, Cook said, "Countries that embrace openness, trade, diversity are the countries that do exceptional; and countries that don't, don't."

He continued, "My belief is that one plus one equals three. The pie gets larger [when we are] working together; it's not just a matter of carving it up between sides."

Cook spoke on a panel addressing challenges of global inequality, with BlackRock CEO Laurence Fink, who echoed his sentiment on trade.

"The world needs a strong China and a strong U.S.," Fink said. "The world does not need a public fight in which we reduce mutual opportunities."

Nevertheless, voices among panelists also included calls for stronger retaliation against U.S. tariffs. On another panel, Lou Jiwei, chair of the National Council for Social Security Fund and China's former finance minister, said the country could impose tougher tariffs on U.S. imports, such as soybeans, automobiles and airplanes.

The Ministry of Commerce is considering 15 to 25 percent tariffs on a list of 128 American products that include pork, fruits and wine, according to a statement on the ministry's website. The ministry also stated that China will seek legal action against the U.S. tariffs through the World Trade Organization.

Former WTO Secretary-General Pascal Lamy, speaking at the summit's opening panel, lamented a "dangerous disconnect" between the global economy and trade policies.

"On the economy side, the world economy is doing well, better than the last 10 years," Lamy said. "On the side of politics, international tensions are high, political turbulences led to the Brexit vote and to the election of a nationalist president on the U.S. side."

"It would be a grave mistake to damage the system [of open trade], to destabilize the system, when there is a possibility to improve it," Lamy warned. "Protection [should be to] protect people, protect climate. Open science, open society, and open markets."