NEW YORK, July 6 (Xinhua) -- The current trade dispute between the United States and China can be resolved "only through dialogue and negotiation," said China General Chamber of Commerce-USA (CGCC) on Friday.

The trade dispute ignited by the United States between the world's two largest economies has already caused "serious disruption in global and local markets," said Xu Chen, chairman of the New York City-based CGCC, the largest non-profit organization representing Chinese enterprises in the United States, in a statement.

It also has a "big possibility to create significant damage and distress" to companies, workers, and consumers in "virtually every industry, and even across the whole world," said Xu.

"Even today we still believe a compromise can be achieved only through dialogue and negotiation," said Xu, also president and CEO of Bank of China USA.

"History and current reality prove that there are simply no winners in a trade war and that both nations can innovate and benefit far more only through increased trade and exchange of ideas, goods, and services in an interdependent world," Xu said.

"A sustainable and peaceful economic environment is what our business people have been expecting," Xu said.

CGCC serves 1,500 Chinese and U.S. member companies. The Chinese member companies have collectively invested over 120 billion U.S. dollars and directly employ more than 200,000 people and indirectly employ over one million people throughout the United States. Xu said.

The U.S. tariffs on 34 billion U.S. dollars worth of Chinese imports took effect early Friday. China activated countermeasure tariffs on select U.S. imports at 12:01 p.m. Beijing time Friday.