China's business community has urged the United States to stop overstretching trade restrictions and return to the rules-based multilateral trading system.

In a statement released by the China Council for the Promotion of International Trade (CCPIT) on Thursday night, the organization called for the safeguarding of global industrial and supply chains and the resolution of economic disputes via dialogue and consultation.

On Tuesday, the Office of the US Trade Representative announced a set of enforcement actions under Section 301 of the Trade Act of 1974 which target 60 economies worldwide for failing to prohibit the importation of goods allegedly produced with "forced labor".

The US side proposed additional tariff measures ranging from 10 to 12.5 percent on the economies concerned, with China included on the list of economies subject to the 12.5 percent rate.

"We have noted that this investigation covers 60 economies, spanning major trading partners worldwide and carrying far-reaching implications," the statement from the Beijing-headquartered CCPIT read.

By initiating the Section 301 investigation and proposing tariff measures on the pretext that certain economies have "failed to establish and effectively enforce forced labor import bans", the US is essentially projecting its domestic standards and unilateral rules onto other economies, the statement added.

"This approach lacks any basis in international law and runs counter to the multilateral trading system," the statement read, adding that the proposed US tariff measures are a form of policy coercion that bear clear signs of unilateralism and protectionism.