Higher tariffs on Chinese exports will backfire, just increasing prices paid by consumers, while China can manage to weather the effects of such "external shocks," a senior Commerce Ministry official said Friday in Beijing.

Deputy commerce minister also warns of tariffs’ adverse effects on the country imposing them, while pointing to China’s economic ‘resilience’ in face of external shocks.

China is ready for dialogue with the United States. President-elect Donald Trump announced the introduction of high tariffs on Chinese products. According to experts, tariffs on Chinese imports might reduce the growth of the world's second-largest economy by one percent.

Wang noted that China’s total foreign trade including imports and exports reached 36 trillion yuan (nearly $5 trillion) in January-October, up about 5% from the same period of 2023.

China is ready for dialogue with the United States. President-elect Donald Trump announced the introduction of high tariffs on Chinese products. According to experts, tariffs on Chinese imports might reduce the growth of the world's second-largest economy by 1 percentage point.