Tariff hikes will backfire, and China can manage such ‘external shocks,’ a senior official says ...Middle East

HONG KONG (AP) — Higher tariffs on Chinese exports will backfire, just increasing prices paid by consumers, while China can manage to weather the impact of such “external shocks,” a senior Commerce Ministry official said Friday in Beijing. Responding to a reporter’s question about U.S. President-elect Donald Trump’s plan to impose 60% tariffs on imports from China, Vice Commerce Minister Wang Shouwen said that would “not solve the country’s own trade deficit problem.” “On the contrary, it pushes up the prices of the country’s imports from China and other countries,” Wang said during a news conference, noting that increased prices add to inflation. China is willing to talk with the U.S. on

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