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.

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.

A commerce official says that not only will U.S. tariff hikes backfire, but that China's economy would be able to weather the impact.

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.