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.

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.

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.