A senior Chinese official says higher tariffs on Chinese exports will backfire by boosting prices paid by consumers. The official, Vice Commerce Minister Wang Shouwen, told reporters in Beijing that China can manage “the impact of external shocks' like higher tariffs. Asked about U.S.
Shoppers walk around art light structures on display at a popular outdoor shopping mall in Beijing , on Nov. 17, 2024. Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing , on Nov. 14, 2024. Shoppers walk around art light structures on display at a popular outdoor shopping mall in Beijing , on Nov. 17, 2024. Shoppers walk around art light structures on display at a popular outdoor shopping mall in Beijing , on Nov. 17, 2024.
“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. “We believe that if China and the U.S. can maintain a stable, healthy, and sustainable development trend in economic and trade relations, it will be beneficial ,” he said.
A 60% duty on Chinese imports could shave off 2.5 percentage points, or about half, of China’s projected economic growth, according to an analysis published earlier this year by UBS.
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