China Warns Against Proposed U.S. Tariffs

China's Vice Commerce Minister Wang Shouwen warned that proposed 60% tariffs on Chinese imports by U.S. President-elect Donald Trump would backfire, resulting in higher consumer prices and not addressing the U.S. trade deficit. He emphasized that these tariffs would increase inflation and negatively impact China's economy, which has recently seen a 5% growth in foreign trade, reaching nearly $5 trillion this year. Wang expressed China's willingness to engage in respectful dialogue with the U.S. to maintain healthy economic relations. Despite these reassurances, the looming tariffs could significantly hinder China's projected economic growth, potentially reducing it by 2.5 percentage points. The ruling Communist Party faces challenges including a downturn in the property market, local government debts, and youth unemployment. Wang also mentioned efforts to streamline trade processes and support climate initiatives as part of China's response to these external pressures.