Commerce minister: China can withstand ‘external shocks’ like U.S. tariffs -- which will ‘backfire’

Steep new duties on goods from China will not solve the U.S.’ “trade deficit problem,” China’s commerce minister said on Friday, contending his country can withstand “external shocks” -- while tariffs promised by President-elect Trump will worsen inflation. During a press conference in Beijing, Wang Shouwen was asked about Trump’s pledge to impose 60 percent tariffs on imports from China. He said such duties would not ease the U.S. trade deficit with China -- something Trump has long said the...