China's Foreign Minister Wang Yi says Beijing is ready to "play along to the end" with the steeper import tariffs imposed by the administration of US President Donald Trump. But he also stresses the need for dialogue over protectionism.

Wang Yi delivered a speech on Friday at the Munich Security Conference. He says China's policy toward the United States is based on mutual respect, peaceful coexistence and win-win cooperation.

Washington raised tariffs on Chinese products by an additional 10 percent earlier this month. Beijing has responded by hiking tariffs on some US imports, starting Monday.

Observers say Wang's speech may have been aimed at getting Washington to make concessions and avert a trade war.