The appointment of an experienced trade negotiator shows Beijing intends to be prepared even though there’s no sign yet China and the U.S. are nearing talks.
China appointed a new trade negotiator Wednesday in the midst of its tariff fight with the U.S.
The government said Li Chenggang replaces Wang Shouwen, who participated in negotiations for the 2020 trade deal between the China and the U.S.
The world’s two largest economies have been steadily increasing tariffs on each other’s goods. China faces 145% taxes on exports to the U.S., while dozens of other countries were given a 90-day reprieve for most duties.
Earlier on Wednesday, China announced its economy expanded at a 5.4% annual pace in January-March, supported by strong exports. Analysts are forecasting that the world’s second largest economy will slow significantly in coming months, however, as tariffs on U.S. imports from China take effect.
Exports were a strong factor in China’s 5% annual growth rate in 2024, and the official target for this year is also about 5%.
Beijing has hit back at the U.S. with 125% tariffs on American exports, while also stressing its determination to keep its own markets open to trade and investment.
In the near term, the tariffs will put pressure on China’s economy, but they won’t derail long-run growth, Sheng Laiyun, a spokesperson for the National Bureau of Statistics, told reporters earlier.
